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Yes Bank's board will meet to discuss future course of action

Devdiscourse News Desk
Updated: 25-09-2018 01:49 IST
Yes Bank's board will meet to discuss future course of action

Private lender Yes Bank's board will meet on September 25 to discuss the future course of action after its MD and CEO Rana Kapoor demits office on January 31, under the direction of the Reserve Bank of India (RBI).

The board meeting comes days after the RBI decided against extending the tenure of Kapoor beyond January 31, 2019.

Earlier in June, the bank's shareholders had approved an extension of Kapoor's tenure for three years starting September 2018, subject to final approval from the RBI.

"The Bank would like to inform its stakeholders that the Bank and its MD and CEO will be fully guided by its Board of Directors (meeting scheduled on September 25, 2018), the Reserve Bank of India and other relevant stakeholders," Yes Bank said in a regulatory filing.

It further said: "The Bank's management remains committed to protecting the interests of all of its stakeholders."

Additionally, the Bank tried to assuage investors' fears over its credit exposure.

As per the statement, the Bank's credit cost guidance for FY19 is expected to be at 50-70 bps (basis points).

"Credit costs of the bank were contained at 5O bps, 53 bps and 76 bps for FY16, FY17, and FY18, respectively," it said, adding that the Bank's gross NPA and Net NPA ratio at 1.31 percent and 0.59 percent, respectively, as on June 30, 2018, remain one of the lowest across banks in the country," the filing said.