STOCK MARKET BSE NSE

Former SBI CFO Prashant Kumar takes charge as Yes Bank administrator

The private sector lender 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.

Published: 06th March 2020 12:12 PM  |   Last Updated: 06th March 2020 12:12 PM   |  A+A-

Newly-appointed Yes Bank administrator Prashant Kumar

Newly-appointed Yes Bank administrator Prashant Kumar. (Photo| Special arrangement)

By PTI

NEW DELHI: Yes Bank on Friday said Prashant Kumar, former deputy managing director and CFO of State Bank of India, has taken charge as its administrator. The private sector lender 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.

Kumar taking charge as the Yes Bank administrator is in line with notifications issued by Department of Financial Services and the RBI.

"In line with the above, Prashant Kumar, ex-DMD and CFO of State Bank of India, who has been appointed as the Administrator by the Reserve Bank of India under Section 36ACA(2) of the Banking Regulation Act, 1949, has taken charge with effect from today," Yes Bank said in a BSE filing. Yes Bank stock was trading 71.51 per cent down at Rs 10.50 on the BSE.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp