SBI may go for 49% stake in Yes Bank: Chairman Rajnish Kumar
After Reserve Bank of India put up a month-long moratorium on Yes Bank, SBI chairman Rajnish Kumar in a press conference held in Mumbai on March 7, has said that there is a possibility of the state-run lender picking up stake of up to 49% in Yes Bank. Kumar said, "The draft scheme of Reserve Bank of India for reconstruction of Yes Bank is already in the public domain. The plan has been received by the State Bank of India (SBI) and the legal team is working on the plan. The time is that on Monday, we have to go to RBI with our comments. Secondly, we had informed through the stock exchange that SBI board has given in-principle approval of exploring possibility of picking up a stake of up to 49% in Yes Bank." Reserve Bank of India imposed a month-long moratorium on Yes Bank citing 'serious deterioration in its financial position' on March 5, and capped withdrawal limit at Rs 50,000.