Hopeful of moratorium being lifted this week, says Yes Bank administrator Prashant Kumar

The final approval from RBI to the SBI-led resolution plan would result in lifting of the moratorium, said Prashant Kumar.

Beleaguered private sector lender Yes Bank is hopeful of the moratorium being lifted by this Saturday, its RBI-appointed administrator Prashant Kumar said on Monday.

Yes bank was put under moratorium last Thursday. (AP Photo)

He told PTI that the final approval from the Reserve Bank to the SBI-led resolution plan would result in Yes Bank coming out of the moratorium.

He also made it clear that the lifting of the restrictions does not hinge on capital raising plan.

Kumar, former chief financial officer of SBI, however, said that the bank continues to look for capital and called it one of his top priorities along with restoring depositors’ confidence.

The bank, which had over Rs 2.09 lakh crore in deposits, was put under moratorium last Thursday due to an inability to raise capital. Its board was superseded and Kumar was placed as the administrator.