Yes Bank share price rose 50 percent in early trade on March 18 as the moratorium on the bank will end at 6 pm today, much before the earlier scheduled date of April 6, 2020 and all operations will resume as usual from today evening.
The moratorium on Yes Bank will finally be lifted on March 18 at 6 pm, Reserve Bank of India (RBI) Governor Shaktikanta Das said in the press conference on March 16.
However, the new board will assume the position on March 26.
The Reserve Bank of India (RBI)-appointed administrator for Yes Bank Prashant Kumar reassured depositors during a press conference held on March 17
“Further to our email dated, March 10, we are happy to apprise you that Yes Bank will resume full banking services from 18:00 hours IST on Wednesday, March 18. We invite you to any of our 1,132 branches across India from March 19, post commencement of banking hours to experience our full suite of services,” Prashant Kumar, Yes Bank administrator and the next MD and CEO of the bank’s newly constituted board, told depositors in a letter.
Meanwhile, the share price jumped 1,484 percent from its record low of Rs 5.55 tested on 06 March, 2020 on the BSE.
At 09:37 hrs Yes Bank was quoting at Rs 83.50, up Rs 24.85, or 42.37 percent on the BSE.
News Source:- Moneycontrol