Reliance Group has said it has no direct or indirect exposure to Rana Kapoor, former CEO of YES Bank, his family or any entities controlled by them and that that its entire exposure to YES Bank is fully secured and transacted in ordinary course of business, the Anil Ambani-led group said on Wednesday.
The company also said it will honour the repayments to Yes Bank. “Reliance Group is committed to honor repayments of all its borrowings from Yes Bank through its various asset monetization programmes which are all at advanced stages,” the statement said.
Last week, Finance Minister Nirmala Sitharaman had said that the Reliance Group was among the stressed corporates to whom the troubled-Yes Bank has been exposed.
According to reports, at least 44 companies that belong to 10 large business groups in the country account for bad loans worth Rs 34,000 crore for Yes Bank.
Anil Ambani’s Reliance Group and Subhash Chandra’s Easel Group have the biggest share of these bad loans.
Yes Bank was placed under a moratorium by the Reserve Bank of India on the evening of March 5.
Subsequently, the central bank proposed a rescue of the private-sector lender that will be led by the state-run State Bank of India.
Original Source: economictimes.indiatimes.com
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