- In an official notification that was issued by the Department of Financial Services and the RBI on 6th March (Friday) Mr. Prashant Kumar has been appointed as the new Yes Bank Administrator.
- Prior to this, he was serving as the Deputy Managing Director and CFO of State Bank of India (SBI).
- About Yes Bank Limited,
Yes Bank is an Indian private bank, which was founded in 2004 by Rana Kapoor and Ashok Kapur. It provides its services in Retail Banking and Asset Management Businesses.
- Why Yes Bank placed under 2020 moratorium,
- The RBI said that Yes Bank's failures to raise new funding to cover its non-performing assets.
- Inaccurate statements of confidence in its ability to receive new funding,
- And, It's underreporting of its non-performing assets, among other factors, as the impetus for this moratorium.
Published On : 07 Mar 2020
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