Published 21:30 IST, March 6th 2020

Vadodara Municipal Corporation withdrew Rs 265 Cr from Yes Bank in the nick of time

Vadodara Smart City Development Company, a Special Purpose Vehicle (SPV) of the Vadodara Municipal Corporation (VMC), withdrew Rs 265 crore from Yes Bank a day before the Reserve Bank imposed a moratorium, an official said in Vadodara on Friday.

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Vodara Smart City Development Company, a Special Purpose Vehicle (SPV) of Vodara Municipal Corporation (VMC), withdrew Rs 265 crore from Yes Bank a day before Reserve Bank imposed a moratorium, an official said in Vodara on Friday.

On Thursday, RBI restricted withdrawals from Yes Bank to Rs 50,000 per depositor due to private lender's precarious financial situation.

Sudhir Patel, chief executive officer of SPV and deputy municipal commissioner of VMC, said amount h been received from Centre as part of a grant under Smart City Mission and deposited with a local Yes Bank branch.

It was withdrawn two days ago considering problems faced by Yes Bank and transferred to a new account at Bank of Baroda, he informed.

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21:30 IST, March 6th 2020