Yes Bank to announce its Q3 FY20 result on March 14

Yes Bank

Yes Bank will announce its Q3 FY20 result on March 14. This was announced by Prashant Kumar, who was recently appointed administrator of the bank after the Reserve Bank of India (RBI) superseded the board and capped withdrawals at Rs 50,000 till April 3.

On February 12, the private lender had informed exchanges that its Q3 earnings will be delayed beyond the regulatory timeframe, citing receipt of “non-binding expressions of interests (EoIs)” and discussions with “several prominent investors” for capital raising.

As per regulatory norms, a company must declare results within 45 days of a quarter end.

Terming the inconvenience faced by depositors owing to the unavailability of certain banking services, as temporary, Kumar said the bank is working closely with the government and RBI to resuming full banking services at the earliest, well before the end of the moratorium period, which ends on April 3.

On March 10, the crisis-ridden bank said its customers could now make payments towards their credit card and loans through other bank accounts.

The announcement comes as panic gripped the bank's customers, who queued before ATMs and bank branches to withdraw money. They were not even able to access Internet banking and other services like digital payments through another party's platform. Forex services and credit card purchases, among others, were also impacted.

On March 7, withdrawals from our branches and ATMs as well as other bank ATMs were enabled for customers

On fund raising, Kumar said the bank along with State Bank of India (SBI) was in talks with a large number of investors and expects clarity with respect to its capital raising plan in the next few days.

He reassured customers that that their deposits are absolutely safe with the bank and that the latter would soon emerge stronger with support from customers, partners and its employees.