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 with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING THE FINEST QUALITY LARGE BANK OF THE WORLD IN INDIA”.
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