YES Bank will not be allowed to fail: Rajnish Kumar

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Mumbai: YES Bank spurted by 6.63% to Rs 41 per share after State Bank of India (SBI) Chairman Rajnish Kumar told Bloomberg “YES Bank is a significant player in the market with an almost $40 billion balance sheet. I have a feeling that it will not be allowed to fail,” World Economic Forum 2020 in Davos, Switzerland.

Asked about the credit crunch in the Indian economy, Kumar said he believes the credit market will be back to stability and normalcy soon.

“There has been a series of steps… bank recapitalisation has happened, PSU banks, which control about 60 per cent of the assets in the country are returning to profits…”, he said.

He added that the course correction that was required has happened and banks are much more cautious than what we were earlier. He further stressed that “we are ready to lend”.