The Enforcement Directorate on Friday conducted raids in the residence and other properties of former YES Bank chairman Rana Kapoor.
These raids are associated with offences under the Prevention of Money Laundering Act (PMLA).
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The RBI on Friday under its Prompt Corrective Action (PCA) framework appointed Pravin Kumar, former Deputy Managing Director of SBI as the head of the YES bank to rehaul the bank.
The RBI also capped the amount of withdrawal of depositors with YES bank to Rs 50,000 in normal cases and Rs 5,00,000 in emergency cases.
This crisis has caused a major inconvenience to the customers as debit and credit cards, POS machines and third-party applications associated with the bank have stopped working.
This raid comes at a time when Union Finance Minister Nirmala Sitharaman lashed out at irresponsible banks and bank heads who have caused a loss to the economy and the common man.