Finance Minister Nirmala Sitharaman on Saturday said the RBI imposed restrictions on Yes Bank will soon be lifted. She said a makeover scheme for the Yes Bank is in effect and the withdrawal cap of Rs 50,000 will be removed with in the next 3 working days.
Earlier, customers of Yes Bank were also facing problems with withdrawing from internet banking, UPI payments, and ATMs.The Union Cabinet meeting on Friday approved the refurbishment plan of Yes Bank. The FM reassured that the investors’ money is safe in the nation’s banks.
“The Union Cabinet has approved the rebuilding scheme of Yes Bank. State Bank of India will buy a 90% equity stake in Yes Bank. The Board of Directors will also be formed within seven days of this notification, ”Finance Minister Nirmala Sitharaman said. ICICI and HDFC Bank have moved ahead to invest in Yes Bank. The two banks have announced that they will invest Rs 3,000 crore each. ICICI Bank will invest more than five percent in equity. Axis Bank will also invest Rs 2 crore to buy shares of Rs 1crore. Kotak Mahindra Bank has also announced to invest Rs 2 crore as part of the makeover scheme for the Yes bank.
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