People queue up outside Yes Bank’s Fort Branch in Mumbai. The bank was placed under moratorium by the Reserve Bank of India and the withdrawal limit was capped at Rs 50,000, yesterday.
The SBI board has given the largest lender an “in-principle” approval to invest in the capital-starved Yes Bank. The central board of SBI discussed the matter at a meeting on Thursday, it informed the exchanges. The announcement came hours after Yes Bank was placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.
“The matter in regard to Yes Bank was discussed at the meeting of the central board of bank on Thursday and an in-principle approval has been given by the board to explore investment opportunity in the bank,” the SBI board informed the bourses late in the evening.