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)