Money & Banking

YES Bank administrator reassures depositors about the safety of funds

Our Bureau Mumbai | Updated on March 19, 2020 Published on March 19, 2020

With the resumption of full operations by private sector lender YES Bank, its administrator and Managing Director and CEO-designate Prashant Kumar has once again assured depositors about the safety of their money with the bank.

“We acknowledge that as our customers, you may have experienced an increased level of anxiety and apprehension owing to a temporary pause in our services.

“As a bank, we are sensitive to your concerns and financial needs, and look forward to servicing you with renewed vigour,” he said in a statement on the bank’s website. With the support from the government, the Reserve Bank of India and State Bank of India, he also stressed that the bank stands “recapitalised with reinforced liquidity and highest standards of ethics and governance”.

The bank has lost nearly ₹72,000 crore in deposits in just five months till March 5 this year and rating agencies are keeping a close watch on its liquidity position.

No liquidity problems

Both Kumar and SBI Chairman Rajnish Kumar have said that the bank will not face any liquidity problems.

Published on March 19, 2020

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