State Bank of India (SBI) is going to pick up a 49 percent stake in Yes Bank for Rs 2,450 crore and clarified that all the deposits and liabilities of the reconstructed bank will continue in the same manner. SBI shall not reduce its holding below 26 percent before completion of three years from the date of infusion of the capital.
The crisis-hit Yes Bank, which failed to garner investor support in raising capital, was superseded by a Reserve Bank appointed administrator, in consultation with the central government, and customers have been restricted with a withdrawal cap of Rs 50,000 only till April 3.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
