The Reserve Bank of India on Friday unveiled 'Scheme of Reconstruction' for Yes Bank, saying that the State Bank of India (SBI) has expressed willingness to invest in the crisis-ridden lender. The RBI said that investor bank cannot reduce its holding in Yes Bank below 26 per cent before three years. "Yes Bank's capital stands altered at Rs 5,000 crore and the strategic investor bank will bring in 49 per cent equity," the central bank said in a release.
The draft comes a day after the RBI imposed a moratorium on the bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The RBI has also superseded the board of the bank, which is now being headed by former deputy managing director and CFO of SBI Prashant Kumar.
RBI's rescue plan for Yes Bank: