Yes Bank back in business, extends hours

Senior citizens get dedicated slot

Motorists pass in front of a Yes Bank branch as a customer makes enquiries with the security personnel, in Bangalore on March 6, 2020. - Shares of India's fourth-largest lender Yes Bank tanked over 57 percent Friday as the country's central bank limited withdrawals triggering panic as huge swathes of customers lined up outside ATMs. (Photo by Manjunath Kiran / AFP)

The moratorium on Yes Bank, which came into effect from March 5 with cash withdrawals capped at ₹50,000, was lifted at 6 p.m. on Wednesday, allowing the lender to resume all operations including digital payment channels such as Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT), among others.

“Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation,” the private sector lender said.

In order to handle the rush of customers to withdraw cash, the bank has decided to extend the branch banking hours for the next three days.

“To serve you better, our branches will open one hour earlier at 0830 hours from March 19 to 21, 2020. We have also extended banking hours across branches for our senior citizen customers, from March 19 to March 27, 2020, 16:30 hours to 17:30 hours,” the bank said.

Following the moratorium, RBI announced a reconstruction scheme under which State Bank of India picked up 48% in the bank.