India's crisis-hit Yes Bank's founder arrested

Sunday, 8 March 2020 at 12:09

The founder of India's crisis-hit Yes Bank has been arrested by the Enforcement Directorate in an alleged scam.

Rana Kapoor has been detained under money laundering charges after two days of questioning.

The Reserve Bank has now taken control of the private lender and said it would work on a revival plan.

Meanwhile, the cash withdrawal limit for each account holder has been capped at Rs 50,000 per month.

The move comes after the bank couldn't service its debts following defaults by big companies to whom it had loaned large amounts.

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