Yes Bank, India’s fifth-largest private sector lender, was placed under a moratorium with the Reserve Bank of India (RBI) taking over from its board for 30 days and imposing limits on withdrawals to protect depositors. The central bank said, was necessary because of a serious deterioration in Yes Bank’s financial position and that it would swiftly work on a revival plan.

Government places Yes Bank placed under moratorium

The Reserve Bank of India’s has decided to put a moratorium on Yes Bank on Thursday for a period of thirty days. Withdrawals by depositors have been restricted, and mutual funds have begun writing off the value of the Yes Bank debt securities they hold. Watch report:

WION Wallet: RBI moves to restructure YES Bank by placing it under moratorium | Yes Bank Moratorium

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Government places Yes Bank placed under moratorium

WION Wallet: RBI moves to restructure YES Bank by placing it under moratorium | Yes Bank Moratorium