Mumbai

The board of Yes Bank has also been superseded with immediate effect, the Reserve Bank of India (RBI) said in a late evening statement.

Former SBI CFO Prashant Kumar has been appointed as administrator for Yes Bank.

The latest development comes six months after the regulator did the same with the city-based cooperative lender PMC Bank after a large scam was unearthed.

Yes Bank has been grappling with mounting bad loans.

Earlier in the day, sources said SBI along with some other financial institutions would bail out Yes Bank, with the government giving the go-ahead.

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