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India’s cabinet has approved a rescue plan for Yes Bank, the finance minister said on Friday, as authorities look to prevent a broader banking crisis.
Crisis-hit Yes Bank has allotted 1,000 crore equity shares to seven private banks and the state-run State Bank of India for a total consideration of Rs10,000 crore.
Indian shares tumbled on Friday, as banking stocks came under pressure after the country’s central bank placed troubled lender Yes Bank under a moratorium and took over its board.
State-owned insurer Life Insurance Corporation may consider joining RBI efforts to rescue Yes Bank. The minimum investment for SBI would be Rs5,500 crore if it picks 26 per cent stake in Yes Bank.
Moody’s Investor Service changed the outlook for the Indian banking system to negative as stress on the sector is likely to rise with the coronavirus outbreak and higher defaults.
The Indian government appears to have recognised finally the need for swift and determined action to restore the health of the banking sector and regain public trust.