State Bank of India (SBI) chairman Rajnish Kumar held a press conference in Mumbai.
While talking to press, he said that SBI can buy 49% shares of Yes Bank as per legal provisions. Also during this, SBI Chairman Rajnish Kumar said that SBI can invest Rs 2450 crore in Yes Bank.
He further said that our legal team is working on an investment plan. SBI has informed the stock exchange that State Bank of India is considering buying a 49 per cent stake in Yes Bank.
“There is no threat to the account holders of Yes Bank. Their money is completely safe. Therefore, this is a relief news for Yes Bank account holders. They don’t have to be upset”, he further added.
On Friday, the Finance Minister said that, our government assures that depositors’ money will be safe.
“I request the RBI to understand the seriousness and importance of the matter according to the law and find a way out of which the problems of the people are reduced.”
– Finance Minister
The Finance Minister said, the jobs, salaries of Yes Bank employees are protected for one year, deposits and liabilities will remain unaffected. RBI will find out what went wrong at Yes Bank.
Individual role has to be explored in this.
Finance Minister Nirmala Sitharaman had stated in the press conference that the rules were not being followed by Yes Bank. The bank took risky credit decisions.
“I have said before that we will not allow any institution to sink. Prior to 2014, loans were given by Yes Bank to companies whose financial condition was not good”, FM told to press.
Yes Bank has given loans to companies like Anil Ambani’s company, Essel Group, Infrastructure Leasing and Financial Services Limited (ILFS), Dewan Housing Finance Corporation Limited (DHFL) and Vodafone which have defaulted.
On March 5, 2020, the Reserve Bank of India (RBI) imposed a monetary limit on the troubled Yes Bank. Under this, account holders will no longer be able to withdraw more than Rs 50 thousand from Yes Bank.
This withdrawal limit will remain in force till 3 April 2020. Yes Bank has more than 1000 branches and more than 1,800 ATMs across the country.
