Union Cabinet clears draft resolution scheme for YES Bank revival

The scheme was announced a day after the RBI imposed a month-long moratorium on YES bank

The Union Cabinet on Friday cleared a draft resolution scheme for cash-starved YES Bank, according to TV reports. Last week, the Reserve Bank of India (RBI) had announced a draft scheme of reconstruction for the lender, according to which the strategic investor in the bank would pick up 49 per cent stake and not reduce holding to under 26 per cent before three years from the date of capital infusion.

The scheme was announced a day after the RBI imposed a month-long moratorium on the bank, restricting withdrawals to Rs 50,000 per depositor till April 3.
 

State Bank of India