MEDIA STATEMENT – March 23, 2018
Mumbai, March 23, 2018: YES BANK had released the below reproduced Media Statement dated February 16, 2018 and intimated the Stock Exchanges & the media to place on record the Bank’s position on the recent developments pertaining to (i) Gems & Jewellery Sector and (ii) the RBI Notification on “Resolution of Stressed Assets – Revised Framework” dated February 12, 2018.
YES BANK’s management has been made aware of certain unfounded rumours in connection with the foregoing. YES BANK management therefore would like to re-iterate the media statement dated February 16, 2018 and reiterate the contents thereof.
Media Statement – February 16, 2018
Mumbai, February 16, 2018: Further to two recent developments this week in the Indian Banking Sector, YES BANK would like to clarify its position as under:
Reported specific fraud in the Gems & Jewellery Sector:
YES BANK would like to confirm that it has NIL exposure to the entities or affiliates mentioned in the media reports on the subject specific fraud in the Gems & Jewellery Sector.
RBI Notification on “Resolution of Stressed Assets – Revised Framework” dtd. February 12, 2018
Pursuant to the implementation of NCLT Framework and IBC – List 1 in June 2017, and subsequently IBC -List 2, YES BANK has been proactively de-risking its portfolio for borrowers with their aggregate exposures in the INR 100-1,000 Cr, and INR 1,000 Cr to INR 5,000 Cr bands. As a consequence of these proactive actions and effective monitoring, the Bank is of the view that the subject regulation may have only a minimal impact on its portfolio.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/