Day: March 7, 2020

Legal team working on YES Bank’s rescue, depositors’ money safe: SBI Chief

State Bank of India chairman Rajnish Kumar on Saturday said that the bank had received the draft scheme for the reconstruction for crisis-hit Yes Bank and a legal team was doing its due diligence on it. He said the bank would go to the Reserve Bank of India by March 9.

Speaking at a press conference, Rajnish Kumar said that many potential investors have approached SBI after seeing the draft scheme.

“Plan has been received by SBI and the legal team is working on the plan. We had informed through the stock exchange that SBI board has given in-principle approval of exploring possibility of picking up a stake of upto 49 per cent in YES Bank,” Kumar added

He also assured YES Bank’s depositors that their money is safe.

Kumar added that a new board of YES Bank would be

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