{"id":227027,"date":"2020-03-14T11:59:28","date_gmt":"2020-03-14T06:29:28","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=227027"},"modified":"2020-03-14T11:59:28","modified_gmt":"2020-03-14T06:29:28","slug":"central-govt-notifies-yes-bank-ltd-reconstruction-scheme-2020","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/14\/central-govt-notifies-yes-bank-ltd-reconstruction-scheme-2020\/","title":{"rendered":"Central Govt. notifies &#8212; Yes Bank Ltd. Reconstruction Scheme, 2020"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>G.S.R. 174(E).\u2014<\/strong>Whereas, the Yes Bank Limited is a banking company registered under the Companies Act, 1956 (1 of 1956) and carrying on the business of banking in India;<\/p>\n<p style=\"text-align: justify;\">And whereas, the rapidly deteriorating financial position of the Yes Bank Limited relating to liquidity, capital and other critical parameters, and the absence of any credible plan for infusion of capital necessitated the Reserve Bank of India to take immediate action in the public interest and particularly in the interest of the depositors and accordingly, the Yes Bank Limited was placed under moratorium by an order of the Government of India in the Ministry of Finance, Department of Financial Services vide notification number S.O. 993(E), dated the 5th March, 2020 in exercise of the powers conferred by sub-section (2) of section 45 of the Banking Regulation Act, 1949 (10 of 1949);<\/p>\n<p style=\"text-align: justify;\">And whereas, during the period of moratorium, the Reserve Bank of India has considered it necessary in the public interest and in the interest of the depositors and also to secure the management of the banking company, to prepare a scheme for the reconstruction of the concerned banking company;<\/p>\n<p style=\"text-align: justify;\">And whereas, the State Bank of India and certain other investors have expressed their willingness to make investment in the Yes Bank Limited and to participate in its reconstruction scheme; And whereas, the Central Government has accorded its sanction to the said scheme for reconstruction.<\/p>\n<p style=\"text-align: justify;\">Now, therefore, in exercise of the powers conferred by sub-section (4) and sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), the Central Government hereby notifies the following scheme, namely: \u2013<\/p>\n<p style=\"text-align: justify;\"><strong>1. Short title and commencement.\u2013\u2013<\/strong>(1) This Scheme may be called the Yes Bank Limited Reconstruction Scheme, 2020.<\/p>\n<p style=\"text-align: justify;\">(2) It shall come into force on the 13th day of March, 2020.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff0000;\">To read the Scheme, Click on the link below:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2020\/218653.pdf\">Yes Bank Limited Reconstruction Scheme, 2020<\/a><\/p>\n<hr \/>\n<p><strong>Ministry of Finance<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Notification dt. 13-03-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>G.S.R. 174(E).\u2014Whereas, the Yes Bank Limited is a banking company registered under the Companies Act, 1956 (1 of 1956) and carrying on <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[39995],"class_list":["post-227027","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-notifications","tag-yes-bank-ltd-reconstruction-scheme-2020"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Central Govt. notifies -- Yes Bank Ltd. 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The Reserve Bank invites suggestions and comments from members of public, including the banks' shareholders, depositors and creditors on the draft scheme. The draft scheme has also been sent to\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":226612,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/06\/supersession-of-the-board-of-directors-appointment-of-administrator-yes-bank-limited\/","url_meta":{"origin":227027,"position":1},"title":"Supersession of the Board of Directors &#8211; Appointment of Administrator &#8211; Yes Bank Limited","author":"Bhumika Indulia","date":"March 6, 2020","format":false,"excerpt":"In exercise of the powers conferred under 36ACA of the Banking Regulation Act 1949, the Reserve Bank has, in consultation with Central Government, superseded the Board of Directors of Yes Bank Ltd. for a period of 30 days owing to serious deterioration in the financial position of the Bank. This\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":227421,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/21\/reserve-bank-appoints-additional-directors-on-the-board-of-yes-bank-ltd\/","url_meta":{"origin":227027,"position":2},"title":"Reserve Bank appoints Additional Directors on the board of Yes Bank Ltd.","author":"Bhumika Indulia","date":"March 21, 2020","format":false,"excerpt":"In terms of paragraph 5 (3) of the \u2018Yes Bank Ltd. Reconstruction Scheme, 2020\u2019 notified by Government of India on March 13, 2020 and in exercise of powers conferred to it under sub section (1) of Section 36 AB of the Banking Regulation Act, 1949, Reserve Bank has appointed Shri\u2026","rel":"","context":"In &quot;Appointments &amp; Transfers&quot;","block_context":{"text":"Appointments &amp; Transfers","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/appointments\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":226608,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/06\/rbi-yes-bank-ltd-placed-under-moratorium\/","url_meta":{"origin":227027,"position":3},"title":"RBI | Yes Bank Ltd. placed under Moratorium","author":"Bhumika Indulia","date":"March 6, 2020","format":false,"excerpt":"The financial position of Yes Bank Ltd. 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The bank has also experienced serious\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":231439,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/26\/del-hc-how-are-depositors-of-yes-bank-differently-circumstanced-from-depositors-of-pmc-bank-rbi-and-centre-to-file-affidavits-in-plea-seeking-securing-pmc-bank-depositors-interest\/","url_meta":{"origin":227027,"position":4},"title":"Del HC | &#8220;How are depositors of Yes Bank differently circumstanced from depositors of PMC Bank&#8221;: RBI and Centre to file affidavits in plea seeking to secure PMC Bank depositors&#8217; interest","author":"Bhumika Indulia","date":"June 26, 2020","format":false,"excerpt":"Delhi\u00a0High Court:\u00a0Rajiv Shakdher, J., directed the Union of India and RBI to submit affidavits stating what propelled RBI to take action in public interest to secure interest of depositors of Yes Bank and how are depositors of PMC Bank different circumstanced from depositors of Yes Bank. 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