Yes Bank stake sale report is factually incorrect, got no approval from RBI: Bank clarifies

Calling a media report 'factually incorrect', private lender Yes Bank on Tuesday clarified in a stock exchange clarification that it hasn't received any in-principle approval from the Reserve Bank of India for a stake sale.

Earlier today, Mint reported that the RBI greenlit the sale of up to 51 per cent stake in Yes Bank, setting the stage for a new owner for the private lender that survived a near-death experience just four years ago.

"Yes Bank would like to clarify that the contents of the said article are factually incorrect and purely speculative in nature," the company said.

"RBI has not given any in principle approval as stated in the article and this clarification is issued by the Company voluntarily to dispel the baseless media article," it added.

Shares of Yes Bank were trading with gains of around 1.25 per cent while the benchmark indices were up 0.2 per cent as of 10:35 am.

In March 2020, SBI, then erstwhile Housing Development Finance Corp, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank, and IDFC First Bank cumulatively invested Rs 10,000 crore in YES Bank to save the lender from bankruptcy and avert any systemic risks to the banking system.