Speaking to BloombergQuint, Reserve Bank of India-appointed administrator Prashant Kumar on Monday, 9 March, said that the moratorium imposed on Yes Bank by the central back could be lifted "as early as this Saturday".
This news might come as a relief for lakhs of people who have their money deposited in Yes Bank and have been panicking ever since the news of the crisis broke out.
Kumar reiterated that the depositors' money is safe and whatever capital is required by the Yes Bank, will be taken care of. He further said that since there is limit of 49 percent to what the SBI can contribute, they are ready to raise the capital from the market if required.
“Yes Bank in its new avatar will be much stronger.”Prashant Kumar, RBI-Appointed Administrator
Assuring the common people, Kumar, a former deputy managing director at SBI said "There is no issue in regards of liquidity". This is particularly important for those who thought that the bank would struggle with the Rs 50,000 withdrawal cap too.
Kumar did not disclose the total amount of deposits in Yes Bank as present. According to the bank’s Annual Report, Rs 2.09 lakh crore was available as of end of September quarter.
Last week, the RBI had taken control over the Yes Bank crisis and announced a 30-day moratorium imposed by the government.
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