Reserve Bank Prepared a Plan to Save Yes Bank, gave 49% Stake to SBI for First Three Years

RBI has told in its recontraction scheme that SBI will have to take 49 percent stake in the bank. This acquisition will be for three years, after three years they can reduce the stake below 26 percent
Reserve Bank Prepared a Plan to Save Yes Bank, gave 49% Stake to SBI for First Three Years

Big news has come out about the Yes Bank crisis. RBI has introduced a recontraction plan to save Yes Bank. Suggestions have been sought from the bank's share holders, investors and Yes Bank and SBI on this. RBI has named this 'Yes Bank Recontraction Scheme 2020'. RBI has also put some conditions for this.

RBI has told in its recontraction scheme that SBI will have to take 49 percent stake in the bank. This acquisition will be for three years, after three years they can reduce the stake below 26 percent. Along with this, the acquiring bank SBI will have to take Yes Bank shares at Rs 10 per share.

It will have a face value of two rupees and a premium value of eight rupees. With this, the biggest thing that the RBI has said under this recontraction scheme is that there is no threat to the jobs of all the employees of Yes Bank. Whatever facilities they have been getting, they will continue to get.

Look out notice against former CEO of Yes Bank, raids
Lookout notice has been issued against the founder and former CEO of SA Bank, Rana Kapoor. Rana Kapoor can no longer leave the country. At the same time, ED team raided Rana Kapoor's house in Mumbai late night. Kapoor's house is in Worli area of ​​Mumbai. Overnight, Rana Kapoor is questioned by the ED team. Even when the news was written, the ED team was in Rana Kapoor's house. According to sources, in search of evidence related to money laundering, the documents are being searched.

Kapoor gave loans to big people on personal relations
The ED has filed a case against Rana Kapoor under the Money Laundering Act. It is alleged that Rana Kapoor distributed coarse loans arbitrarily through Yes Bank. The procedure for granting and recovering the loan was determined according to its own. Rana Kapoor gave loans to big people on the basis of his personal relationship. In 2017, Yes Bank put an amount of Rs 6,355 crore into a bad loan.

Finance Minister said soon everything will be alright
Finance Minister Nirmala Sitharaman had said that the reason for these difficulties in the bank will be assessed. Also, who are personally responsible for the problem will be identified. Sitharaman said on Friday that the government has asked the Reserve Bank of India to find out what went wrong with Yes Bank and accountability should be fixed on a personal level. She said that after finding out the risky decisions of the loan, the Reserve Bank suggested a change in Yes Bank management.

Is the whole case of Yes Bank?
The government has taken a big decision to save the sinking YES bank on Thursday. As of 3 April, the withdrawal limit has been fixed to Rs 50,000 / -. Please tell here that investors will be able to withdraw this amount till April 3 but not till 50000 every day.

However, the withdrawal limit has been fixed to ₹ 5 lakh under special circumstances. Higher amount can be withdrawn for studies, treatment and marriage. The withdrawal limit will continue till 3 April. Here, in order to improve the financial condition of Yes Bank, RBI has taken over the board of directors of the bank for the next one month. The bank will be restructured before April 3.

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