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Yes Bank remits Jagannath Temple's funds over Rs 397 crore

Yes Bank also remitted two more fixed deposits (FDs) of the total value of Rs 156 crore of the temple administration on the date of maturity, which is March 30, 2020

twitter-logoBusinessToday.In | March 19, 2020 | Updated 17:05 IST
Yes Bank remits Jagannath Temple's funds over Rs 397 crore
Yes Bank resumed full operations from 6 pm on Wednesday, after being under RBI-led moratorium for 13 days

A day after resuming full banking services, Yes Bank on Thursday reportedly remitted more than Rs 397 crore of the Shree Jagannath Temple Administration, Puri as instructed by the temple authorities. This includes principal amount of Rs 389 crore and interest Rs 8.23 crore.

"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," news agency ANI quoted a letter written by Senior Vice President, Yes Bank, Jaydev Das.

Besides, the private lender has also remitted two more fixed deposits (FDs) of the total value of Rs 156 crore of the temple administration on the date of maturity, which is March 30, 2020, the bank official said.

Crisis-hit Yes Bank resumed full operations from 6 pm on Wednesday, after being under RBI-led moratorium for 13 days. The bank also extended banking hours for three days starting Thursday.

The RBI had imposed restriction on Yes Bank on March 5, 2020, under which customers of the bank were allowed to withdraw up to Rs 50,000. On March 13, the central government approved a reconstruction scheme for Yes Bank as proposed by the central bank.

Under the Yes Bank reconstruction scheme, SBI along with seven financial institutions infused Rs 10,000 crore in the private lender. SBI alone invested Rs 6,050 crore into the bank. Among others, ICICI Bank and HDFC have invested Rs 1,000 crore each, followed by Axis Bank (Rs 600 crore), Kotak Mahindra Bank (Rs 500 crore), Bandhan Bank, Federal Bank (Rs 300 crore each) and IDFC First (Rs 250 crore).

By Chitranjan Kumar with agencies inputs

Also Read: Yes Bank news: Branches look deserted after RBI lifts moratorium

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Also Read: India Ratings revises rating watch on Yes Bank; withdraws AT1 bonds' rating

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