Yes Bank calls media reports of RBI nod for ARC stake ‘speculative’

Yes Bank on Wednesday issued a clarification to the exchanges denying media reports carrying a reference to the Reserve Bank of India (RBI) giving in-principle approval to the bank to hold 20% stake in an asset reconstruction company (ARC).

The private lender has called the reports speculative. It said that the reports published earlier by news agencies have no bonafide reference.

The bank said that as informed earlier, it had initiated a process for partner selection for an ARC vide calling a public expression of interest. “Currently, the process is underway and at this point of time, there is no binding/effective decision in this regard. We shall keep the Exchange(s) informed of all the material development as required,” stated the release.

A BQPrime news report on Tuesday had claimed that the RBI had given the bank an in-principle nod to pick up 20% stake in JC Flowers & Co’s ARC.

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