RBI supersedes board of troubled YES Bank, sets Rs 50,000 withdrawal limit

Lender placed under moratorium; withdrawal capped at Rs 50,000; govt, central bank flag governance issues

The Reserve Bank of India (RBI) on Thursday superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

Former State Bank of India chief financial officer Prashant Kumar has been appointed administrator of YES Bank, and each depositor will be able to withdraw only up to Rs 50,000 in total till the moratorium is in place, the RBI said in two official statements issued on Thursday evening. However, in exceptional circumstances such as a medical emergency or