Moratorium on Yes Bank to be lifted on March 18


PTI | New Delhi | Updated: 14-03-2020 11:22 IST | Created: 14-03-2020 09:41 IST
Moratorium on Yes Bank to be lifted on March 18
Representative Image Image Credit: ANI
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The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18. Current administrator Prashant Kumar has been appointed managing director and CEO of the newly-reconstructed board.

The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said. The Reserve Bank of India (RBI) had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. "The order of moratorium on the reconstructed bank issued by the government...shall cease to have an effect on the third working day at 18:00 hours from the date of commencement of this scheme," the notification said.

The scheme has been notified on March 13 and hence the moratorium will be lifted on the third working day or March 18.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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