Reportedly the share price of cash strapped bank has plummeted more than 25% on friday as bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) imposed a withdrawal limit of Rs 50,000 for next one month and superseded the board with immediate effect. Prior to it, indian Govt has approved SBI's plan to buy stake in Yes Bank.
bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi has also assured the depositors of the bank that their interests will be fully protected and there is no need to panic in this situation. This action will restrict the bank depositors withdrawing beyond Rs 50,000. All the Drafts and pay orders will be paid in full. Also, as per bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi guidelines, there is a relaxation if there is any need for medical emergency, education fees or marriage expenses. According to our reports, more than 2,10,000 Cr depositors money is lying in Yes bank as on today.
Moreover bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>rbi also said that sbi will be the administrator of Yes bank going forward and the central bank will come up with a plan to next few days for restructuring of bank. Also, if govt approves, there is possibility of amalgamation with other banks.
