Former SBI's chief financial officer, Prashant Kumar has been appointed as the new administrator of Yes Bank after a moratorium has been imposed by the RBI on the bank and withdrawal limit to its customers has been capped at Rs 50,000. Kumar's appointment as Yes Bank's administrator has been made by RBI.
Who is Prashant Kumar?
Former SBI employee Prashant Kumar, who joined SBI in 1983 and worked under a number of portfolios, has now been appointed as the new administrator of the Yes Bank. Kumar has been a science and law student from Delhi Delhi University, who has over 30 years of experience in the banking industry.
Prashant has worked under a number of portfolios and in the later years, he served as Chief General Manager of SBI in Kolkata and Mumbai circle.
RBI imposes moratorium on Yes Bank, withdrawal limit capped at Rs 50,000
Capital-starved Yes Bank was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.
Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
The Reserve Bank of India assured Yes Bank depositors that their interest will be fully protected and that there is no need to panic.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender.
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