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Cabinet Highlight: YES Bank moratorium to be lifted within 3 days, says FM
Cabinet has cleared a draft resolution scheme for cash-starved YES Bank. Last week, the Reserve Bank of India (RBI) had announced a draft scheme of reconstruction for the lender. Follow LIVE UPDATES
FM Nirmala Sitharaman briefs media along with Prakash Javadekar and Piyush Goyal. (Photo | Somesh Jha)
Union Ministers Nirmala Sitharaman, Piyush Goyal and Prakash Javadekar briefed media on the outcome of the cabinet meeting on Friday. The government announced lifting the moratorium on YES Bank within three days and hiking dearness allowance for central government employees by 4 per cent.
The Cabinet has cleared a draft resolution scheme for cash-starved YES Bank. 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.
ALSO READ: Union Cabinet clears draft resolution scheme for YES Bank revival