{"id":216359,"date":"2020-03-13T12:42:57","date_gmt":"2020-03-13T12:42:57","guid":{"rendered":"http:\/\/151.106.38.4\/2020\/03\/13\/union-cabinet-approves-yes-bank-reconstruction-plan\/"},"modified":"2020-03-13T12:42:57","modified_gmt":"2020-03-13T12:42:57","slug":"union-cabinet-approves-yes-bank-reconstruction-plan","status":"publish","type":"post","link":"https:\/\/nagalandpost.net\/index.php\/2020\/03\/13\/union-cabinet-approves-yes-bank-reconstruction-plan\/","title":{"rendered":"Union Cabinet approves Yes Bank reconstruction plan"},"content":{"rendered":"<p><img src=\/old_site\/http:\/\/new.nagalandpost.com\/cms\/gall_content\/no_images_650x.jpg><\/p>\n<p>The Union Cabinet on Friday approved a reconstruction plan for cash-strapped Yes Bank, under which the State Bank of India will pick up 49 per cent of the equity, while private investors will be allowed to buy the rest.<\/p>\n<p>According to Finance Minister Nirmala Sitharaman, the Cabinet decided that the SBI will hold at least 26 per cent stake in the private bank for a minimum period of three years. Similarly, the other investors will also be mandated to have a similar lock-in period for 75 per cent of their investment in the bank.<\/p>\n<p>The authorised share capital of the Yes Bank will be revised upwards from Rs 1,100 crore to Rs 6,200 crore.<\/p>\n<p>Besides, Sitharaman indicated that the details of the scheme will be notified soon.<\/p>\n<p>She further said that Yes Bank&rsquo;s moratorium will be lifted at 16.00 hours, after three working days of the scheme being notified.<\/p>\n<p>The office of the administrator shall also stand vacated after seven days from the cessation of moratorium and the new Board will take over the bank.<\/p>\n<p>Prashant Kumar, former SBI CFO, is the current administrator.<\/p>\n<p>In addition, she said, the new Board will have two members from the SBI.<\/p>\n<div>&nbsp;<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Union Cabinet approves Yes Bank reconstruction plan<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667],"tags":[],"class_list":["post-216359","post","type-post","status-publish","format-standard","category-business"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/216359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=216359"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/216359\/revisions"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=216359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=216359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=216359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}