As we know, The reserve bank of India has stated and made a restriction on all the bank account holders of YES bank to not withdraw more than 50,000 INR from the bank till 3th April. The restriction is valid from 6th march to 3rd April. However, if there is some emergency of funds, then the request will go to the RBI and they will disbursed the money for you.
The situation has created a panic in all the bank account holders because they are not feeling that their money is safe in the bank now. And after the big failure of PNB, people are not able to trust the bank at all.
And on Saturday, the bank, State Bank of India said that 245 crore shares will be issues at a price of INR 10 each for the INR 2, 450 crore in YES bank.
All these shares will be translated to 49 % stake into the reconstructed Bank. Also, the bank, State bank of India will also not reduce the holding below 26 % before the completion of three years from the date started with the date of infusion of the capital.
The Bank said that the new board of YES bank will also have a CEO and MD as well. Apart from these two, they will have non executive chairman and non executive directors.
On this, the bank SBI stated- “All the employees of the reconstructed bank shall continue in its service with the same remuneration and on the same terms and conditions… at least for a period of one year,”