Gujarat company withdrew Rs 265 cr, hours before RBI moratorium on Yes Bank

It was withdrawn two days ago considering the problems faced by Yes Bank and transferred to a new account at Bank of Baroda

Vadodara Smart City Development Company, a Special Purpose Vehicle (SPV) of the Vadodara Municipal Corporation (VMC), withdrew Rs 265 crore from Yes Bank a day before the Reserve Bank imposed a moratorium, an official said on Friday.

On Thursday, the RBI restricted withdrawals from Yes Bank to Rs 50,000 per depositor due to the private lender’s precarious financial situation.

Sudhir Patel, chief executive officer of the SPV and deputy municipal commissioner of the VMC, said the amount had been received from the Centre as part of a grant under the Smart City Mission and deposited with a local Yes Bank branch.

It was withdrawn two days ago considering the problems faced by Yes Bank and transferred to a new account at Bank of Baroda, he informed.

The Ancient Times

Because we’re journalists, we’re impatient. We want to gather the news as quickly as possible, using any technological resource available. And when we’re as sure of the story as we can be, we want to share it immediately, in whatever way reaches the most people. The Internet didn’t plant these ideas in our heads. We’ve always been this way.

Leave a Reply