Yes Bank Reconstruction Scheme 2020 will come into force on 13 March. The private lender's moratorium will be lifted 3 working days after the commencement of the scheme.
Finance Minister Nirmala Sitharaman said the moratorium on the Bank will be lifted within 3 days of notification of the scheme and its board will be in place in 7 day.
Yes Bank takeover is first instance of a large bank falling prey to contagion from NBFC crisis that policy makers have struggled to contain for 18 months.
SBI will pick up 49 per cent stake in Yes Bank and cannot reduce its holding to below 26 per cent before three years from the date of capital infusion.
Private sector banks were once considered to be more accountable with stringent regulatory practices in place. Yes Bank crisis has undermined these assumptions.
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