Yes Bank crisis: RBI presents reconstruction scheme, seeks suggestions from public

Yes Bank crisis: RBI presents draft revival plan, seeks suggestions from public

As the nation grapples with the failing Yes Bank Ltd leaving lakhs of account holders flustered and jittery, the Reserve Bank of India (RBI) on Friday announced a draft scheme of reconstruction of the bank.

New Delhi: As the nation grapples with the failing Yes Bank Ltd leaving lakhs of account holders flustered and jittery, the Reserve Bank of India (RBI) on Friday announced a draft scheme of reconstruction of the bank.

Putting the draft reconstruction scheme in public domain, the central bank has invited suggestions from public including banks’ shareholders, depositors and creditors on the viability of scheme.

The draft scheme has also been sent to Yes Bank Ltd. and State Bank of India for their comments. Suggestions and comments can be sent to the RBI up to Monday, March 9, 2020.

It may be recalled that the Yes Bank Ltd. was placed under an order of moratorium on March 5, 2020 which will be effective upto April 3, 2020.

RBI’s Draft Reconstruction Scheme of Yes Bank