Moratorium on Yes Bank to be lifted on March 18

government has tified Yes Bank reconstruction scheme as per which moratorium on troubled private sector lender will be lifted on March 18.

Current administrator Prashant Kumar has been appointed managing director and CEO of newly-reconstructed board.

Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, gazette tification said.

Reserve Bank of India (RBI) had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3.

" order of moratorium on reconstructed bank issued by government...shall cease to have effect on third working day at 18:00 hours fron date of commencement of this scheme," tification said.

scheme has been tified on March 13 and hence moratorium will be lifted on third working day or March 18. PTI JD KJ