In a recent turn of events, Yes Bank has announced that the Reserve Bank of India has asserted that the press release by Yes Bank, which was made public yesterday, breaches confidentiality and violates regulatory guidelines.
Yes Bank yesterday announced that the that the Reserve Bank of India had not found any divergence in its non-performing asset recognition for 2017-18. RBI in a letter to Yes Bank said, “The RAR report was marked confidential, it was expected that no part of the report and information contained therein be divulged.”
Yes Bank in the press release on RBI communication also stated, “The RAR (risk assessment report) also identifies several other lapses and regulatory breaches in various areas of the Bank’s functioning and the disclosure of just one part of the RAR is viewed by RBI as a deliberate attempt to mislead.”
As per the RBI statement, the issuance of the press release has been viewed seriously by the RBI and could entail further regulatory actions.
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