The leading private bank, YES BANK is in deep trouble. Account holders can not withdraw more than Rs. 50,000 as RBI has suspended Board with immediate effect.
Under 36ACA of the Banking Regulation Act 1949, the RBI has superseded the Board of Directors of Yes Bank Ltd for a period of 30 days owing to serious deterioration in the financial position of the Bank. "This has been done to quickly restore depositors confidence in the bank, including by putting in place a scheme for reconstruction or amalgamation. Shri Prashant Kumar, ex-DMD and CFO of State Bank of India has been appointed as the administrator under Section 36ACA (2) of the Act," RBI said in a notification.
Further Reserve Bank of India (RBI) has also YES Bank under moratorium for a month.
Yes Bank customers cannot withdraw more than Rs. 50,000.
We have recently seen pain of PMC customers and now same pain will be shared by customers of Yes Bank.
However, State Bank of India and LIC are instructed by government to infuse funds in Yes Bank.
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