Breaking News
RBI has imposed a moratorium on the capital-starved Yes Bank and capped withdrawals at ₹50,000 per account till further orders.
The board of Yes Bank has also been superseded with immediate effect, the RBI said in a late evening statement.
The RBI also assured the depositors of the bank that their interest will be fully protected and there is no need to panic.
Former SBI CFO Prashant Kumar has been appointed as Administrator for Yes Bank.
However, Yes Bank will be able to pay salaries to its over 20,000 employees, the RBI said.
The latest development comes six months after the regulator did the same with the city-based cooperative lender PMC Bank after a large scam was unearthed.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
