On Saturday 7th March, State Bank of India reported that the bank will invest up to Rs 2,450 crore or 24.5 billion rupees ($331 million) to buy 49 % stakes of Yes Bank Ltd as part of the initial phase of the rescue deal. SBI Chairman Rajnish Kumar stated that SBI being the largest bank in the country and India’s largest state-run lender had been asked by the government to rescue Yes Bank from crisis.
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SBI to buy 49% stakes of Yes Bank by investing Rs. 2,450 crore
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