March 13, 2020 / 11:00 AM / 25 days ago

Indian cabinet approves rescue of troubled lender Yes Bank- minister

MUMBAI, March 13 (Reuters) - Indian Finance Minister Nirmala Sitharaman said on Friday that the cabinet had approved a restructuring scheme for the private lender Yes Bank.

The State Bank of India, the country’s largest lender, will take a 49% stake in Yes Bank, cementing a previously-announced rescue plan.

The lender is also in talks with other prospective investors, Sitharaman added. They would need to maintain at least 75% of their investments for a minimum of three years, she said. (Reporting by Nupur Anand Editing by Alexandra Ulmer and Kevin Liffey)

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