Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI

A strategic investor like SBI will have to pick up 49 per cent stake in Yes Bank, RBI's draft scheme of reconstruction for the crisis-hit lender said on Friday.

The central bank added that SBI is already willingin picking up a stake in Yes Bank.

As per the draft: 'Yes Bank Ltd. Reconstruction Scheme, 2020', the RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion.

"The investor bank shall agree to invest in the equity of the Reconstructed bank to the extent that post-infusion it holds 49 per cent shareholding in the Reconstructed bank at a price not less than Rs 10 (Face value of Rs 2) and premium of Rs 8," the draft said.

The RBI also said that the comments from the stakeholders on the draft are open till March 9.

The draft comes a day after the RBI imposed a moratorium on the lender, restricting withdrawals to Rs 50,000 per depositor till April 3.

Earlier, Union Finance Minister Nirmala Sitharaman addressed a press conference where she said that she would not let any institution to fall off the cliff.

Sitharaman also said that the RBI has been asked to look into what went wrong with Yes Bank and fix individual responsibilities.

RBI Governor Shaktikanta Das today said that resolution efforts are aimed at maintaining "stability and resilience" in the Indian financial sector and the challenges will be overcome "very swiftly".

On BSE, Yes Banks stocks plunged by over 80 per cent during intra-day trade, before closing 56.04 per cent lower at Rs 16.20.

(With PTI inputs)