Yes Bank plans to collect Rs 8,500 Cr from defaulters, will start the process from April 2020

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Published by Ishan Soni on 18 Mar 2020

Yes Bank is bouncing back and now planning to recollect about Rs 8,500 crore from its loan defaulters, the process will be starting from the best financial year i.e from April 2020. The board will be taking this step to bring more stability to the overall bank’s framework in ongoing unstable conditions.

In the December-quarter results, which the bank declared last week, its net non-performing assets (NPAs) increased suddenly from Rs 17,134 crore to Rs 40,709 crore in September.

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In a media interaction, Yes bank top authority Prashant Kumar has said that recently, the bank has made sufficient arrangements for the account holders so the customers can remove cash. He also stated that the board has prepared to provide more liquidity in the upcoming time.

Talking about SBI, the shares will remain the same that is 49% and the condition will also be the same that SBI can’t sell off the shares for the upcoming three years to maintain the stability of the bank and its upcoming plans to recover the loan amount from the defaulters.

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SBI has also suggested the names of Partha Pratim Sengupta and Swaminathan Janakiraman for the board of YES Bank. After holding 49% shares, SBI can suggest two persons to the new board. Yes Bank is also working on the entire outstanding additional tier-1 bonds of Rs 10,800 Cr.

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