Legal team working on YES Bank's rescue, depositors' money safe: SBI Chief
.jpg)
State Bank of India chairman Rajnish Kumar on Saturday said that the bank had received the draft scheme for the reconstruction for crisis-hit Yes Bank and a legal team was doing its due diligence on it. He said the bank would go to the Reserve Bank of India by March 9.
Speaking at a press conference, Rajnish Kumar said that SBI had been approached by many investors, who saw an opportunity in YES Bank.
"Plan has been received by SBI and the legal team is working on the plan. We had informed through the stock exchange that SBI board has given in-principle approval of exploring possibility of picking up a stake of upto 49 per cent in YES Bank," Kumar added
He also assured YES Bank's depositors that their money is safe.
Kumar added that a new board of YES Bank would be constitued and it would have two nominies from the bank.
The Reserve Bank of India on Friday presented a reconstruction plan for the troubled private sector lender under which SBI will pick up a 49 per cent stake in YES Bank. The draft came a day after the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3
The draft scheme, mentioned SBI as the “investor bank” and said it would pay at least Rs 10 per share for buying equity in YES Bank. The RBI has invited comments on the draft scheme from members, depositors, or creditors of YES Bank Ltd and will accept them till March 9.
Other Latest News
.webp)
Lithium battery and solar panels manufacturer RCRS Innovations Ltd on Tuesday said it has filed draft papers with NSE Emerge to mop-up funds through an initial public offering (IPO) and the proceeds will be used to fund its expansion plan.
The Noida-headquartered company's proposed IPO is a fresh issuance of 48.24 lakh equity shares with a face value of Rs 10 each, according to a statement.
.webp)
The Ministry of Heavy Electricals (MHI) announced on Tuesday that seven bids had been received under a global tender for the rebidding of Production Linked Incentives (PLI) aimed at supporting the manufacturing of Electric Vehicle (EV) batteries, specifically 10 GigaWatt hours (GWh) Advanced Chemistry Cells (ACC).
The bidders, comprising ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, Anvi Power Industries Private Limited, JSW Neo Energy Limited, Reliance Industries Limited, Lucas TVS Limited.
.webp)
Air India has entered into a codeshare partnership with Japan's All Nippon Airways.
With the codeshare, effective for travel from May 23, Air India and All Nippon Airways passengers can fly to their desired destination by combining those flights between India and Japan with a single ticket.
.webp)
Karnataka Chief Minister Siddaramaiah on Tuesday staged a dharna here protesting against the delay in release of drought relief funds by the Centre and criticised Prime Minister Narendra Modi and Home Minister Amit Shah over the issue.
Siddaramaiah said the protest -- held in front of the Mahatma Gandhi statue on the premises of Vidhana Soudha which houses the Legislature and State Secretariat -- was aimed at drawing public attention towards the "injustice" done to Karnataka and its people by the BJP-led government at the Centre.
.webp)
Fintech major Razorpay, in partnership with Airtel Payments Bank, has ventured into UPI infrastructure service by offering UPI Switch to its customers.
The solution can handle up to 10,000 transactions per second (TPS), and enables five times faster access to Unified Payments Interface (UPI) innovations for businesses, the company said.
.webp)
.webp)
.webp)
.webp)
.webp)
