MUMBAI: Troubled private sector lender Yes Bank was placed under a “moratorium” on late Thursday, with the RBI (Reserve Bank of India) capping depositor withdrawals at Rs 50,000 per account for a month and superseding the board with immediate effect.
The RBI took the decision in consultation with the government to protect depositors’ interest.
The central bank also superseded the board of Yes Bank, which has not been able to raise required capital for the last six months. It also appointed former chief financial officer (CFO) of SBI, Prashant Kumar as the administrator of Yes Bank.
“The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank’s de
