Yes Bank Ltd. has become no bank.
Late Thursday evening in Mumbai, India placed the troubled private-sector lender under moratorium. Depositors will only be allowed to withdraw the rupee equivalent of less than $700 for the next month and the bank won’t be allowed to make new loans. In the meantime, the central bank will seek a way to revamp or merge a bank whose previous owner-manager has left it with few good assets and a truck load of liabilities. In September, the bank had total deposits of 2.1 trillion rupees ($28 billion). Yes delayed its December-quarter results, but assuming that 20% of deposits have since scampered off to safer lenders, authorities still have a $20 billion-plus hole to fill.