RBI to submit Yes Bank revival plan to cabinet for approval soon

NEW DELHI: The final restructuring plan for Yes BankNSE 31.58 % will be presented to the cabinet for approval, said people with knowledge of the matter. The Reserve Bank of India (RBI) will finalize it after considering feedback on the draft scheme placed in the public domain on Friday.

The State Bank of India NSE -6.30 % (SBI) will take up to 49% stake in Yes Bank as an investor as per the draft scheme announced by the RBI. Monday was the last day for submitting suggestions or comments  ..

The State Bank of India NSE -6.30 % (SBI) will take up to 49% stake in Yes Bank as an investor as per the draft scheme announced by the RBI. Monday was the last day for submitting suggestions or comments on the scheme.

The restructuring scheme will be taken to the cabinet as an administrator has been appointed for Yes Bank in consultation with the government and it also entails a substantial cash infusion by public sector lender SBI.

SBI has said a board of directors will be constituted for Yes Bank comprising chief executive, managing director, non-executive chairman and non-executive directors.

The finance ministry and the Prime Minister’s Office are both keeping close tabs on developments, said the people cited above. “I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution,” finance minister Nirmala Sitharaman had said on Friday.

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