Case Brief
RBI, in consultation with the Central Government, superseded the Board of Directors of Yes Bank Ltd. under Section 36ACA of the Banking Regulation Act, 1949, for a period of 30 days. The press release says the step was taken because of serious deterioration in the bank's financial position and to quickly restore depositor confidence, including by putting in place a scheme for reconstruction or amalgamation. Shri Prashant Kumar was appointed as administrator under Section 36ACA(2).
Action Snapshot
- Primary Impact
- Board supersession
- Entity Type
- Bank
- Action Type
- Board supersession