Yes Bank Press Conference Updates: Nothing Wrong With Yes Bank’s Books, Says SBI’s Rajnish Kumar
Catch all updates from the Yes Bank press conference here.
KEY HIGHLIGHTS
Watch: Yes Bank Press Conference
SBI's Nominees For Yes Bank Board
SBI is recommending Partha Pratim Sengupta and J Swaminathan as board members for Yes Bank, Kumar said.
Nothing Wrong With Yes Bank's Books: Rajnish Kumar
SBI Chairman Rajnish Kumar said that there was a lot of due diligence done on the books of Yes Bank. He said that based on their due diligence, they found nothing wrong in the Mumbai-based lender’s books.
Whatever has been declared by the bank is a true representation of the bank's financial position, Rajnish Kumar said.
There is no need for a forensic audit, Yes Bank administrator Prashant Kumar said.
Yes Bank's Business Strategy Ahead
Yes Bank administrator Prashant Kumar said that the first focus of Yes Bank now would be building a deposit franchise. "I am not saying we'll become a retail bank. But there will be a shift of focus from corporate to retail."
Kumar said that currently, corporate accounts make 60 percent of the bank's book and retail makes 40 percent. Yes Bank would like it to be the other way around, he said.
No Plan To Change The Yes Bank Brand
Yes Bank administrator Prashant Kumar said that there are no talks of changing the brand name of the lender. “The branding is quite strong.”
Sufficient Funding Lines Available
Yes Bank administrator Prashant Kumar said that there are enough funding lines available if the bank needs more capital. SBI Chairman Rajnish Kumar also reiterated the same. “I am present here to give the assurance that this bank will get all the liquidity it needs,” he said.
