India’s struggling private lender Yes Bank will resume full banking operations from 6:00 pm on 18 March 2020.
The bank, which was put under moratorium last week by the Reserve Bank of India (RBI), added that customers will be able to access all banking services starting 19 March.
The crisis-ridden lender in a tweet said: “We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services. You will also be able to access all our digital services & platforms.”
Yes Bank troubles
For the third quarter ended December 2019, the country’s fifth-largest private sector lender reported loss of $2.5bn.
Yes Bank also revealed a sharp decline in its loan book, with non-performing assets increasing to 19% of loans compared with 2% the earlier year.
The bank’s deposits had dropped by 26% year-over-year, while net advances were down 24%.
On March 6, RBI and the government unveiled a reconstruction plan for Yes Bank.
As per the plan, SBI acquired a stake worth INR72.5bn ($974.5m) in Yes Bank, which employs approximately 20,000 people.
Private sector banks such as ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank, Bandhan Bank and Federal Bank also agreed to acquire a stake in the financially troubled bank.
SBI banker Prashant Kumar has been appointed as the new CEO of Yes Bank.
Kumar, who is currently the office of the Administrator appointed by the RBI, will take over his new responsibilities once the moratorium is lifted.