‘Yes Bank moratorium to be lifted on March 18 at 6 pm’: RBI Governor

New Delhi, Mar 16: The moratorium on Yes Bank will be lifted on Wednesday at 6 pm, said Reserve Bank of India governor Shaktikanta Das as he stressed there was swift and strong action by RBI and the government to shore up the private lender.

"I would like to convey to the depositors of Yes Bank, through you, that their money is completely safe and there is nothing to worry. There is no reason for any undue worry," Das said during a press conference.

"The underlying theme on which the scheme is based is to protect the depositors' interest," he said.

The new Board will assume its position and the office of the administrator will cease to exist on 26th of March.

The Reserve Bank of India (RBI) had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3.

"The order of moratorium on the reconstructed bank issued by the government...shall cease to have effect on the third working day at 18:00 hours fron the date of commencement of this scheme," the notification said.

The scheme has been notified on March 13 and hence the moratorium will be lifted on the third working day or March 18.