The Reserve Bank of India on Monday said the moratorium on Yes Bank will be lifted on Wednesday at 6 PM, adding that India's central bank and the government had been quick in dealing with the crisis.
Addressing a press conference, RBI Governor Shaktikanta Das said: "I would like to convey to the depositors of YesBank that their money is completely safe and there is nothing to worry."
"There is no reason for any undue worry."
The RBI also instructed all banks and financial institutions to assess the impact on their balance sheet, asset quality, liquidity, among others, in the wake of the potential threat arising out of the spread of coronavirus disease in India.
Several confirmed cases have also been detected in India, which highlight the need of a co-ordinated strategy for handling the emerging situations for protecting the resilience of the Indian financial system, RBI said in a notification addressed to banks, urban cooperative banks, NBFCs, payment and small finance banks.
RBI has asked financial entities to encourage their customers to use digital banking facilities as far as possible.
"Besides taking steps...for ensuring business process resilience, supervised entities should also assess the impact on their balance sheet, asset quality, liquidity, etc. arising out of potential scenarios such as further spread of COVID-19 in India and its effect on the economy, contagion from wider disruption in the global economy and the global financial system, etc," RBI said.
Based on these, they should take immediate contingency measures to manage the risks under intimation to us, it added.
(With inputs from PTI)