Yes Bank draws down Team India’s power

Troubled Indian lender Yes Bank on March 14 reported a quarterly loss of INR 185.6 billion rupees and that its gross non-performing loans represented 19% of the total at the end of December.

Its common equity Tier 1 capital ratio was 0.6%, but the bank said it would rise to 7.6% after the implementation of a rescue outlined a day earlier. Under the plan, State Bank of India and private financial institutions will subscribe to new Yes Bank shares worth 100 billion rupees , Yes Bank confirmed on March 14.

Housing Development Finance Corporation, ICICI Bank, Axis Bank, Kotak Mahindra Bank, The Federal Bank, Bandhan Bank and IDFC First Bank will contribute about 40% of the funding. They each will be required to hold 75% of their allotted shares for three years. SBI will account for the remainder of the new funds and will be required to keep its stake above 26% for three years.

Reuters ugalani In the midst of Global Meltdown when correction across Market is in the range of 6-12 % YESBank up by 45 % today 🤠 RBI intervention bring in lots of confidence and last three days performance reflects the same 🤖

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