Mumbai, March 11 (SocialNews.XYZ) Reliance Group on Wednesday said that it has nil "direct or indirect" exposure to any entities controlled by Rana Kapoor or his family.
Reliance Group has "NIL direct or indirect exposure to Rana Kapoor, Former CEO of Yes Bank, or his wife or daughters, or any entities controlled by Rana Kapoor or his family".
Furthermore, it said that its entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business.
"Reliance Group is committed to honour repayments of all its borrowings from YBL through its various asset monetisation programmes which are all at advanced stages," the Group said in a statement.
Last week, the Reserve Bank had placed Yes Bank under moratorium and capped the withdrawal limit at Rs 50,000 till April 3.
The RBI also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as administrator.
The new board of directors will stand constituted from the appointed date. It will comprise a CEO and MD, non-executive chairman and non-executive directors. The SBI will have nominee directors appointed on the board of the reconstructed bank.
The RBI may appoint additional directors to the board, who shall continue in office for one year, or until an alternate board is constituted by Yes Bank.
Source: IANS
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