Cabinet approves reconstruction scheme for Yes Bank; SBI to invest 49% equity in the Bank

The Union Cabinet has approved a reconstruction scheme for Yes Bank as proposed by the Reserve Bank of India. Giving details about the scheme after the Cabinet meeting,  Finance Minister Nirmala Sitharaman said that State Bank of India will invest 49 percent equity in Yes Bank with other investors also being invited. She said the scheme has been approved with the objective of protecting the interest of depositors and providing stability to Yes Bank as well as to the entire financial system. She ...