Cash-starved private lender Yes Bank may be rescued by a consortium led by country’s largest lender State Bank of India as reports suggest that government has approved a plan in this regard to save the bank from sinking.
As per reports, SBI would soon start the process to identify other members of the consortium before a bid is made to takeover the ailing bank. Despite attempts, SBI chairman Rajnish Kumar was unavailable for comments.
Following the development, YES Bank scrips jumped 25.77 per cent (at 11.52 a.m.) to hit a high of Rs 36.85 a share. Shares of state-run SBI fell 0.09 per cent to Rs 285.05 per share.
Earlier, in January, SBI chairman had suggested that some solution would be found to bail out the private lender.
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