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Bailout buzz, RBI supersedes Yes Bank board, caps withdrawals at Rs 50,000

Bailout buzz, RBI supersedes Yes Bank board, caps withdrawals at Rs 50,000

Friday, March 6, 2020, 9:27 AM

The Reserve Bank imposed a moratorium on the capital-starved Yes Bank and capped withdrawals at Rs.50,000 per account till further orders. The board of Yes Bank has also been superseded with immediate effect, RBI said in a late evening statement. The RBI also assured the depositors of the bank that their interest will be fully protected and there is no need to panic.
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