Yes Bank also said that its board of directors will meet by end of November to finalize capital raising plans.
Yes Bank disclosed divergence in reporting of non-performing assets (NPAs) at Rs 3,277 crore for the financial year 2018-19, in a notification to exchanges on November 19.
The Reserve Bank of India (RBI) had assessed gross NPAs of Rs 11,159 crore, of which the bank disclosed NPAs of Rs 7,882 crore, resulting in a divergence of 41 percent. The divergence in net NPAs stood at Rs 2,299 crore, which was 51 percent of the net NPAs reported by the bank.
The bank also reported divergence in provisioning at Rs 978 crore as on March 2019. Of this, provisions worth Rs 346 crore were made up to September 30, while additional provisioning requirement stands at Rs 632 crore.
RBI norms stipulate that banks are required to disclose any divergence of more than 15 percent to investors within a day of receipt of RBI’s report.
“In the current financial year, the bank has made material policy and personnel changes to ensure fullest regulatory compliance,” Yes Bank said in the notification.
Yes Bank also said its board of directors will meet by end of November to finalize capital raising plans.
Last month, the bank said it had received a binding investment offer worth $1.2 billion from a North American investor. The bank’s CEO Ravneet Gill had said that the bank had offers of more than $3 billion on the table. However, the lender is yet to take a call on fundraising.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.