Yes Bank Crisis: SBI to invest Rs. 2450 crore for bank customers.

Yes Bank Crisis: SBI to invest Rs. 2450 crore for bank customers.

Yes Bank Crisis: SBI to invest Rs. 2450 crore for bank customers.

On the Yes Bank crisis, SBI Chairman Rajnish Kumar said on Saturday that the money of depositors in Yes Bank is completely safe. He said that SBI would invest Rs 2,450 crore in Yes Bank. Rajnish Kumar said that the SBI board has given in-principle approval to take up to 49 percent stake in Yes Bank. The legal team is working on this plan.

Reserve Bank of India had dissolved the board of directors with immediate effect by increasing the toughness on the private sector Yes Bank on Thursday. Also, the withdrawal limit for the customers of the Bank was fixed at 50 thousand rupees. Customers will not be able to withdraw more than this in a month. The Reserve Bank appointed Prashant Kumar, the former chief finance officer of SBI, as the new administrator of Yes Bank.

Know what the finance minister said about this bank crisis

Earlier on Friday, Finance Minister Nirmala Sitharaman said on the Yes Bank crisis that many big companies were given loans by the Bank long before 2014. All this is already public. He had said that I am not violating customer privacy in this. These include the Anil Ambani Group, Essel, DHFL, ILFS, Vodafone among the troubled companies which were lent by Yes Bank. She said that she is disclosing these names because the opposition parties are raising fingers. Sitharaman also said that all this is public, and she is not violating the privacy of customers.

Was in trouble for a long time

The private sector Yes Bank had been grappling with rising debt for a long time. The Bank needs two billion dollars to comply with banking rules but has failed to raise the amount despite talks with several investors in the last two years.

Second case after PMC Bank

Six months ago, the Reserve Bank took a similar step in the case of PMC Bank after the big scam surfaced.

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