Yes Bank Share Update:
SBI will take a 49 percent share due to the crisis of YES Bank under the rescue policy of the Government of India.
Yes Bank shares hiked by 35 percent in recent trade on Wednesday. CEO and MD Prashant Kumar is hopeful of the speedy recovery of the bank.
The price of Yes bank shares become almost double and reached Rs16.20 after its jump over trade on Wednesday. The shares showed a tremendous growth of almost 77.47 percent. On the other side, the benchmark BSE Sensex gets a drop of 55 points.
YES Bank is now put under a moratorium by the RBI due to its crisis till April 3. Therefore, its account holders cannot withdraw money more than 50,000 INR in the month.
During the period of moratorium, the bank will not provide any loan facilities. The bank will also not be able to provide finance facilities under this act of RBI. Only the deposition of money and other bank-related functioning will take place.
As per the RBI rebuilt plan the biggest bank of India i.e. SBI will take the shares of Yes Bank by 49 percent. According to the schemes of RBI, the SBI will put the capital of Rs. 2,450 crores in the bank for its smooth working.
Bank’s financial health is not in better condition after it has flopped to grow its capital under the new leadership of Ravneet Singh Gill. Gill has recently taken the lead as MD and CEO of the bank.
Yes Bank branches cover almost 29 states and Union Territories in India. There are almost 1,450 ATMs as well as 1,120 branches of Yes bank over India.
State Bank of India is now ready with an investment of Rs 7,250 crore in the bank to protect it from the financial crisis.
SBI’s total investment would not exceed Rs 10,000 crore, Rajneesh Kumar (Chairman) said.
Source – Money control