A Decision taken for SBI to buy 49% Yes Bank shares!
Posted on: 07/Mar/2020 2:28:48 PM
The country’s premier public sector Bank, the State Bank of India, has decided to buy 49% shares of Yes Bank which is presently in an acute financial desperation.
Yes Bank has been constrained to acute financial desperation mainly due to unrecovered loans and low-quality administration and had incurred a loss of Rs. 1500 Crores last year.
Subsequently, the Reserve bank of India has initiated some bold and outright actions! RBI has brought the YES Bank Management Board under its control.
Further, RBI has appointed the former SBI officer Prashanthkumar to manage the YES Bank for the next 30 days.
In this scenario, the Chairman of the State Bank of India informed in a session with the press:
‘The State Bank of India has taken a decision to buy 49% shares of Yes which is presently in acute financial troubles. Rs. 2450 Crores are to be invested in this regard. At the same time, the funds of the Ys Bank customers will be in safe custody and hence no need for them to panic!’
