Yes Bank depositors cannot withdraw more than Rs 50,000; RBI imposes moratorium

The Reserve Bank of India has imposed a moratorium on Yes Bank on Thursday. Yes Bank cannot pay depositors more the Rs 50,000 during the moratorium period. Also, the depositors won't be able to withdraw more than Rs 50,000 irrespective of the number of accounts held with the bank.

Citing a steady decline in Yes Bank's financial health and its inability to raise capital despite its multiple efforts, the RBI has taken the following measure.

Citing a steady decline in Yes Bank's financial health when the bank started facing regular outflow of liquidity, and its inability to raise capital despite making many efforts, the RBI took this decision.

Meanwhile, the central bank in consultation with Central Government has superseded the Board of Directors of Yes Bank for a period of 30 days owing to serious deterioration in the financial position of the Bank.