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.