Troubled lender YES Bank enabled its inward IMPS/NEFT services. Customers can now make payments towards YES Bank credit card dues and loan obligations on other accounts. Earlier, the new YES Bank administrator Prashant Kumar said that the moratorium imposed by the Reserve Bank of India could be lifted before the end of this week.
The bank, which had over Rs 2.09 trillion in deposits, was put under moratorium last Thursday due to an inability to raise capital. Its board was superseded and Kumar was placed as the administrator.
Inward IMPS/NEFT services have now been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts. Thank you for your co-operation.@RBI @FinMinIndia— YES BANK (@YESBANK) March 10, 2020
State Bank of India's legal team has started due diligence as the public sector lender prepares to infuse Rs 2,450 crore to pick up to 49 per cent stake in the troubled private sector YES Bank after it was placed under administration by the RBI.