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On March 5, RBI took over the board of cash starved Yes Bank to ‘restore depositors’ confidence’ in the lender and preventing it from failing and stopping the contagion effect thereafter
On March 5, RBI took over the board of cash starved Yes Bank to ‘restore depositors’ confidence’ in the lender and preventing it from failing and stopping the contagion effect thereafter

Cabinet to review Yes rescue plan

  • Increasing dearness allowance (DA) to central government employees and pensioners can also be taken up by the Cabinet
  • Under the RBI-supervised draft ‘Yes Bank Ltd Reconstruction Scheme, 2020’, SBI will pick up 49% stake in Yes Bank

NEW DELHI : he Yes Bank rescue plan crafted by the State Bank of India may come up before the Union cabinet, a senior government official said. Increasing dearness allowance (DA) to central government employees and pensioners may also be taken up by the Cabinet, the official said on condition of anonymity.

Under the Reserve Bank of India-supervised draft ‘Yes Bank Ltd Reconstruction Scheme, 2020’, SBI will pick up 49% stake in Yes Bank. On Thursday, SBI said the executive committee of its central board has approved the purchase of 7.25 billion shares of private sector lender Yes Bank at a price of 10 apiece. The state-owned bank, along with the finance ministry and RBI, will also tap other potential investors to save the bank. Earlier this week, Mint had reported that lender HDFC and automobile financier Kotak Mahindra Prime Ltd will invest 2,000 crore each in Yes Bank.

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