However, the restriction on rural branches continues, meaning only branches in areas with a population above 10,000 (as per the 2011 Census) can offer the scheme.
The Japanese financial institution is the largest shareholder in Yes Bank after it acquired 24.99 percent stake in the domestic lender in September this year
According to Setty, SBI’s primary intent in participating in the reconstruction plan was not profit-making but supporting financial stability at a crucial time.
The Yes Bank-SMBC and RBL-Emirates NBD deals have opened doors for more such deals to happen in Indian banking ecosystem
Yes Bank expects that the strategic investment by Japan's SMBC will help credit ratings upgrades, bring down funding costs and support profitability.
Stocks to Watch, 20 October: Stocks like Reliance Industries, HDFC Bank, ICICI Bank, UltraTech Cement, IndusInd Bank, Punjab National Bank, IDBI Bank, RBL Bank, Yes Bank, Federal Bank, Bank Of India, L&T Technology Services, Sobha, Dixon Technologies, Havells India, nad JSW Energy will be in focus on October 20.
SMBC has stated that they will not increase their stake, and they are under no obligation to do so beyond 24.99 percent, says CEO Prashant Kumar.
Yes Bank Q2 FY26 results: Asset quality remained broadly stable, but provisions rose, indicating higher provisioning requirements even as slippages remained contained.
Rajeev Kannan, group executive officer and head of SMBC Group's India division, said the bank is focused on contributing to Yes Bank's board as its largest shareholder and does not intend to take on an executive role in the lender
Pankaj Sharma is seen as taking over from Anil Rao, the current head of operations at IndusInd Bank. Anil Rao is set to superannuate in a few weeks and may not to seek an extended tenure.
Stocks to Watch, 06 October: Stocks like HDFC Bank, Bajaj Finance, IndusInd Bank, Aditya Birla Lifestyle Brands, Lupin, Infosys, Ceigall India, Sobha, Kotak Mahindra Bank, Pace Digitek, Yes Bank, Ujjivan Small Finance Bank, and Canara Bank will be in focus on October 06.
In March 2020, weeks before the onset of the Covid crisis, the RBI and government staged a rescue act which saw banks led by SBI taking a 79 per cent stake in Yes Bank and helping it stay afloat.
The push into wealth management comes as the Indian lender deepens its ties with SMBC, Japan’s second-largest lender by assets, which completed its acquisition of a 20% stake in Yes Bank this week
There have always been a lot of apprehensions on what incremental value add a foreign bank can bring to India, more so with the exit of biggies such as Citi and Deutsche from India’s retail terrain. Can Sumitomo Mitsui Banking Corporation help find an answer?
The private sector bank stated its intention to leverage SMBC’s global strengths, particularly in facilitating trade and investment flows between Japan and India, to accelerate growth in its corporate banking, treasury services, and cross-border solutions
Stocks to Watch, 18 September: Stocks like Cochin Shipyard, Dixon Technologies, Cohance Lifesciences, Indosolar, Biocon Gujarat Fluorochemicals, Airfloa Rail Technology, BR Goyal Infrastructure, Aavas Financiers, Federal Bank, Yes Bank, and Bandhan Bank will be in focus on September 18.
In exchange filings released in the post market hours of September 17, the two private lenders announced that they sold the shares of Yes Bank at a consideration of Rs 21.50 apiece.
SMFG will acquire Yes Bank’s stake from Carlyle for $349 mn
SBI share price: SBI shares were trading at around Rs 843 apiece, extending gains for the third consecutive session.
As per the CBI, Yes Bank, led by its then CEO Rana Kapoor, extended loans of over Rs 3,700 crore to DHFL controlled by Kapil and Dheeraj Wadhawan in exchange for pecuniary benefit.
According to sources, Yes Bank is expected to roll out a plan to raise equity by December this year. SMBC may infuse around Rs 4,000 crore in the bank to increase its stake from 20 percent to 24.99 percent.
Yes Bank share price: CCI approved Sumitomo Mitsui Banking Corporation’s plan to acquire up to 24.99 percent in the lender, paving the way for the Japanese banking major to become its largest shareholder.
Stocks to Watch, 03 September: Tata Consultancy Services, JSW Cement, Waaree Energies, PNC Infra, Adani Power, Yes Bank, E2E Networks, Vikran Engineering, TBO Tek, and Anlon Healthcare will be in focus on September 03.
Yes Bank share price: The proposed infusion by the Japanese financial giant is aimed at strengthening Yes Bank's balance sheet, and is seen to be a precursor to SMBC taking an ownership position, ET reported
The RBI has further clarified that pursuant to the said acquisition, SMBC would not be treated as a promoter of the bank