Yes Bank’s share spikes almost 58% as bank resumes its all customer services

Just after the Yes Bank announced to resume all its customer services, the share of the bank surged almost 58% in the stock market. On this, the board members have said that they will quickly regain the pace and serve their customers better.

Yes Bank board member Prashant Kumar said there are positively no stresses on the cash availability and the entire bank services will be reestablished from 6 pm on Wednesday.

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On March 5, the RBI had forced a ban on the private bank, limiting withdrawals to Rs 50,000 for every account holder till April 3, due to the weak banking conditions amid bad loans and NPAs.

There are reports that the emergency hit YES Bank may see an overwhelming withdrawal of shares by investors when the administrations continued. The private bank has reserved up almost Rs 30,000 crore in liquidity to meet the high demand of withdrawals from account holders as the 13-day ban called off, said two board members from the Yes Bank.

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In the meantime, Kumar on Tuesday said that so far only 33% of account holders took back Rs 50,000 during the ban. He further added that Yes Bank is also preparing to recover the NPAs and bad loans to recover the entire bank's condition in a much faster way and the process will start from April 2020.

by Ishan Soni | Wed, Mar 18 - 05:09 PM

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