The success of the scheme is contingent on various factors. Its failure may result in SBIN absorbing YES. We maintain our BUY on SBIN with a TP of Rs 421. Putting an end to much of the conjecture on the way ahead for YES and SBINs involvement in the same, the RBI notified the draft Yes Bank Ltd. Reconstruction Scheme, 2020. The scheme, acknowledging the urgency of the situation, proposed for the recapitalisation of YES, in which SBIN would initially contribute ~Rs 24.5bn for a 49% stake. In accordance with the scheme of reconstruction, SBIN may be required to contribute at most ~Rs 93bn more at Rs 10 a share. This is certainly a more desirable outcome than a merger, for the shareholders of SBIN as the downside risks will be capped.