YES Bank aims to cut operational expenses by 20% in FY21 : Bulletin: Business Today
Business Today

YES Bank aims to cut operational expenses by 20% in FY21

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Vivek Punj | October 26, 2020

Airlines allowed to fly 12,983 weekly domestic flights in winter schedule

The Directorate General of Civil Aviation has approved 12,983 weekly domestic flights for the winter schedule. This schedule began on Sunday and will end on March 27 next year. In last year's winter schedule, the aviation regulator had approved 23,307 weekly domestic flights. Currently, airlines in India are allowed to operate a maximum 60 per cent of pre-COVID weekly domestic flights.

Coronavirus vaccine: AstraZeneca, Johnson & Johnson resume trials in US

Drugmakers AstraZeneca and Johnson & Johnson have announced the resumption of trials for their COVID-19 vaccine candidates in the US. Testing of AstraZeneca's vaccine candidate had been halted since early September, while Johnson & Johnson's vaccine study was paused at the beginning of last week. Each company had a study volunteer develop a serious health issue, requiring a review of safety data. The two coronavirus vaccines are among several candidates in final-stage testing, the last step before seeking regulatory approval.

YES Bank aims to cut operational expenses by 20% in FY21

YES Bank's new chief executive and managing director Prashant Kumar said that the lender lacked a culture of cost control. He added that under the new management, YES Bank is targeting to reduce operational expenses by 20 per cent in FY21 by rationalising branches and ATMs, giving up unwanted leased spaces and renegotiating rents. Presently, the private sector lender is experiencing delays in loan recovery efforts as big defaulters are approaching courts.

COVID-19 recovery rate in India touches 90%; only 8.5% of total caseload active

With almost 71 lakh people recuperated, India's national recovery rate for coronavirus has touched 90 per cent. This achievement is matched by the downward spiral fall in the number of active COVID-19 cases, which was maintained below the seven-lakh mark for the third successive day on Sunday. Seventy-five per cent of the new recoveries were observed to be concentrated in 10 states and Union territories -- Maharashtra, Karnataka, Kerala, Tamil Nadu, West Bengal, Delhi, Andhra Pradesh, Assam, Uttar Pradesh and Chhattisgarh.

Samsung's Lee Kun-hee leaves behind $21 billion wealth for inheritanceLee

Kun-hee, South Korea's richest person and chairman of Samsung Electronics Co, died on Sunday, leaving behind considerable assets subject to be potentially inherited by his surviving family as well as a hefty inheritance tax. According to Forbes, his net worth amounts to $20.9 billion.

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