Vadodara company withdrew Rs 265 crore from Yes Bank hours before RBI moratorium
Shortpedia
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A day before RBI restricted withdrawals from Yes Bank to Rs 50,000 per depositor due to the private lender's precarious financial situation, Vadodara Smart City Development Company, a Special Purpose Vehicle of the Vadodara Municipal Corporation, withdrew Rs 265 crore from the bank. Sudhir Patel, chief executive officer of the SPV said the amount had been received from the Centre as part of a grant under the Smart City Mission.
