MUMBAI, March 7 (Reuters) - State Bank of India said it will need to invest 24.5 billion rupees if it were to buy a 49% stake in Yes Bank as part of a rescue deal of the troubled lender.
SBI Chairman Rajnish Kumar told reporters on Saturday the rescue of Yes Bank was a “must,” less than two days after the Reserve Bank of India (RBI) took control of the bank and said it would work on a revival plan.
The RBI took over from the bank’s board for 30 days, and imposed limits on withdrawals to protect depositors.
“The survival of the bank is a must,” SBI Chairman Rajnish Kumar, told reporters at a news conference.
Reporting by Abhirup Roy; Writing by Neha Dasgupta Editing by Shri Navaratnam