No 'road map' discussion with RBI, YES Bank terms report factually incorrect
This story was originally published at 08:40 IST on 3 June 2025
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MUMBAI – YES Bank Tuesday said a media report that the bank had held 'road map' discussions with the Reserve Bank of India was factually incorrect.
On Monday, a media report said Japan's Sumitomo Mitsui Banking Corp. was looking to approach the RBI for a licence to operate a wholly-owned subsidiary, as part of a plan to acquire controlling stake in YES Bank.
Once the Japanese bank receives RBI's approval to set up a wholly-owned subsidiary, State Bank of India and other banks are likely to sell their remaining stake of nearly 14% as part of a road map YES Bank and Sumitomo have discussed with the central bank, the report said, citing people with knowledge of the matter.
YES Bank said it was not privy to discussions regarding Sumitomo planning to approach RBI for a wholly-owned subsidiary licence. "Further, references to the bank having 'road map' discussions with the RBI are factually incorrect," it said in an exchange filing.
The Japanese bank had on May 9 signed a definitive agreement to buy 20% stake in YES Bank from State Bank of India and a number of private banks. End
Reported by Shubham Rana
Edited by Avishek Dutta
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