Yes Bank Press Conference Updates: Nothing Wrong With Yes Bank’s Books, Says SBI’s Rajnish Kumar
Signage is displayed outside a Yes Bank Ltd. branch in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)  

Yes Bank Press Conference Updates: Nothing Wrong With Yes Bank’s Books, Says SBI’s Rajnish Kumar

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Watch: Yes Bank Press Conference

SBI's Nominees For Yes Bank Board

SBI is recommending Partha Pratim Sengupta and J Swaminathan as board members for Yes Bank, Kumar said.

Nothing Wrong With Yes Bank's Books: Rajnish Kumar

SBI Chairman Rajnish Kumar said that there was a lot of due diligence done on the books of Yes Bank. He said that based on their due diligence, they found nothing wrong in the Mumbai-based lender’s books.

Whatever has been declared by the bank is a true representation of the bank's financial position, Rajnish Kumar said.

There is no need for a forensic audit, Yes Bank administrator Prashant Kumar said.

Yes Bank's Business Strategy Ahead

Yes Bank administrator Prashant Kumar said that the first focus of Yes Bank now would be building a deposit franchise. "I am not saying we'll become a retail bank. But there will be a shift of focus from corporate to retail."

Kumar said that currently, corporate accounts make 60 percent of the bank's book and retail makes 40 percent. Yes Bank would like it to be the other way around, he said.

No Plan To Change The Yes Bank Brand

Yes Bank administrator Prashant Kumar said that there are no talks of changing the brand name of the lender. “The branding is quite strong.”

Sufficient Funding Lines Available

Yes Bank administrator Prashant Kumar said that there are enough funding lines available if the bank needs more capital. SBI Chairman Rajnish Kumar also reiterated the same. “I am present here to give the assurance that this bank will get all the liquidity it needs,” he said.

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