India’s Biggest Lender to Invest $332 Million in Yes Bank Rescue
- Bank says ready to invest 100 billion rupees over time
- SBI in talks with potential investors in India, overseas
Police officers observe customers standing in line outside a Yes Bank Ltd. branch in Mumbai on March 6.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
State Bank of India said it will immediately invest 24.5 billion rupees ($332 million) in Yes Bank Ltd. as part of a central bank-backed rescue plan for the embattled lender.
SBI, the country’s largest bank, won’t ask the federal government for capital to fund the rescue and may instead work with other investors, Chairman Rajnish Kumar told reporters in Mumbai on Saturday. Many have approached it to be part of the deal, he said.