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Yes Bank crisis: RBI announces draft scheme of reconstruction, says SBI ready to invest

State Bank of India has expressed its willingness to make an investment in Yes Bank and participate in its reconstruction scheme, it said.

By Newsd
Updated on :

The Reserve Bank of India (RBI) on March 6 placed a draft scheme of reconstruction of Yes Bank in the public domain.

People’s money with Yes Bank is safe, Finance Minister Nirmala Sitharaman has said after the central bank on Thursday night took control of India’s fourth-largest private lender, while a rescue plan is devised within 30 days.

“RBI invites suggestions and comments from members of the public, including the banks’ shareholders, depositors and creditors on the draft scheme. The draft scheme has also been sent to Yes Bank and State Bank of India (SBI) for their comments,” the RBI said in a statement.

The Reserve Bank of India has capped withdrawals at Rs 50,000 and imposed strict limits on operations at Yes Bank, saying it was forced to step in after the lender’s latest effort to raise new capital failed and as the lender “was facing regular outflow of liquidity.”

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