He was 67.
Yadav, who had been suffering from various ailments for some time, is survived by wife, two sons and five daughters.
His son Arun Yadav is a Lok Sabha member from Khandwa and is also a former Union Minister of State.
The veteran, who was also Madhya Pradesh Congress President for some time was elected to the Lok Sabha from Khargone constituency in 1980 and 1985.
He was elected to Madhya Pradesh Assembly from the Kasrawad constituency in the Khargone district in 1993 and went on to become Deputy Chief Minister in Digvijay Singh's cabinet.
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Yadav's final rites will be conducted tomorrow at his native village Borawan on the banks of Narmada.
Congress General Secretary Digvijay Singh with whom Yadav worked as Deputy CM said his death was a great loss to the party.
Others who condoled the passing away of Yadav included Madhya Pradesh Congress President Kantilal Bhuria, Leader of the Opposition in the Madhya Pradesh assembly, Ajay Singh and State Congress Vice-President, Manak Agrawal.