India’s Yes Bank shares surge on rescue hopes – News of Bahrain- DT News

India’s Yes Bank shares surge on rescue hopes – News of Bahrain- DT News

India's Yes Bank shares surge on rescue hopes. Shares in India's embattled Yes Bank soared by almost a third yesterday on hopes of a central bank-backed rescue plan for the country's fourth-largest private lender, which tanked last week on fears it was about to collapse.. Yes Bank, which is struggling under a massive pile of bad loans, plunged 56 per cent on Friday after the Reserve Bank of India late Thursday seized control of the lender and imposed withdrawal limits.. "In absolute terms, this is one of the big banking sector failures in recent corporate history for India," Bank of Baroda economist Sameer Narang said.. "So, we will have to give SBI the benefit of doubt in reviving Yes Bank.". The Reserve Bank of India tweeted Sunday depositors should not worry about their savings in any bank after customers rushed to Yes Bank ATMs and branches on Friday and Saturday in a desperate bid to retrieve their funds.. "Interest from SBI, which will likely get another investor on board, has addressed a major problem of survival for Yes Bank and buoyed its shares for the time being," Anand Rathi securities economist Sujan Hajra said.. Yes Bank's administrator Prashant Kumar, appointed