YES bank incurred huge losses in quarter ending December, NPA also increased

Yes Bank has released the figures for the quarter ending December 2019. Yes Bank has incurred a loss of Rs 18,564 crore during this quarter. This is the worst quarterly result of Yes Bank.

The data released on Saturday revealed that Yes Bank’s non-performing assets (NPAs) increased to 18.87 per cent in the December quarter. In the previous September quarter, Yes Bank’s NPA was 7.39 per cent.

However, the bank had made a profit of Rs 1000 crore during December 2018. At the same time, the bank had a loss of Rs 629 crore in the September quarter of last year. Apart from NPAs, there has also been a drop in the cash essentially kept with the bank.

However, now the operations of Yes Bank, the troubled private sector, are currently in the hands of Prashant Kumar on the orders of the Reserve Bank of India. The restructuring plan of Yes Bank has also been approved by the Union Cabinet.

At the same time, former SBI CFO Prashant Kumar has been appointed as the administrator of Yes Bank.

The government has notified Yes Bank Reorganization Scheme. According to this, the ban on the bank stuck in Yes Bank will be lifted on March 18. The Gazette notification stated that the Yes Bank Reorganization Scheme became effective from March 13, 2020.

According to the notification, the restriction order issued by the government on the reconstituted bank will be lifted from March 13 on the third working day i.e. March 18.

After the withdrawal of this ban, the customers of Yes Bank will be able to withdraw money as before. In fact, the Reserve Bank of India (RBI) imposed various restrictions on Yes Bank on March 5. Under this, the account holders could withdraw a maximum of Rs 50,000 from the bank till 3 April.

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