Yes Bank resolution framework underway, depositors can withdraw money from March 18: Shaktikanta Das – Deccan Herald

The Reserve Bank of India (RBI) on Monday said the resolution framework for Yes Bank is underway as planned and depositors can withdraw their money from the evening of March 18.

The RBI governor, Shaktikanta Das, also assured to intervene with additional liquidity if there is a need.

Defending the steps taken on Yes Bank and expressing confidence in getting the intended outcomes, Das said the identity of the bank will be retained as a private sector lender.

Das also said that despite the crisis at Yes Bank and the rapidly evolving coronavirus pandemic on the economy and the banking system, the health of the banking system is good.

In a tweet, Yes Bank also said customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier.

“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,” the tweet said.

“You will also be able to access all our digital services & platforms @RBI @FinMinIndia,” it said.

“You will be able to use your YES BANK cards and accounts across wallets like Paytm, Amazon Pay and Freecharge among others from March 18, 2020, 18:00 hours,” the bank said in an FAQ on its website.

Besides, the customers have been allowed for inward RTGS/NEFT/IMPS based transaction services to pay for their Yes Bank credit card bills and loan EMIs from any bank accounts including Yes Bank accounts.

“Outward NEFT/IMPS/RTGS will resume from March 18, 2020, 18:00 hours. The limits for transactions across digital channels will continue to remain what they were prior to the imposition of the moratorium. However, from March 19, 2020 post commencement of banking hours, transactions at branches will not have any limits,” it said.

Among others, customers will be able to pay towards their utility bills and use the UPI platform, Google Pay and PhonePe, Paytm, Amazon Pay, Freecharge.

“You can withdraw your Yes Bank FDs (fixed deposits) and RDs (recurring deposits) after the moratorium is revoked from March 18, 2020, 18:00 hours. Standard charges will apply on the same. You will be also able to access all services available through digital channel/platforms (Net Banking/ Mobile Banking etc),” it added.

Customers can also initiate “stop a payment” service, Yes Bank said.

The other service that remains inactive now is cheque clearing because clearing activities are suspended as per the directive. Customers who use forex card can also not use such services.

“Your cheques already issued will not be honoured till the clearing activities are restarted or further directive from regulator,” it added.

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