Modi cabinet approves Yes Bank rescue. ICICI Bank, HDFC, Axis Bank, Kotak Mahindra Bank pledge investment

PM Narendra Modi’s cabinet approved a rescue plan for Yes Bank 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 […]