The Reserve Bank of India on Thursday imposed a moratorium on cash-strapped Yes Bank, and restricted withdrawals at Rs 50,000 for each account.

“The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank’s depositors, it had no alternative but to apply to the Central Government for imposing a moratorium under section 45 of the Banking Regulation Act, 1949,” a statement from the RBI said. “Accordingly, the Central Government has imposed moratorium effective from today.”

The RBI assured depositors of Yes Bank that their interests will be completely protected and said there was “no need to panic”. “The Reserve Bank will explore and draw up a scheme in the next few days for the bank’s reconstruction or amalgamation and with the approval of the Central Government, put the same in place well before the period of moratorium of thirty days ends so that the depositors are not put to hardship for a long period of time,” the statement added.

The board of the bank has also been superseded with immediate effect, PTI reported, citing the central bank. Former State Bank of India Chief Financial Officer Prashant Kumar has been appointed as administrator for Yes Bank.