India approves Yes Bank rescue, private banks to also buy stakes [Reuters]
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Source: Reuters
India approves Yes Bank rescue, private banks to also buy stakes MUMBAI/NEW DELHI (Reuters) - India’s cabinet has approved a rescue plan for Yes Bank, the finance minister said on Friday, as authorities look to prevent a broader banking crisis. The state-owned State Bank of India (SBI), the country’s largest lender, will take a 49% stake in Yes Bank, Finance Minister Nirmala Sitharaman said. ICICI Bank also said it would invest up to 10 billion rupees ($135 million) for a 5% stake in Yes Bank, which is India’s fifth-largest private lender. Axis Bank will also invest up to 6 billion rupees, it said in a regulatory filing. “The decision to provide a reconstruction scheme keeps at its core the protection of depositors’ interest, keeps at its core providing stability to Yes Bank and also keeps at its core keeping a stable financial environment and banking system,” Sitharaman told reporters in New Delhi. This month, India placed Yes Bank under a moratorium because of a serious deterioratio
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