A new board for Yes Bank will also be constituted within 7 days from the notification of the reconstruction scheme, she said.
Finance Minister Nirmala Sitharaman on March 13 said that the moratorium imposed on private sector lender Yes Bank will be lifted within three days from the notification of the reconstruction scheme.
Addressing the media after a cabinet meeting earlier in the day, the finance minister said that the draft reconstruction scheme for Yes Bank, which was proposed by the Reserve Bank of India (RBI) earlier this month, would be notified soon.
Also Read | ICICI Bank to invest Rs 1,000 cr in Yes Bank via equity
Responding to a query, she said: "The notification shall come out and the moratorium shall cease on the third working day at 1800 hours from the date of the notification. Office of the administrator shall stand vacated after seven calendar days from the cessation of the moratorium and a new board shall be constituted."
The Cabinet has approved the RBI's restructuring scheme for the Yes Bank, the FM said, adding that the decision has been taken keeping in mind the interest of depositors, providing stability to Yes Bank and keeping a stable financial banking system.
Also Read | Cabinet approves reconstruction scheme for Yes Bank: FM Sitharaman
The board of Yes Bank was superseded by the RBI on March 5 and a moratorium was imposed for a 30-day period ending April 3.
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