SBI To Invest in Yes Bank
The Reserve Bank of India (RBI) has released an action plan on Saturday to save YES Bank, which is facing a financial crisis. Under which State Bank of India (SBI) will invest in it. SBI will hold a 49 percent stake in the YES bank.
The scheme has been named Yes Bank Reconstruction Scheme 2020. RBI has sought suggestions from the bank’s shareholders and investors. Finance Minister Ms. Sitharaman said that our government assures that depositors’ money will be safe. I request the RBI to understand the seriousness and importance of the matter according to the law and find a way out of which the problems of the people are reduced.
Finance Minister said, the jobs, salaries of Yes Bank employees are protected for one year, deposits and liabilities will remain unaffected. Soon, RBI will find out what went wrong at Yes Bank. Reserve Bank of India imposed a moratorium on YES bank and imposed the withdrawal limit to 50,000 rupees.