Yes Bank put under moratorium, withdrawals capped at Rs 50,000

The RBI removed Yes Bank's board and appointed Prashant Kumar, a former chief financial officer of the State Bank of India (SBI), as administrator.

Private lender Yes Bank was placed under moratorium on Thursday, with the central capping depositor withdrawals at Rs 50,000 per account for a month and superseding the board with immediate effect.

The Reserve Bank of India (RBI) took the decision in consultation with the government to protect depositors' interest, reported news agency PTI.

"The Reserve Bank made all efforts to facilitate such a process and gave adequate opportunity to the bank’s management to draw up a credible revival plan, which did not materialise. In the meantime, the bank was facing regular outflow of liquidity," said a press release by the central