RBI supersedes Yes Bank board, to draw up reconstruction plan in 30 days | Namaste Bharat part 2

The Reserve Bank of India on Thursday announced it has superseded the Yes Bank Board of Directors for 30 days and has appointed former SBI CFO Prashant Kumar as the bank's administrator. The RBI on Thursday capped withdrawal from Yes Bank at Rs 50,000 and effected moratorium on Yes Bank from 6 p.m. on Thursday to April 3. It said the financial position of Yes Bank Ltd has undergone a steady decline, largely due to the inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering the invocation of bond covenants by investors, and withdrawal of deposits.