Categories
Uncategorized

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 […]

Categories
Business

Reserve Bank caps withdrawal limit for Yes Bank to ₹50,000

The Reserve Bank of India (RBI) on Thursday imposed a moratorium on troubled Yes Bank and capped withdrawals at Rs 50,000 as the private sector lender has been grappling with mounting bad loans. A statement said that the RBI has superseded the board of Yes Bank with immediate effect, appointing former State Bank of India […]