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yes direct banking: SBI says YES Mathematical rescue bank by Monday, due diligence in progress
SBI President Rajnish Kumar said at a press conference in Mumbai that the bank's legal team had done due diligence on the draft plan proposed by RBI to bring the bank back to health.
A day after replacing the board of Yes Bank promoted by Rana Kapoor and capping withdrawals at 50,000 rupees (5 lakh rupees in exceptional situations), RBI unveiled on Friday the "project of reconstruction program" under which SBI will report 2,500 crore rupees for a 49% stake in private banking in crisis.
Kumar said that SBI will attempt to implement the resolution plan before the RBI deadline. There is no question of the merger of YES Bank with the state-owned bank, he said.
Buying a 49% stake in Yes Bank would imply an investment of Rs 2,400 crore, that is, if he decides to go alone. Kumar also said that many potential investors, 23 in total, approached SBI after seeing the investment plan.
"Whether SBI takes a 49% or 26% stake in Yes Bank will depend on the investment involved. We are also looking at the interest received from certain other investors. The SBI board of directors will make the final decision on this, "said Kumar.
The reconstruction plan plans to increase the authorized capital of the bank manifold to Rs 5,000 crore against Rs 800 crore. Government sources said the RBI had decided not to merge Yes and SBI because it would have put pressure on the public lender's bottom line.
Kumar has told us that this is only an investment from an SBI perspective and that the interests of SBI shareholders will be fully protected.
The program offers full repayment of all deposits, dilution of equity and the delisting of Rs 10,800 crs from additional Level 1 bonds (AT-1). Kumar declined to comment on the 81 obligations struck out in the draft plan.
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