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The Reserve Bank of India said last week that it had taken over Yes Bank, citing a “serious deterioration” in its financial position, and to restore the confidence of Yes Bank’s customers, who had been withdrawing their deposits. Later, the Indian regulator announced a draft revival plan that involves the government-owned State Bank of India — the country’s biggest lender — taking a 49% stake. Following the announcement, shares of the bank, which describes itself as India’s fourth largest private lender, fell by over 50%. Notably, in 2018, RBI forced the bank’s founder Rana Kapoor – in custody now – to step down as CEO after 14 years, and replaced him by former Deutsche Bank India chief Ravneet Gill.
