New Delhi: The Rs 50,000 cap on withdrawal of deposits for Yes Bank customers will end much sooner than a month, even as early as end of the week, the crisis-hit lender’s administrator told CNBC-TV18 on Monday.
“There is absolutely no worry for depositors in the bank. Your money is absolutely safe. Moratorium could be lifted in few weeks,” said Prashant Kumar.
He added, “First priority for us is customers. ATMs of other banks are available to Yes Bank customers since Saturday. Our target is to make all banking services available at the earliest.”
The Reserve Bank of India on Thursday placed Yes Bank under a moratorium, capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.
The bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
For the next month, Yes Bank will led by the RBI-appointed administrator Kumar, an ex-chief financial officer of SBI.
“RBI will come out with a final reconstruction plan very soon. There are not many issues in the draft plan to change. The SBI is also helping us in reaching out to investors for capital. There will be requirement for more capital, we’re in talks. When SBI is present, getting new investors won't be a problem,” he said.
Kumar also denied reports of a merger with the SBI, saying Yes Bank would function independently.
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