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Business: Moratorium on Yes Bank to be lifted on March 18
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.
New Delhi: 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.
Also Read: ICICI Bank to invest Rs 1,000 cr in Yes Bank
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
Moratorium on Yes Bank to be lifted at 6 pm on March 18: Government notification
— Press Trust of India (@PTI_News) March 14, 2020
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.
Also Read: SBI gets approval to invest Rs 7,250 cr in Yes Bank
"The order of moratorium on the reconstructed bank issued by the government...shall cease to have effect on the third working day at 18:00 hours fron 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.