MUMBAI: Japan’s Sumitomo Mitsui Banking Corp (SMBC) has received Indian central bank approval to buy up to 24.99% of India’s Yes Bank, says the Indian bank in a stock exchange filing last Saturday.
The Reserve Bank of India (RBI) has also decided that SMBC would not be treated as a “promoter” of Yes Bank following the deal, which would have involved additional regulatory requirements, Yes Bank said.
