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Catering to the bottom of the pyramid with ‘cheap’ services has forced many businesses in India’s infrastructure sector to go belly up.
SBI Cards’ shares opened at Rs 675, against Rs 755 apiece offer price as coronavirus pandemic cast a shadow over India’s first pure-play credit card issuer's listing.
In a viral audio clip shared over the weekend, FM Sitharaman is purportedly heard rebuking SBI chairman and calling the bank ‘heartless’ and ‘inefficient’.
Sitharaman is heard slamming SBI chief Rajnish Kumar for SBI’s failure to operationalise bank accounts of Assam’s tea garden workers, in purported audio clip.
RBI move is aimed at countering flight of deposits from private lenders to public sector lenders amid developments at troubled Yes Bank.
SBI will pick up 49 per cent stake in Yes Bank and cannot reduce its holding to below 26 per cent before three years from the date of capital infusion.
Today’s political, economic & strategic punditry from Yashwant Sinha, Pratap Bhanu Mehta, Mahesh Vyas and others. Plus the day’s top editorials.
The biggest error in the plan executed to rescue Yes Bank was to trap depositors through Rs 50,000 withdrawal cap. It was both unnecessary and dangerous.
SBI chairman says if it picks up 49% stake in Yes Bank under RBI’s draft reconstruction scheme, the immediate investment requirement will be Rs 2,450 crore.
SBI has already obtained an 'in-principle' approval to explore investment opportunities in Yes Bank and a former SBI CFO has been appointed as an administrator.