Reserve Bank of India Governor Shaktikanta Das has defended the write-off of Yes Bank's additional tier 1 (AT1) bonds, stating that the ecosystem remains stable and forms part of Basel III regulations. The RBI had requested that the consortium led by the State Bank of India take over Yes Bank after it nearly collapsed in March. As part of the deal, the AT1 bonds that had been issued by the lender and totalled approximately INR83bn ($1.13bn) were fully written off, however, the move was challenged by a group of investors.