Yes Bank to resume full banking Services from 18 March

Yes Bank has given good news to its customers. The bank said customers will be able to use all the services of the bank from the evening of Wednesday, March 18. On this day, the ban on the functioning of the bank will be lifted. This means that the limit on cash withdrawals will also be removed. The Reserve Bank had on March 5 banned the functioning of the Yes Bank.

The withdrawal limit for the bank’s customers was fixed at Rs 50,000 from the account till April 3. However, in a notification issued on Saturday, the government said the ban on the bank will be lifted at 6 pm on March 18. RBI Governor Shaktikanta Das also informed the press conference held on Monday.

Yes Bank has released a tweet saying, “We will start all our banking services from 6 pm on Wednesday 18th March 2020. On March 19, 2020, after the introduction of banking services, you can visit any of the 1,132 branches spread across our country and avail all our services @FinMinIndia @RBI.”

The government had on Saturday notified the restructuring plan to bail out The Yes Bank in distress. The government said the ban on the functioning of the Yes Bank will be lifted at 6 pm on March 18, while earlier the date of April 3 was given.

Yes Bank has registered a net loss of Rs 18,654 crore during the third quarter ended December 31 of the current fiscal. The high provision for loans given to the bank has led to an increase in losses. A year ago, the bank had registered a profit of Rs 1,001.8 crore in the same quarter in 2018-19.

Preety Tanwar
Preety Tanwar
Preety Tanwar loves to write about the new trending technologies like blockchain, AI and Machine learning. She holds a Masters degree from a reputed university.