Moody's downgrades Yes Bank's ratings; ratings remain under review: Statement

Moody's downgrades Yes Bank's ratings; ratings remain under review said in a Statement.

On Thursday, the RBI in consultation with the Union government superseded the bank's board of directors due to serious deterioration in the bank's financial position. "This has been done to quickly restore depositors' confidence in the bank, including by putting in place a scheme of reconstruction or amalgamation," the RBI said in a late-night communication on Thursday.

It also appointed Kumar as the bank's administrator under Section 36ACA (2) of the Banking Regulation Act, 1949. A moratorium of 30 days has been imposed on the cash-strapped Yes Bank, restricting withdrawals up to Rs 50,000 per depositor.