India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of <a href="https://www.wionews.com/india-news/centre-should-allow-puri-jagannath-temple-to-withdraw-from-yes-bank-bjds-prasanna-acharya-285257">Yes Bank</a>.

<a href="https://www.wionews.com/india-news/enforcement-directorate-arrests-yes-bank-founder-rana-kapoor-under-money-laundering-charges-285034">ED arrests Yes Bank founder Rana Kapoor under money laundering charges</a>

The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank.

"There will be three years lock-in period for SBI for up to 26 per cent of their investment. For others, there will be a lock-in period of three years of 75 per cent of their investment," Sitharaman asserted.&nbsp;

Sitharaman said SBI is also in talks with other prospective investors.

"The moratorium will be lifted within three days of notifying the scheme," the finance minister said, adding,"A new board, having at least two&nbsp;directors of SBI, will take over within seven&nbsp;days of the issuance of notification."

"Authorised capital has been raised from Rs 1,100 crores to Rs 6,200 crores of Yes Bank to accommodate immediate and subsequent raising of capital requirements," Sitharaman added.

Yes Bank shares in the morning had risen ten per cent after SBI said it will infuse Rs 7,250 crore. The stock went up 9.98 per cent to Rs 27.55 on the BSE and 10.57 per cent to Rs 27.70 on NSE.

India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of Yes Bank. ED arrests Yes Bank founder Rana Kapoor under money laundering charges The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank.

India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of Yes Bank. ED arrests Yes Bank founder Rana Kapoor under money laundering charges The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank. "There will be three years lock-in period for SBI for up to 26 per cent of their investment. For others, there will be a lock-in period of three years of 75 per cent of their investment," Sitharaman asserted. Sitharaman said SBI is also in talks with other prospective investors. "The moratorium will be lifted within three days of notifying the scheme," the finance minister said, adding,"A new board, having at least two directors of SBI, will take over within seven days of the issuance of notification." "Authorised capital has been raised from Rs 1,100 crores to Rs 6,200 crores of Yes Bank to accommodate immediate and subsequent raising of capital requirements," Sitharaman added. Yes Bank shares in the morning had risen ten per cent after SBI said it will infuse Rs 7,250 crore. The stock went up 9.98 per cent to Rs 27.55 on the BSE and 10.57 per cent to Rs 27.70 on NSE.

SBI will take 49% stake in Yes Bank, cabinet has approved restructuring: Sitharaman

Yes Bank, India’s fifth-largest private sector lender, was placed under a moratorium with the Reserve Bank of India (RBI) taking over from its board for 30 days and imposing limits on withdrawals to protect depositors. The central bank said, was necessary because of a serious deterioration in Yes Bank’s financial position and that it would swiftly work on a revival plan.

Government places Yes Bank placed under moratorium

The Reserve Bank of India’s has decided to put a moratorium on Yes Bank on Thursday for a period of thirty days. Withdrawals by depositors have been restricted, and mutual funds have begun writing off the value of the Yes Bank debt securities they hold. Watch report:

WION Wallet: RBI moves to restructure YES Bank by placing it under moratorium | Yes Bank Moratorium