The Reserve Bank of India has placed Yes Bank under moratorium. Yes Bank customers cannot make regular withdrawals of more than Rs. 50,000 a day till April 3, subject to a maximum of Rs.5 lakh.
The RBI has announced a draft ‘Scheme of Reconstruction.' This entails State Bank of India investing capital to acquire a 49% stake. RBI superseded its board and appointed former SBI CFO Prashant Kumar as the new administrator.
Yes Bank founder Rana Kapoor was placed under arrest by the Enforcement Directorate on March 8. The CBI has issued a look out circular against Mr. Kapoor's wife Bindu and their three daughters.
