The Rs 50,000 withdrawal cap on Yes Bank’s depositors may be withdrawn as early as March 15 and there is no question of a merger with State Bank of India (SBI) which is leading the rescue of the troubled lender, the administrator appointed by Reserve Bank of India said.
“The target is to make all banking services available at the earliest,” Prashant Kumar told CNBC-TV18. Kumar, a former deputy managing director at SBI, said he is confident of things stabilising at Yes Bank by April 3, adding that the RBI-imposed moratorium may even end by the end of this week.
April 3 is when the RBI-imposed moratorium is scheduled to ends.
Kumar dismissed the likelihood of Yes Bank merging with SBI, as is being widely speculated. He said Yes Bank would run as an independent bank. “The contingency of a merger is applicable only when there is no much confidence in raising capital,” he said.