In a rare move, capital-starved YES Bank was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

The Reserve Bank of India assured YES Bank depositors that their interest will be fully protected and that there is no need to panic.

In the meantime, YES Bank was facing regular outflow of liquidity, the apex bank said, justifying its actions.

He had also suggested that rival Kotak Mahindra Bank is best suited to take over YES Bank. | To read full story, visit https://startuparound.com/read/1583470805.5603564/YES-Bank-placed-under-moratorium,-RBI-supersedes-board?ref=audio_experience