YES BANK prospects lose cash! RBI bans money withdrawal

by Jeremy Spirogis
India's cleanest city for 4th consecutive time

The Reserve Bank of India has dissolved the board of administrators of the financial institution by taking main motion as a result of failure of Yes Bank.

new Delhi: Yes Bank's situation could be very dangerous. Due to the failure of the financial institution's situation, the Reserve Bank of India has dissolved the board of administrators by taking main motion. Not solely this, the RBI has additionally fastened the money withdrawal restrict. Bank prospects won’t be able to withdraw greater than Rs 50,000 in a month. A complete of 50 thousand rupees may be withdrawn within the subsequent 30 days. Only in particular state of affairs can withdraw extra money from it. RBI has taken this motion beneath the Banking Regulation Act. <! –

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                 RBI has stated that it’ll care for the curiosity of the purchasers.

The financial institution can now not supply new loans. The authorities has imposed moratorium on Yes Bank. From March 5, Moratorium is planted for the subsequent 30 days. RBI has put in its administrator by eradicating the board of administrators of Yes Bank. The new administrator is called Prashant Kumar, who has been the previous deputy MD of SBI.

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