RBI caps withdrawal from Yes Bank at Rs 50,000

The RBI takes Yes Bank under control and capped withdrawals at Rs. 50,000. The regulator has further imposed restrictions on its operations till 3 April. A bailout plan has been implemented for the bank.

RBI stated in a press release that the regulator has superseded the bank’s board because of a serious deterioration in its financial position. A former chief financial officer of SBI has been the named by the RBI as the administrator of Yes Bank.

“This has been done to quickly restore depositors’ confidence in the bank, including by putting in place a scheme for reconstruction or amalgamation,” it said.

A top RBI official said, “We are working on a plan and we will disclose it in the next few days.”