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Union Government Notifies SBI-Led Yes Bank Rescue Plan, Withdrawal Limit Set To Go In 3 Working Days
(Yes Bank)
The government has officially notified the reconstruction scheme for Yes Bank, after it was cleared by the Union Cabinet on March 13 (Friday).
With the scheme coming into effect, the moratorium, or withdrawal limit imposed on Yes Bank depositors, will be lifted at 6 pm on the third working day.
Under the notification, a new four-member board led by veteran banker Prashant Kumar, has been constituted.
Kumar, who has been serving as administrator of the bank since its previous board was superseded by the Reserve Bank of India, will now takeover as the CEO & MD of Yes Bank. Kumar was previously the CFO and Deputy MD of State Bank of India (SBI). Former Non-Executive Chairman of Punjab National Bank Sunil Mehta was appointed as Non- Executive Chairman. Mahesh Krishnamurthy and Atul Bheda will serve as Non-Executive Directors.
As per the Yes Bank reconstruction scheme, State Bank of India will invest Rs 7,250 crore in Yes Bank while four private sector entities-- ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC-- will infuse Rs 3,100 crore in total via equity. ICICI Bank and HDFC will invest Rs 1,000 crore each while Axis Bank and Kotak Mahindra Bank will invest Rs 600 crore and Rs 500 crore, respectively.
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