News on RBI nod for ARC stake speculative, lacks bonafide sources: YES Bank

YES Bank clarified that it had indeed started the process of seeking a partner for an asset reconstruction company through a public expression of interest, but added that the process is still underway

Private sector lender YES Bank said on Wednesday that media reports saying that the bank had received in-principle approval from the Reserve Bank of India to hold 20 per cent stake in an asset reconstruction company are speculative.

In a release to exchanges YES Bank said that the media reports have no bonafide reference.

“The Bank is not aware of the source, which resulted in the abovementioned news item and as a matter of policy, the Bank would not like to comment on such speculation,” the lender said.

YES Bank clarified that it had indeed started the process of