Yes Bank, which is struggling under a massive pile of bad loans, plunged 56% on Friday after the Reserve Bank of India late Thursday seized control of the lender and imposed withdrawal limits.
The Reserve Bank of India tweeted on Sunday that depositors should not worry about their savings in any bank after customers rushed to Yes Bank ATMs and branches on Friday and Saturday in a desperate bid to retrieve their funds."Interest from SBI, which will likely get another investor on board, has addressed a major problem of survival for Yes Bank and buoyed its shares for the time being," Anand Rathi securities economist Sujan Hajra told AFP.
A resulting reluctance of banks to lend money has exacerbated the woes of Asia's third-biggest economy, with growth slowing for seven consecutive quarters before picking up in late 2019. SBI shares fell 5.38% on Monday alongside other financial stocks. The Sensex stock market was down 5.5 percent at 33,510 points in the afternoon.
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