March 7, 2020 / 6:48 AM / a month ago

State Bank of India says a 49% stake in Yes Bank will cost 24.5 bln rupees

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

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