INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Private sector lender YES Bank has emerged much stronger with the equity support coming in from the eight large lenders, newly
appointed MD and CEO Prashant Kumar said on Tuesday.
Addressing a press conference, Kumar said the provision coverage ratio of the bank has
been increased to 72.70 per cent from 43.10 per cent.
Kumar added that the entire stress book of the bank has also been taken into
liquidity.
The bank will lift the moratorium by 6 pm from Wednesday
years.
Earlier in the day, shares of YES Bank spiked 58 per cent after Moody's upgraded the company's rating by a notch.
The rating
agency upgraded the company's ratings and also changed its outlook to positive
The scrip on Monday advanced by over 45 per cent after the announcement of a restructuring plan.
In a filing, YES Bank announced that the
board of directors of the company has been approved for reconstitution, with Prashant Kumar, former Chief Financial Officer and Deputy
Managing Director of State Bank of India, as its Chief Executive Officer and Managing Director.
The moratorium imposed by RBI on YES Bank,
placing a withdrawal limit of Rs 50,000 on deposits, is to be lifted by 6 PM on March 18, 2020, which is much before the original date of