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  Business   Companies  07 Mar 2020  Due diligence of Yes Bank draft scheme underway: SBI

Due diligence of Yes Bank draft scheme underway: SBI

PTI
Published : Mar 7, 2020, 12:49 pm IST
Updated : Mar 7, 2020, 12:49 pm IST

He also said many potential investors have approached SBI after seeing the draft scheme

Account holders stand in a queue to withdraw money from Yes Bank at Vashi in Navi Mumbai. PTI photo
 Account holders stand in a queue to withdraw money from Yes Bank at Vashi in Navi Mumbai. PTI photo

Mumbai: SBI Chairman Rajnish Kumar on Saturday said the bank has received the draft scheme of reconstruction for crisis-hit Yes Bank.

Bank officials are doing due diligence of the draft scheme, he added.

 

“We have received draft scheme of reconstruction for Yes Bank. Our investment and legal team is doing due diligence,” Kumar told reporters here.

He also said many potential investors have approached SBI after seeing the draft scheme.

Kumar further said the interest of shareholders will not be compromised.

On Friday, the RBI announced a draft scheme of reconstruction for cash-starved Yes Bank.

In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion.

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 The RBI also superseded the board of the private sector lender, which is now being headed by former deputy managing director and CFO of SBI Prashant Kumar.

Tags: yes bank, reserve bank of india
Location: India, Maharashtra, Mumbai (Bombay)