Amidst the atmosphere of suspicion, some good news came for ‘Yes Bank‘ customers. The 4th largest private bank which went under RBI’s (Reserve Bank Of India) control last week is on path or recovery. A group of banks led by the SBI (State Bank of India) have poured in investments in the bank.
The reconstruction scheme for the crisis-hit bank is notified by the government. Finance Minister Nirmala Sitharaman said, “State Bank of India will invest up to 49 percent equity in Yes Bank and other investors are also being invited,” addressing the media after a meeting of the Union Cabinet. As per the issued notification, the Rs 50,000 withdrawal limit on Yes Bank customers would go off in 3 days. That is the customers would be able to withdraw money as usual as was before the restrictions.
Following banks have so far poured in investments in the Yes Bank:
- SBI: Rs 7250 Crore
- ICICI: Rs 1,000 Crore
- HDFC: Rs 1, 000 Crore
- Axis Bank: Rs 600 Crore
- Kotak Mahindra: Rs 500 Crore
Axis bank would be acquiring up to Rs 60 crore equity shares of Rs. 2 each ( of Yes Bank Limited, for cash, at a premium of Rs. 8 as a part of its investment. HDFC would buy 100 crore equity shares for a consideration of Rs 10 per share as a part of its investment. Other banks are also going the same way of investment under the reconstruction plan. The existing employees of Yes Bank would be retained as part of the deal. Overall, if you are a Yes Bank customer you can now leave all suspicions behind about your money.