SBI informed SEBI about its investment in Yes Bank: Chairman Rajnish Kumar

Mar 06, 2020

New Delhi, Mar 06 (ANI): State Bank of India (SBI) Chairman Rajnish Kumar reacted over the speculations that the state-run lender is going to take over the troubled Yes Bank. On being asked, if SBI will invest in the Yes Bank, Kumar replied, “We gave the information of in-principle approval of SBI's investment to the stock exchange yesterday (March 05).” “RBI Governor has very clearly said in their press statement that there is no need to panic. All depositors’ funds are protected,” the SBI Chairman further said. Reserve Bank of India (RBI) placed Yes Bank Ltd. under moratorium and restricted deposit withdrawals to Rs 50,000 on March 05. It is said that SBI and LIC are likely to take over the Bank.