- The State Bank of India (SBI) on Wednesday (12th March 2020) said it will buy shares worth Rs 7,250 crore (Rs 10 per share) of the cash-strapped Yes Bank, subject to regulatory approvals.
- After the purchase, SBI shareholding in Yes Bank will remain within 49% of the paid-up capital.
- According to the RBI reconstruction scheme, the strategic investor was not only supposed to pick up a 49% stake but assure that the holding will not fall below 26% for a minimum period of 3-years from the date of capital infusion.
- The scheme was announced a day after RBI imposed a moratorium on the Yes Bank, restricting withdrawals to Rs 50,000 till 3rd April 2020.
- About Yes Bank,
- MD & CEO - Ravneet Gill.
- HQ is at Mumbai, Maharashtra.
- About SBI,
- Founded on 1st July 1955.
- Chairman - Rajnish Kumar.
- HQ is at Mumbai.
- About RBI,
- Founded on 1st April 1935.
- Governor (25th) - Shaktikant Das.
- HQ is at Mumbai.
Published On : 13 Mar 2020
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