State Bank of India's chairman sees the Yes Bank crisis as lender-specific, not sectoral.
The Reserve Bank of India on Thursday evening superseded the board of the private sector lender and imposed curbs on its operations for a month. Barely hours later, SBI in an exchange filing said its board has given an in-principle approval to look at an investment opportunity in Yes Bank.
"This is not a sectoral problem. It is a bank-specific problem," SBI Chairman Rajnish Kumar said. "The RBI will take all steps to ensure financial stability."
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"RBI has said they will come out with a restructuring plan (for Yes Bank)," Kumar told reporters after meeting Finance Minister Nirmala Sitharaman. The resolution will come "very shortly", he said without elaborating. "If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that,"
Bloomberg had on Thursday morning reported that the government has stepped in to organise a rescue plan for the Ravneet Gill-led bank. SBI has been selected to lead a consortium that will inject fresh capital into the country's fourth largest private lender, the report said, citing people familiar with the matter.
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The government has placed Yes Bank under moratorium, and the central bank 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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