Yes Bank Crisis Highlights: RBI Announces Reconstruction Plan, SBI To Buy 49% Stake
The Reserve Bank of India (RBI) on Friday unveiled a draft scheme of reconstruction for crisis-ridden Yes Bank, according to which State Bank of India (SBI), the country's largest lender will take up 49 per cent stake in the private lender. Earlier, Yes Bank shares tanked heavily on Thursday morning, a day after the Reserve Bank of India (RBI) superseded the beleaguered private lender's board and imposed a withdrawal limit of Rs 50,000 for a period of one month. The bank's stock lost as much as 85 per cent to Rs 5.65 in intra-day trade. On Thursday evening, the RBI imposed the restrictions "owing to serious deterioration in the financial position of the Bank". The regulations are part of a moratorium issued by the government which also stayed the "commencement or continuance of all actions and proceedings" against the bank.