Current context: The 9 banks led by SBI will make an exit according to report. Reserve bank will sell shares of Yes Bank after a 3-year period.
- The 9 bank led by SBI which picked up 49% of their stocks in March 2020 will make an exit.
- In December 2022, , HDFC and ICICI with 1000 million shares each. Axis bank’s 500 million shares were under SBI. Federal bank and Bandhan bank had 300 million each under SBI shares. Also IDFC first bank held 250 million crores.
- SBI has changed its stake from June to December 2022 at 26.14%. Earlier it was at 30%.
- According to RBI, these 9 banks had Rs.10,000 crores in Yes bank.
- The AT-1 bonds will be written off as a part of reconstruction of Yes bank.
Question:
Q.1 How many banks will be sold off led by SBI under the RBI reports in March?a.10
b. 2
c. 9
d. 5
