Mumbai, Aug. 25 -- The Japanese banking giant had earlier proposed a 20% acquisition, including a 13.19% stake purchase from State Bank of India and 6.81% from seven other shareholders such as Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Federal Bank, Bandhan Bank, and IDFC First Bank.

RBI clarified that SMBC will not be classified as a promoter post-acquisition. The approval is valid for one year and is subject to regulatory conditions under the Banking Regulation Act, FEMA, and RBI's guidelines on shareholding in banks. The deal will also require clearance from the Competition Commission of India before completion.

Mumbai-based Yes Bank, a full-service commercial bank, offers a wide array of products, services, and digital s...