The Yes Bank Reconstruction Scheme 2020 shall come into force on March 13, 2020, the gazette notification said.
had on March 5 put a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. It superseded the board of the troubled private sector lender and appointed Prashant Kumar as administrator.
"The order of moratorium on the reconstructed bank issued by the government... shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this scheme," the notification said.
"The office of the administrator of the reconstructed bank shall stand vacated immediate after 7 calendar days from the date of cessation of moratorium ... and a new board of directors shall be reconstituted...," the notification said.
State Bank of India (SBI), which will hold up to 49 per cent stake in Yes Bank, will nominate two directors on the newly-constituted board and RBI
can appoint one or more additional directors.
Any investor, other than SBI, with voting right of 15 per cent in the private lender can nominate one director on Yes Bank's board.
ICICI Bank, Housing Development Finance
Corp Ltd, Axis Bank, Kotak Mahindra Bank and Bandhan Bank will also join the SBI-led consortium and invest in Yes Bank.
HDFC will invest Rs 1,000 crore in Yes Bank through the purchase of 100 crore shares, Axis Bank will invest Rs 600 crore by buying 60 crore shares, Kotak Mahindra Bank Rs 500 crore through 50 crore shares and Bandhan Bank another Rs 300 crore through the purchase of 30 crore shares.
The authorised capital of the reconstructed lender has been fixed at Rs 6,200 crore. All employees of the bank will continue with the same remuneration and service conditions. However, services of 'key managerial personnel' may be discontinued at any time by the new board, the notification said.