RBI prepares rescue plan for failed bank
State Bank of India agrees to help rescue Yes Bank, which remains under “moratorium”
The Reserve Bank of India has unveiled a proposed rescue package for Yes Bank, which was put under a “moratorium” by the central bank on March 5 after a sharp deterioration in its finances.
Under the plans, published on March 6, State Bank of India, the country’s largest public-sector bank, will take a 49% stake in Yes Bank in exchange for injecting 48 billion rupees ($650 million) into the troubled lender.
Customers of the bank have been limited by the moratorium to withdrawals of a maximum
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