Customers of Yes Bank queue up to withdraw money from their accounts at an ATM kiosk in Mumbai on March 5, 2020.|Photo Credit:
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Government has informed the reconstruction scheme for the crisis-hit bank.
The Union Cabinet on Friday authorized the reconstruction scheme for the bank as proposed by the Reserve Bank of India (RBI), under which the State Bank of India ( SBI) will acquire 49%stake in the ailing bank. 4 private sector lenders, including ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank, will likewise be picking up stake in the bank. Yes Bank crisis described
Prior to this, on March 5, the RBI placed Yes Bank under a moratorium, limiting withdrawals to50,000 per depositor till April 3.
