Yes Bank reconstruction scheme ready

yes bank

The government has approved the reconstruction scheme for Yes Bank with many leading banks participating in the revival effort including the country’s top public sector bank, State Bank of India (SBI).

As part of the reconstruction measures, Yes Bank administrator Prashant Kumar, who is SBI’s former CFO, took a number of measures. The authorized share capital of the bank was increased to ₹620 billion (US$4.8 billion) from ₹110 billion, while the number of equity shares was increased to 30 billion from 4.5 billion. The authorized preference share capital of the bank continues to be ₹2 billion, while 75% of the equity shares allotted to investors will be subject to a lock-in for a period of three years from March 2020.

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