YES Bank Crisis: RBI Appoints R Gandhi, Ananth Narayan Gopalakrishnan as Additional Directors on Board of Private Lender
The Reserve Bank of India on Friday appointed R Gandhi and Ananth Narayan Gopalakrishnan as Additional Directors on board of Yes Bank with effect from March 26. Gandhi and Gopalakrishnan are appointed for a period of two years.
Mumbai, March 20: The Reserve Bank of India (RBI) on Friday appointed R Gandhi and Ananth Narayan Gopalakrishnan as Additional Directors on board of Yes Bank with effect from March 26. Gandhi and Gopalakrishnan are appointed for a period of two years. Gandhi is former Deputy Governor of the RBI, while Gopalakrishnan is Associate Professor in S P Jain Institute of Management and Research. YES Bank Announces to Resume All Banking Services From March 18.
On March 9, Prashant Kumar was appointed as administrator of crisis-hit YES Bank. On Wednesday, resumed its full banking services from 6 pm onwards. According to a report published in Business Today, over 60 per cent (Rs 6,050 crore) of the equity infusion of Rs 10,000 crore has come from the State Bank of India (SBI). Yes Bank Crisis: Private Lender Enables Inward IMPS and NEFT Transactions.
On March 5, the RBI placed the private lender under a moratorium, capped deposit withdrawals at Rs 50,000 per account for a month and superseded its board last week. Following which, the RBI assured account holder of the YES Bank that their money was safe.
The central bank also issued a drafty scheme of reconstruction for YES bank. According to ten draft plan, SBI to invest in the reconstructed bank for up to 49 percent stake of YES Bank and it would not cut holding below 26 percent before three years from the date of capital infusion.
(The above story first appeared on LatestLY on Mar 20, 2020 04:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).