According to the sources, the RBI's assessment found Yes Bank had liquidity issues but no solvency problem or any other issue.
RBI had imposed a moratorium on the lender on March 5, under which the bank's customers were allowed to withdraw up to Rs 50,000
SBI and few private banks have invested in Yes Bank under a revival plan
Addressing a press conference, RBI Governor Shaktikanta Das said: 'I would like to convey to the depositors of YesBank that their money is completely safe and there is nothing to worry.'
Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned into a Non-Performing Asset.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
As part of the reconstruction process, SBI will invest for 49 per cent equity in Yes Bank
Earlier, RBI had announced a draft scheme of reconstruction for cash-starved Yes Bank
The announcement comes as panic gripped the bank's customers, who queued before ATMs and bank branches to withdraw money.
He said that the final approval from the Reserve Bank to the SBI-led resolution plan would result in Yes Bank coming out of the moratorium.
The impact of Coronavirus and Yes Bank crisis should be seen as a blessing in disguise as it has acted as a catalyst in cooling down the valuations and has helped in bringing it down to more realistic levels.
The Yes Bank administrator said the bank staff is working hard so that all banking services could be restored at the earliest.
Punjab Chief Minister Charanjit Singh Channi addresses media after the oath taking ceremony at Punjab Bhawan in Chandigarh. AICC General Secretary Harish Rawat with PPCC President Navjot Singh Sidhu are also seen.PTI Photo
Prime Minister Narendra Modi meets Gujarat Chief Minister Bhupendra Patel in New Delhi.PTI Photo
Himachal Pradesh Chief Minister Jai Ram Thakur during a public meeting in Mandi.PTI Photo
An artist busy making an idol of Goddess Durga at a workshop ahead of Navaratri festivities in Mumbai.Photograph by Dinesh Parab/Outlook
Idols of Goddess Durga at a workshop ahead of Navaratri festivities, Goregaon in Mumbai.Photograph by Dinesh Parab/Outlook
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