May revive bank before moratorium period ends, says Kumar

Kumar, an ex-chief financial officer of SBI, also assured depositors that their money is safe and there is no reason to panic.

“The current moratorium has been brought into effect keeping the depositors’ interest in mind and towards restoring their confidence. A solution is being worked upon to revive the Bank well before the moratorium period of thirty days ends,” Kumar said in a statement issued by Yes Bank.

Yes Bank was late on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account.

The bank will also not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

The moratorium period will be in place till April 3, 2020.

“The Bank is also taking necessary steps to ensure seamless transactions for the customers. We assure the depositors that their money is safe and there is absolutely no reason to panic,” Kumar said.

He also sought support from customers, adding, “Look forward to continued support from the depositors as an advisory to customers.”