India approves Yes Bank rescue, private banks line up to help [Reuters]
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Source: Reuters
India approves Yes Bank rescue, private banks line up to help MUMBAI/NEW DELHI (Reuters) - India’s cabinet has approved a rescue plan for Yes Bank, the finance minister said on Friday, in a bid to prevent a broader banking crisis. The state-owned State Bank of India (SBI), the country’s largest lender, would take a 49% stake in Yes Bank, Finance Minister Nirmala Sitharaman said, while private lenders also committed to invest in the bank. The Reserve Bank of India (RBI), or central bank, took control of Yes Bank last week, imposing limits on withdrawals to prevent a run on deposits before working out a rescue for the bank once considered a rising star after it was set up in 2004. The authorities have opened investigations into Yes Bank’s lending practices that led to its failure and the bank’s founder and former managing director, Rana Kapoor, was detained and a case of money laundering registered against him. Kapoor has said he is ready to cooperate with investigators. His lawyer has
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