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This Gujarat co withdrew Rs 265 cr, hours before RBI moratorium on Yes Bank

On Thursday, the RBI restricted withdrawals from Yes Bank to Rs 50,000 per depositor

Press Trust of India  |  Vadodara 

YES Bank
It was withdrawn two days ago considering the problems faced by Yes Bank and transferred to a new account at Bank of Baroda

Vadodara Smart City Development Company, a Special Purpose Vehicle (SPV) of the Vadodara Municipal Corporation (VMC), withdrew Rs 265 crore from a day before the Reserve Bank imposed a moratorium, an official said on Friday.

On Thursday, the RBI restricted withdrawals from to Rs 50,000 per depositor due to the private lender's precarious financial situation.

Sudhir Patel, chief executive officer of the SPV and deputy municipal commissioner of the VMC, said the amount had been received from the Centre as part of a grant under the Smart City Mission and deposited with a local branch.

It was withdrawn two days ago considering the problems faced by Yes Bank and transferred to a new account at Bank of Baroda, he informed.

First Published: Fri, March 06 2020. 20:38 IST
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