Mehra called for a complete waiver of interest on all loans from banks and non-banking finance companies during the lockdown period to help stem industry losses.
A day earlier, Finance Minister Nirmala Sitharaman said the economic package is in works. Sooner or later, the government will announce the package to help the markets and industry, she said.
Prashant Kumar said there is no need to worry about deposits. "Complete normalcy will be restored. All branches and employees are ready.
On Thursday, the SBI said that it would invest Rs 7,250 crore in Yes Bank, which is much higher than Rs 2,450 crore it had planned initially for 49 per cent stake in India's fourth-largest private sector bank.
Kumar said SBI has been approached by many potential co-investors who saw an opportunity in Yes Bank and initial discussion have been held.
Account-holders stand in a queue to withdraw money from Yes Bank. On Thursday, the RBI said a moratorium has been imposed on Yes Bank, stressing that the bank’s financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.
On Thursday, the RBI said a moratorium has been imposed on Yes Bank, stressing that the bank's financial capability has undergone a steady decline largely due to the inability of the bank to raise capital.
Except for Nifty pharma and IT, all sectoral indices at the National Stock Exchange were in the red with Nifty metal losing by 1.73 per cent, realty by 1.5 per cent and private bank by 1.4 per cent.
The RBI has slashed interest rates by a cumulative 135 basis points this fiscal, making it the world's most aggressively easing major central bank.
