MUMBAI: Yes Bank is facing a huge loss due to the crisis. On Saturday, the bank reported a loss of Rs 18,564 crore for the quarter ended in December 2019. The news of such a huge loss can further increase the concern of the bank’s customers and investors.
However, the good news for the customers of the bank is that the Reserve Bank’s ban on it will be lifted from 6 pm on Wednesday, 18 March. After this, customers will be able to withdraw more than 50 thousand money from the bank account.
After implementation of Moratorium, this large private sector bank is currently being operated by Prashant Kumar on the orders of Reserve Bank of India. The bank had reported a profit of Rs 1,000 crore in the same period last year and a loss of Rs 629 crore in the quarter ended in September. The bank’s NPA increased to 18.87% in the December quarter from 7.39% in the previous quarter (September). During this period, the bad loans of the bank increased to Rs 40,709 crore as compared to the same period of the previous year.
At the same time, there has been a decline in the cash essentially kept with the bank. Kumar may be the new Chief Executive (CEO) and Managing Director (MD) of the bank under the scheme approved by the Union Cabinet.
Apart from this, there has been a decrease in bank deposits. In the October-December quarter, bank deposits decreased by Rs. 40 thousand crore, which was reduced to Rs. 1.65 lakh crore. In the January to March period, it is estimated to decrease by another 30 thousand crores.
