GUWAHATI: Effective 18 March, the moratorium imposed on Yes Bank will be lifted by 6 PM.
The government said notifying the State Bank of India-backed rescue plan for the private bank. The reconstruction scheme for the cash-strapped private lender is effective 13 March.
After the moratorium goes, the new board, including two directors from SBI, will be set up within seven days. Thereafter, Reserve Bank of India (RBI)-appointed administrator, former SBI chief financial officer Prashant Kumar, will vacate the office.
Meanwhile, the reconstruction scheme for the cash-strapped private lender is effective 13 March.
According to the scheme, Yes Bank’s authorized capital will be raised to Rs. 6,200 crore from Rs. 1,100 crore, after investors put in money. The number of equity shares will be 30 billion at Rs. 2 a piece. The authorised preference share capital will continue to be Rs. 200 crore.
