Puri Jagannath Temple will get Rs 397 crore from Yes Bank

by Jeremy Spirogis
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new Delhi: The distressed Yes Bank on Thursday withdrew greater than Rs 397 crore within the curiosity of Shri Jagannath Temple Administration, Puri as directed by the temple authorities.

A letter written by Jaidev Das, Senior Vice President of Yes Bank, wrote, "In phrases of your instruction issued to us, we have now acquired Rs 397,23,27,636 / – (Principal Rs. 389 crores and curiosity Rs. 8,23,27,636 ) In the designated SBI account of Jagannath Temple Corpus Fund. <! –

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"Please word that as per the situation of FD positioned with us, YES Bank Ltd has absolutely paid all of the quarterly curiosity until December 31, 2019. The remaining curiosity which is accrued until March 19, 2020. Jagannath 389 crore has been remitted to the SBI account of the temple corpus fund.

The YES Bank official additional mentioned that two extra mounted deposits (FDs) of the temple administration's whole of Rs 156 crore are additionally with the financial institution and will likely be duly eliminated on the date of maturity, which is until March 30, 2020. Same account.

Yes Bank resumed full companies on 18 March after the Reserve Bank of India positioned it below suspension on 5 March.

SBI has introduced an funding of Rs 7,250 crore in Yes Bank by means of the acquisition of 725 crore shares in every financial institution.

After reconstruction, SBI's stake in Yes Bank will likely be throughout the 49 per cent restrict.

On 13 March, the Union Cabinet permitted a reconstruction plan for Yes Bank proposed by RBI.

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