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RBI imposes moratorium on Yes Bank, caps withdrawals at Rs 50,000

Earlier in the day, sources said SBI along with some other financial institutions would bail out capital-starved Yes Bank, with the government giving the go-ahead.

Press Trust of India  |  New Delhi 

RBI
The private sector lender has been grappling with mounting bad loans.

The Reserve Bank on Thursday imposed a moratorium on the capital-starved and capped withdrawals at Rs 50,000 per account till further orders.

The board of has also been superseded with immediate effect, the (RBI) said in a late evening statement. Former SBI CFO Prashant Kumar has been appointed as administrator for

ALSO READ: Taxpayers will be 'big casualty' if govt bails out Yes Bank: Macquarie

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.

Yes Bank has been grappling with mounting bad loans.

ALSO READ: Infuse capital in YES Bank; acquiring it will be disaster: Analysts to SBI

Earlier in the day, sources said SBI along with some other financial institutions would bail out Yes Bank, with the government giving the go-ahead.

First Published: Thu, March 05 2020. 21:02 IST
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