SBI Chairman Rajnish Kumar today said the bank has received the draft scheme of reconstruction for crisis-hit Yes Bank. Addressing a press conference in Mumbai today, Kumar told reporters that their legal and investment team is evaluating the plan.
Kumar informed that the SBI board has given in-principle approval to explore the possibility of picking up 49% stake in Yes Bank. The reconstruction plan, which RBI put out last evening, proposes that SBI acquire a 49 percent stake in beleaguered Yes Bank at a minimum of Rs 2,450 crore.
The RBI, which advised the government to place Yes Bank under a one-month moratorium, has also placed the draft restructuring scheme in public domain for comments.
Kumar added that as far as depositors are concerned, there might be some inconvenience but as far as the safety of their money is concerned it is fully safe. He stated that there is a Rs 5 lakh guarantee available for depositors.
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