A huge sigh of relief to the customers of India’s fourth-largest private bank Yes Bank as the Reserve Bank of India lifted the moratorium two weeks ahead of the proposed deadline of 3 April 2020.
With this announcement, Yes Bank customers can avail the service of the bank as the withdrawal limit on the accounts has also been lifted. The normal banking operations have resumed from today at 6 pm.
The RBI had earlier imposed a moratorium on the bank in wake of rising bad loans. A withdrawal cap of Rs 50,000 was also put in place to check panic cash outflow.
The troubled private lender seems to be in renewal mode as it received more deposits in the past few days than withdrawals, Yes Bank’s new administrator Prashant Kumar said on Tuesday.
“We have done our extensive analytical study of customer behaviour, only one-third of the customers have withdrawn Rs 50,000 during the period, and in the last 4 days we have had more inflows than outflows,” he said.