• India
More

    Govt imposes withdrawal limit of Rs 50,000 for depositors of Yes Bank for a month

    Must Read

    Gujarat to consider crematorium workers as corona warriors

    Gujarat Chief Minister Vijay Rupani on Wednesday said that the state government will consider crematorium employees as...

    India reports 3,62,727 new COVID-19 cases, 4,120 deaths

    India recorded 362,727 new Covid-19 infections and 4,120 deaths on Thursday, taking the caseload tally to 23,703,665,...

    Vadodara crime branch arrest one for black marketing of medical oxygen cylinder

    Vadodara crime branch arrest a person for black marketing of oxygen cylinder. Without any valid permit he...

    The government has imposed a withdrawal limit of 50,000 rupees for depositors of beleaguered private lender Yes Bank for one month. An official notification issued by the finance ministry said that the cap will stay in effect till 3rd of April. The limit on withdrawal comes with a few exemptions, in cases like medical emergency, higher education, marriage and unavoidable emergency.

    In a separate release, Reserve Bank of India said that Yes Bank’s board has been superseded for a period of 30 days owing to serious deterioration in the financial position of the private lender. Former Chief Financial Officer of SBI Prashant Kumar has been appointed as administrator for Yes Bank.

    RBI has assured depositors of Yes Bank that that their interest will be fully protected and there is no need to panic. In terms of the provisions of the Banking Regulation Act, the Reserve Bank will explore and draw up a scheme in the next few days for the bank’s reconstruction or amalgamation.

    In another development, SBI Board has given the State Bank of India in-principle approval to invest in the capital-starved Yes Bank. The announcement came hours after Yes Bank was placed under a moratorium.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    India reports 3,62,727 new COVID-19 cases, 4,120 deaths

    India recorded 362,727 new Covid-19 infections and 4,120 deaths on Thursday, taking the caseload tally to 23,703,665,...

    India reports 3,62,727 new COVID-19 cases, 4,120 deaths

    India recorded 362,727 new Covid-19 infections and 4,120 deaths on Thursday, taking the caseload tally to 23,703,665, according to Health ministry website....

    Vadodara crime branch arrest one for black marketing of medical oxygen cylinder

    Vadodara crime branch arrest a person for black marketing of oxygen cylinder. Without any valid permit he was selling the cylinders on...

    GSEB Gujarat Board class 10, 12 exam revised dates expected this week

    The Gujarat Secondary and Higher Secondary education board (GSHSEB) is expected to announce the revised schedule for Gujarat Board class 10 and...

    Doctors: ‘Cow Dung Therapy’ can’t beat Covid, may actually trigger Black Fungus

    Ever since the coronavirus pandemic broke out in March last year, people have been particular about immunity. They have been trying various...

    More Articles Like This

    - Advertisement -