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Business Companies 07 Mar 2020 Yes Bank's Rana ...

Yes Bank's Rana Kapoor at ED office for questioning

PTI
Published Mar 7, 2020, 1:18 pm IST
Updated Mar 7, 2020, 1:18 pm IST
The RBI said a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline
Account holders wait outside Yes Bank to withdraw money, at Connaught Place, in New Delhi. PTI photo
 Account holders wait outside Yes Bank to withdraw money, at Connaught Place, in New Delhi. PTI photo

Yes Bank founder Rana Kapoor was taken to Enforcement Directorate (ED) office for questioning on Saturday.

Earlier, the agency conducted raids at Kapoor's residence located at 'Samudra Mahal' residential tower in Mumbai on Friday and registered a case under the Prevention of Money Laundering Act (PMLA) against him.

 

On Thursday, the RBI said a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.

During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the Reserve Bank of India, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.

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