RBI puts Yes Bank under moratorium, withdrawal limit capped at Rs 50,000

New Delhi: The Reserve Bank of India on Thursday imposed a moratorium on private lender Yes Bank and capped withdrawals at Rs 50,000. In a notification, the central bank cited the "financial position" of the bank "which has undergone a steady decline" to justify its decision.

The central bank also superseded the board of Yes Bank with immediate effect, it said in a statement. Former SBI CFO Prashant Kumar has been appointed as administrator for Yes Bank."The bank has also experienced serious governance issues and practices in the recent years which have led to steady decline of the bank," the notification said.