Yes Bank branches look deserted after moratorium lifts

Panic has reduced as we know that this bank is not going to shut shop. The presence of an investor like SBI has given us confidence, said a customer

Yes Bank, Axix Bank, Federal Bank, Equity
On Wednesday evening, the bank in a tweet said all its banking services were operational and customers would be able to experience the full suite of services.

A day after the moratorium on Yes Bank was lifted, many of its branches bore a deserted look, partly amid fear of coronavirus infection. The bank resumed full operations from 6 pm on Wednesday, after being under moratorium for 13 days.

PTI visited four branches of the private lender – two in the central suburb and two in Navi Mumbai, where hardly one to two customers were seen.

Panic has reduced as we know that this bank is not going to shut shop. The presence of an investor like SBI has given us confidence, said a customer.

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On Wednesday evening, the bank in a tweet said all its banking services were operational and customers would be able to experience the full suite of services.

It has also extended banking hours for three days starting Thursday.

Under the Yes Bank reconstruction scheme, SBI along with seven financial institutions infused Rs 10,000 crore in the private lender.

SBI alone has invested Rs 6,050 crore into the bank.

Related news: More questions than answers in the Yes Bank rescue act

Other investors include ICICI Bank and HDFC (Rs 1,000 crore each) Axis Bank (Rs 600 crore), Kotak Mahindra Bank (Rs 500 crore), Bandhan Bank, Federal Bank (Rs 300 crore each) and IDFC First (Rs 250 crore).

The RBI had put a restriction on the troubled lender on March 5, 2020, under which customers of the bank were allowed to withdraw up to Rs 50,000 till April 3.

The government notified the Yes Bank reconstruction scheme last week.

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