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SBI to invest in YES bank

The Reserve Bank of India (RBI) has released an action plan on Saturday to save Yes Bank, which is facing financial crisis under which State Bank of India (SBI) will invest in it. SBI will hold 49 percent stake in it. The scheme has been named Yes Bank Reconstruction Scheme 2020. RBI has sought suggestions from the bank’s share holders and investors.

Finance Minister Nirmala Sitharaman said that, our government assures that depositors’ money will be safe. “I request  RBI to understand the seriousness and importance of the matter according to the law and find a way out of which the problems of the people are reduced.

She further said that the jobs, salaries of Yes Bank employees are protected for one year, deposits and liabilities will remain unaffected. RBI will find out what went wrong at Yes Bank. Individual role has to be explored in this.

 

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