Ramaswami: The crisis at capital-starved Yes Bank deepened on Thursday night after the Narendra Modi government, in cooperation with the Reserve Bank of India (RBI), imposed restrictions on withdrawals at the private sector lender. The RBI has also superseded the institution’s board of directors for a period of 30 days and has appointed Prashant Kumar, former CFO of State Bank of India as its administrator. In its assessment of the situation at Yes Bank, the central bank has been blunt. “The financial position of the bank has undergone a steady decline largely due to inability to raise capital to address potential loan losses…The bank has also experienced serious governance issues and practices in the recent years which have led to steady decline of the bank,” it said in a statement. The withdrawal restrictions, which came into effect as of 6 pm on Thursday, will remain in place until April 3, 2020.