InvestorQ : Is it true that the moratorium on Yes Bank is being lifted earlier than the originally stated date?
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Is it true that the moratorium on Yes Bank is being lifted earlier than the originally stated date?

Answer
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6 months ago


The government has notified that the restrictions on withdrawals from Yes Bank accounts shall cease to have effect on the third working day from commencement of this Scheme of Reconstruction. Under the just announce reconstruction scheme, SBI will acquire up to 49% in Yes Bank for Rs.7,250 crore while HDFC and ICICI Bank will infuse Rs.1,000 crore each. In addition, Axis Bank will infuse Rrs.600 crore, Kotak Bank Rs.500 crore and Bandhan Bank Rs.300 crore will also be infused into Yes Bank. All investors holding more than 100 shares will be subjected to a 3-year lock in period for 75% of their investment. While Prashant Kumar will be CEO and MD of Yes Bank, Sunil Mehta (former PNB) will be non- executive chairman. Any investor who is permitted to have voting right of fifteen per cent shall have the right to nominate one director on the board.