NEW DELHI (Reuters) – India’s government on Thursday placed troubled private lender Yes Bank under a moratorium till April 3, superseding its board of directors and limiting withdrawals to 50,000 rupees ($680) during the period.

In a statement, India’s central bank said the move was necessary to quickly restore depositors’ confidence in the lender after its inability to address potential loan losses and resultant downgrades.

“The bank has also experienced serious governance issues and practices in the recent years which have led to steady decline of the bank,” the Reserve Bank of India said in a statement.