The government has notified the reconstruction plan for crisis-hit Yes Bank after the Union Cabinet cleared and said that the caps on withdrawals from its accounts up to Rs 50,000 will be lifted in “three working days”.

“The order of moratorium on the reconstructed bank issued by the Government of India … shall cease to have effect on the third working day at 18:00 hours from the date of commencement of this Scheme,” the government said in a notification on Friday.

On March 5, the RBI had taken control of Yes Bank Ltd, capped withdrawals at Rs 50,000 and imposed restrictions on its operations till April 3 to put in motion a bailout plan for the troubled bank.

The government also notified the appointment of Prashant Kumar, former CFO and Deputy MD of State Bank of India (SBI) as the CEO and MD of reconstructed Yes Bank. Kumar was appointed administrator of Yes Bank by the Reserve Bank of India (RBI) after it put the troubled lender under a moratorium on March 5.

Kumar will vacate office as administrator within seven days of the cessation of the moratorium.

The government also appointed former Non-Executive Chairman of Punjab National Bank Sunil Mehta as Non-Executive Chairman. Mahesh Krishnamurthy and Atul Bheda are Non-Executive Directors. The new board is also to be formed within seven days from cessation of the moratorium.

The notification also states “the investor bank (SBI) shall nominate two more officers as Directors” and the “RBI may appoint one or more additional directors as necessary.”

The authorised share capital is to be altered to Rs 6,200 crore and the number of equity shares is to be altered to Rs 3,000 crore of Rs 2 each. The authorised preference share capital will continue to be Rs 200 crore. Investors are to be allotted shares on the reconstructed bank at Rs 10 share, the notification said.

The primary investor which is the SBI, “shall not reduce its equity shareholding below 26 per cent of the total equity shareholding of the reconstructed bank before completion of three years from the date of allotment of shares,” the notification said.

According to the notification, an investor other than the investor bank (SBI), “may exercise voting rights to the extent of its shareholding, or 9 per cent of the total voting rights of all the shareholders of the reconstructed bank, or as may be decided by the RBI—whichever is lower.”

On March 5, the RBI had superseded Yes Bank’s board because of a serious deterioration in its financial position and named Prashant Kumar the administrator.