In an exclusive interview with India Today, State Bank of India (SBI) chairman Rajnish Kumar said that the SBI’s involvement in the Yes Bank crisis is not an acquisition, takeover or merger but a strategic investment decision made by the SBI.
As per the draft scheme circulated and put in the public domain by RBI, SBI will invest in a minimum of 26 per cent locked in for three years and can go up to 49 per cent, said SBI Chairman Rajnish Kumar.
He said that SBI’s decision to stand behind Yes Bank as a credible anchor investor to mobilise capital will give confidence to other investors and depositors. He also said that many investors have approached SBI informally, asking the SBI to move in and restore the confidence of other investors.
Rajnish Kumar also said that SBI will nominate an MD and CEO apart from taking two seats on the Yes Bank board as suggested in the draft scheme by RBI.
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