RBI appointed Prashant Kumar as the next MD and CEO of Yes Bank after the trouble in the Private Sector lender’s crisis. Sunil Mehta, who was formerly the non-executive chairman of Punjab National Bank, will the non-executive chairman at Yes Bank. At the same time, Mahesh Krishnamurthy and Atul Bheda will be its non-executive directors.
Yes Bank is to resume functioning from 6 pm onwards on March 18.
Prashant Kumar in his letter to depositors on March 16 said,
“We invite you to any of our 1,132 branches across India from March 19, 2020, post commencement of banking hours to experience the full suite of our services.”
No Yes Bank Share will be sold before three year lockdown period
Reports say that Yes Bank shares had made a recovery in the market in the last two days, but the shares were not as stable on Tuesday due to market volatility.
The SBI chairman, Rajnish Kumar, said on Tuesday, that not even a single YES bank share would sell before a period of 3 years (specified lock-in period).
The RBI Governor, Shaktikanta Das, stated that YES bank’s depositors’ money was safe and that the Central Bank would provide liquidity to support YES bank if required.
As per IAS’s views, YES bank’s three-year lock-in is bound to create more complications for index funds.