SBI Chairman meets Sitharaman over Yes Bank issue

SBI Chairman Rajnish Kumar on Friday met Finance Minister Nirmala Sitharaman in Parliament to discuss the Yes Bank issue. After the meeting, he assured the depositors that they don't need to panic and he added that the interest of depositors will be protected at all costs.

While speaking to ANI, he said, "We gave the information of in-principle approval of SBI's investment to the stock exchange yesterday."

The capital-starved, Yes Bank was placed under moratorium by Reserve Bank of India (RBI) and the withdrawal limit capped at Rs 50,000 on Thursday. The bank will remain under withdrawal restrictions until April 3, 2020.

The RBI said that the bank's board was superseded "owing to a serious deterioration in the financial position of the Bank". Former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank.

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