Yes Bank remitted more than Rs 397 crore, including the interest, of the Shree Jagannath Temple Administration, Puri as instructed by the temple authorities. A letter written by Senior Vice President, Yes Bank, Jaydev Das read, ‘With reference to your instruction issued to us, we have remitted Rs 397, 23,27,636/-(Principal Rs 389 crore and Interest Rs 8,23,27,636) to the designated SBI Account of Jagannath Temple Corpus Fund.’
The Yes Bank official further said that two more fixed deposits (FDs) of the total value of Rs 156 crore of the temple administration are also with the bank and will be duly remitted on the date of maturity, which is March 30, 2020, to the same account. Yes Bank had resumed complete services on March 18 after the Reserve Bank of India placed it under a moratorium on March 5.
The State Bank of India (SBI) has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each. SBI’s shareholding in Yes Bank after reconstruction will be within the 49 per cent limit. On March 13, the Union Cabinet approved a reconstruction scheme for Yes Bank as proposed by the RBI.
Read EquityPandit’s Nifty Bank Outlook for the Week