Yes Bank under moratorium; withdrawals limited to Rs 50,000-shares may see sharp fall

Published On: Friday, March 6, 2020 | By: Team KnowMyStock

The government on 5th March placed Yes Bank under moratorium till April 3, as the RBI capped depositor withdrawals at Rs 50,000 and superseded the troubled private lender's board. Also, RBI appointed Prashant Kumar, a former deputy managing director, and chief financial officer of SBI, as administrator for Yes Bank. The central bank has promised to come up with a credible restructuring plan in the next few days that may involve merging it with another lender. RBI also assured the depositors of the bank that their interest will be fully protected and there was no need to panic. Meanwhile, YES Bank’s net banking facility could not be accessed on Thursday evening. Shares of YES Bank NSE 25.60 % are likely to open sharply lower on 6th March as the consequence.

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