SBI-Yes Bank Update: The banking sector regulator Reserve Bank of India has rejected the proposal of State Bank of India to sell 51 percent stake in Yes Bank. Also, RBI is not in favor of any foreign investors buying stake in Yes Bank. Due to these things, SBI’s ongoing talks with the buyers of stake in Yes Bank have also come to a halt.
This news has come to light quoting NDTV Profit. According to the report, State Bank of India wants to sell 51 percent majority stake in Yes Bank. But SBI’s plan may get delayed. RBI is not in favor of selling majority stake in Yes Bank. Fit & Proper Approval from RBI is yet to be received. According to the report, Reserve Bank of India is also not in favor of any foreign investor buying 51 percent stake in Yes Bank. SBI has 23.99 percent stake in Yes Bank.
The proposal to sell stake in Yes Bank is yet to be discussed at the board level of SBI and neither the time limit for selling the stake has been decided yet. However, State Bank of India wants to sell stake in Yes Bank. Apart from SBI, other banks also have stake in Yes Bank, which saved Yes Bank from bankruptcy in March 2020.
The three-year lock-in period of the investment of the banks that had bought stake in Yes Bank and bailed it out has ended in March 2023 itself. In March 2020, eight big financial institutions had bailed out the bank by investing Rs 10,000 crore in Yes Bank at the rate of Rs 10 per share and saved the hard-earned money of the depositors from sinking.
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