Restriction will be applicable from 6:00 pm on March 5 to April 3, 2020
New Delhi: The Reserve Bank of India has appointed an administrator, dissolving the board of directors of Yes Bank, a private sector struggling with cash crunch. Along with this, the RBI has also imposed many restrictions on the bank’s depositors on Thursday, including the withdrawal limit. The central bank has set a withdrawal limit of Rs 50,000 for the bank’s customers till further orders.
Preparations have been made to hand over control of the bank to a group of financial institutions under the leadership of State Bank of India. RBI said in a statement issued late evening that the board of directors of Yes Bank has been dissolved with immediate effect and Prashant Kumar, former Chief Finance Officer (CFO) of State Bank of India (SBI), has been appointed as the administrator of Yes Bank.
