Supersession of the Board of Directors of YES Bank Ltd.by RBI – RBA No. 27/2020
Government of India
Ministry of Railways
RBA No. 27/2020
New Delhi, dated 06-03-2020
All Zonal Railways/ PUs
Sub: Supersession of the Board of Directors of YES Bank Ltd.by RBI.
Please find enclosed RBI’s press release dated 05.03.2020 regarding supersession of the Board of Directors of YES Bank Ltd. by RBI for a period of 30 days owing to serious deterioration of the financial position of the Bank. RBI has also imposed a limit of withdrawal amount ( presently 50,000 per month) from the bank.
May like to direct PCPOs and PFAs to take necessary measures to ensure smooth disbursement of salary in March, 2020.
DA: As above
Pr Executive Director/ Accounts
भारतीय रिजर्व बैंक
RESERVE BANK OF INDIA
Supersession of the Board of Direcctors-Appointment of Administrator – Yes Bank Ltd.
In exercise of the powers conferred under 36ACA of the Banking Regulation Act 1949 the Reserve Bank has in consultation with Central Government, superseded the Board of Directors of Yes Bank Ltd for a period of 30 days owing to serious deterioration in the financial position of the Bank. This has been done to quickly restore depositors confidence in the bank, including by putting in place a scheme for reconstrcution or amalgamation. Shri Prashant Kumar, ex-DMD and CFO of State Bank of India has been appointed as the administrator under Section 36ACA (2) of the Act.
Chief General Manager
Press Release: 2019-2020/2025
Source: Railway Board