SBI to respond by Monday to 'draft reconstruction plan' for crisis-hit Yes Bank: Chairman Rajnish Kumar

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Mar 07, 2020

7:41PM

SBI to respond by Monday to 'draft reconstruction plan' for crisis-hit Yes Bank: Chairman Rajnish Kumar

@TheOfficialSBI

State Bank of India Chairman Rajnish Kumar said today that the SBI has got its time till Monday to respond to the draft scheme of reconstruction for crisis-hit Yes Bank. He informed that SBI's investment and legal team is doing due diligence in the matter.

RBI on Friday introduced a 'draft reconstruction plan' for Yes Bank, under which SBI will buy 49 per cent stake in the troubled Yes Bank with an investment of Rs 2,500 crore.

AIR Correspondent reports, SBI Chairman Rajneesh Kumar told reporters in Mumbai today that the legal team of State Bank is working on the draft scheme proposed by Bank of India to improve the status of Yes Bank. He has also said that the depositors' money in Yes Bank is completely safe.

Kumar informed that SBI will invest Rs 2450-2500 crore in the fifth largest private bank in the country. SBI Chairman has said that SBI will try to implement the resolution plan before RBI given deadline of Monday.

Kumar said that 23 potential investors have approached SBI after looking at the investment plan. He stated that the SBI may buy 26 or 49 per cent stake in Yes Bank. This is dependent on how much investment is involved.

SBI is also looking at proposals from investors who have shown interest in buying a stake in Yes Bank.