London (CNN Business) India's government has been forced to rescue one of the country's biggest banks to shore up confidence in the financial system.

The Reserve Bank of India said Thursday that it had taken over Yes Bank, citing a "serious deterioration" in its financial position. The central bank said it had to act quickly to restore the confidence of Yes Bank's customers, who had been withdrawing their deposits.

Shares of Yes Bank, which describes itself as India's fourth largest private lender, collapsed following the announcement. The company's stock fell 56%.

The RBI announced a draft revival plan for Yes Bank on Friday that involves the government-owned State Bank of India — the country's biggest lender — taking a 49% stake.

has had to intervene at Yes Bank. In 2018, the RBI forced its founder Rana Kapoor to This isn't the first time India's central bankhas had to intervene at Yes Bank.In 2018, the RBI forced its founder Rana Kapoor to step down as CEO after 14 years at the helm. Kapoor was replaced by former Deutsche Bank India chief Ravneet Gill last year.

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