YES Bank clients' Rs 1,500-crore SBI Cards IPO applications hang in balance

Regulators, bankers in a huddle to resolve issue

The fate of applications worth nearly Rs 1,500 crore in the SBI Cards and Payment Services’ initial public offering (IPO) hangs in the balance as many corporate and individual investors have bid in the share sale through YES Bank, which is placed under moratorium by the Reserve Bank (RBI). 

While investors have adequate funds in their YES Bank accounts, the moratorium would mean their funds will not be able to move from their account to that of the issuer company. The country’s second-largest credit card company’s Rs 10,300-crore IPO closed on Thursday, hours before the RBI imposed the curbs.

Sources say investment