Daily Archives: September 15, 2024

Business new tamfitronics MUMBAI: Yes Bank's proposed sale to a private buyer has hit a hurdle as potential buyers seek a 51% shareholdingwhich is not allowed under existing rules. The development is likely to push the exit of major Indian banks that hold a majority stake in the private lender beyond the current financial year.Reports have indicated that Japan's SMBC and Emirates NBD were the only bidders for the private bank and both are eager to hold over 51%.In the past, RBI had allowed white-knight investors to hold more than 50% in private banks, but those transactions were aimed at preventing distressed lenders from collapsing. Development Bank of Singapore, for instance, was permitted to acquire the distressed Lakshmi Vilas Bank during the pandemic in Nov 2020. Likewise, in 2018, RBI approved Canada's Fairfax...