SBI will buy Yes Bank shares worth Rs 7250 crore

The State Bank of India has agreed to buy shares worth Rs 7250 crore of the cash-strapped Yes Bank. The purchase of the shares will be in accordance with the draft reconstruction scheme put forward by the Reserve Bank of India. SBI will purchase the 725 shares of Yes Bank at a price of Rs 10 per share. After the purchase, the shareholding of the State Bank of India (SBI) in Yes Bank will remain under 49% of the paid-up capital.

According to the reconstruction scheme put forwarded by RBI, the shareholding of the strategic investor would be not more than 49% and should not fall below 26% for a minimum period of 3 years from the date of capital infusion.

SBI removes minimum balance charges from all savings bank accounts

The State Bank of India has waived off the minimum balance charges on all savings bank accounts. SBI has waive charges for non-maintenance of Average Monthly Balance (AMB) for all 44.51 crore savings bank accounts. Earlier, SBI was levying a penalty of Rs 5 to Rs 15 along with taxes on non-maintenance of average monthly balance of Rs 3000, Rs 2000 and Rs 1000 in metro, semi urban and rural areas respectively. Along with the charges for non-maintenance of Average Monthly Balance, the public sector bank has also waived of SMS charges.