State Bank of India (SBI) is likely to submit a rescue plan for YES Bank within a week's time to the Reserve Bank of India (RBI) entailing a maximum ivestment of Rs 6,000 crore with a 26% stake. Sources close to the matter said that global investors are also likely to invest a similar amount.
In addition to this, RBI is also mulling to provide liquidity support of Rs 8,000-10,000 crore after it lifts the moratorium imposed on the private lender.
Sources said that RBI governor Shaktikanta Das and SBI Chairman Rajnish Kumar met on Monday and discussed the plans to rescue YES Bank.
Also, RBI-appointed Prashant Kumar has also said that RBI and SBI are in full support of YES Bank.
Earlier, it was reported that SBI has been in talks with investors like Blackstone, Brookfiel, Goldman Sachs and other for investing in the bank. The rescue plan would be to infuse more quity and have a couple investors to bring back YES Bank on track and raise Rs 15,500 crore for the same. However, the time period of one week has deterred investors.
Rajnish Kumar on Saturday had said that several investors have shown interest in the private bank at a base price of Rs 2,450 crore.
The private bank will need at least Rs 22,000 crore, out of which half will have to come from the non-SBI investors.
On Thursday, the Reserve Bank of India (RBI) had said a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.
During the period of moratorium, the Yes Bank Ltd will not, without the permission in writing of the RBI, make in the aggregate, payment to a depositor of a sum exceeding Rs 50,000 lying to his credit in any savings, current or any other deposit account.