Short-term lending to Yes Bank customers.
Bank customers worried about the bank crisis will have a brief start. The recent RBI sanctions on cash withdrawals will soon be lifted. Short-term lending to Yes Bank customers.
YESBank customers will be able to withdraw their cash without any restriction this weekend. Prashant Kumar,EX. Deputy Managing Director of SBI, who was appointed by the newly appointed Bank of India, announced on Monday that the withdrawal will be limited to March 15. Initially it was announced that the withdrawal of Rs 50,000 was a one-month period, but it is currently limited to March 15. Customers can then withdraw all the cash in their accounts.
The decision was taken to revive YESbank’s operations by April 3.
There is no speculation that YSB will be merged into SBI, reaffirming that YSB is operating independently. He said the merger was only needed when the capital could not be raised. All the details are currently being discussed with other banks, he said.
Public sector lender SBI has approved the acquisition of 49 per cent stake in the bank. As part of the first phase, SBI has raised Rs. 2450 crore will be invested in the bank. Investors were keen to buy shares of YSB Bank in the wake of the news on Monday. Shares of the bank, which soared 32 per cent, closed at 21.35. RBI has imposed sanctions in the wake of irregularities in YESBank. A month-long moratorium was imposed on bank transactions. Only Rs.50,000 has been sanctioned for withdrawal. On the other hand, RBI’s rapid action to revive YESbank has accelerated the process