Yes Bank withdrawal limit Rs 50,000 after RBI action
The private sector lender has been grappling with mounting bad loans. 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
- Mar 5, 2020,
- Updated Mar 6, 2020 8:29 AM IST
In a worrying development for YES Bank customers, the Reserve Bank of India (RBI) capped withdrawals by depositors at Rs 50,000. The central bank has also superseded the board of YES Bank and appointed Prashant Kumar, former Deputy Managing Director and CFO of State Bank of India, as administrator.
In a statement on Thursday, the RBI said that it is satisfied that "in order to protect the interest of the depositors and in public interest, it is necessary to issue certain directions to Yes Bank".
SBI to buy stake in YES Bank? It's govt order, claims report
In a worrying development for YES Bank customers, the Reserve Bank of India (RBI) capped withdrawals by depositors at Rs 50,000. The central bank has also superseded the board of YES Bank and appointed Prashant Kumar, former Deputy Managing Director and CFO of State Bank of India, as administrator.
In a statement on Thursday, the RBI said that it is satisfied that "in order to protect the interest of the depositors and in public interest, it is necessary to issue certain directions to Yes Bank".
SBI to buy stake in YES Bank? It's govt order, claims report