New Delhi: The moratorium on YES Bank will be lifted at 6 pm on March 18.
“The order of moratorium on the reconstructed bank issued by the Government of India in the Ministry of Finance
, Department of Financial Services vide notification number S.O. 993(E), dated the 5th March, 2020 shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this Scheme,” the government said in a gazette notification.
On Friday, Finance Minister Nirmala Sitharaman had said that moratorium, including a cap on withdrawals, will be removed as early as in three working days from the notification of the reconstruction plan, which the Union Cabinet had approved for the cash-strapped private bank.
Under the reconstruction plan, the government has prescribed a lock-in period for investors, who hold 100 shares or more in YES Bank.
On March 5, the Reserve Bank of India had imposed a moratorium on YES Bank, restricting withdrawals to Rs 50,000 per depositor till April 3.