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SBI to invest $235 mn more in Yes Bank
Photo Credit: VCCircle

State Bank of India’s executive committee has approved a further investment of up to Rs 1,760 crore (about $234.8 million) in the public offering of Yes Bank, according to a regulatory filing by the country's largest lender.

In March this year, SBI board had approved an investment of Rs 7,250 crore into the troubled lender Yes Bank.

Earlier this year the Reserve Bank of India (RBI) had taken control of Yes Bank, after the bad-debt laden lender had failed to raise the capital it needed to stay above mandated regulatory requirements.

Since then SBI had stepped in to acquire a stake in the private lender and to keep it afloat. However, SBI's total investment is not likely to exceed 100 billion rupees, according to the bank's chairman.

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