Yes Bank faces RBI action for breach of confidentiality

Yes Bank faces RBI action for breach of confidentiality

Should Yes Bank have been allowed to be declared insolvent?
Yes Bank depositors’ money is absolutely safe: RBI governor Shaktikanta Das
YES Bank tumbles 14% despite RBI nod to raise capital

MUMBAI: Two days after Yes Bank said that it had been given a clean chit by the RBI, the central bank hauled up the lender for disclosing an information that was confidential in nature. Yes Bank had twice suppressed the extent of bad loans in its books in previous years.

The RBI has now warned Yes Bank of regulatory action for disclosing the ‘nil (NPA) divergence report’, which was a violation of the confidentiality clause, the private bank told the bourses on Friday night. In banking parlance, divergence refers to the difference between what the bank quotes in its annual report and what RBI’s inspection report of the same bank’s books shows.

Source- Times of India.

COMMENTS

WORDPRESS: 0
DISQUS: 1