Yes Bank problem bank-specific, not sectoral: SBI chief
On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank. "The RBI has said they will come out with a restructuring plan (for Yes Bank)," Kumar told reporters after meeting Finance Minister Nirmala Sitharaman.
A day after the RBI superseded the board of India's fourth-largest private sector lender Yes Bank, State Bank of India (SBI) Chairman Rajnish Kumar on Friday said the problem at hand is lender-specific and not sectoral.
On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.
"The RBI has said they will come out with a restructuring plan (for Yes Bank)," Kumar told reporters after meeting Finance Minister Nirmala Sitharaman.
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The resolution will come "very shortly," he said without elaborating.
The Reserve Bank on Thursday placed Yes Bank under a moratorium and imposed limits on withdrawals.
"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."
On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.
"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.
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The RBI has capped withdrawals from Yes Bank at Rs 50,000 for the next one month and imposed strict limits on operations after the cash-starved lender faced "regular outflow of liquidity" after an
effort to raise new capital failed.
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