YES BANK repays Rs. 50,000 crore to RBI, well before the due date:
Chairman Sunil Mehta
The revival of Yes Bank marks the first successful
reconstruction scheme led by banks in India’s banking history.
Following the backing of some of India’s largest
financial institutions, Yes Bank has made considerable progress towards
achieving the targets set by its new Board. The Bank is addressing all key
issues and focusing on enhancing support for both its customers and stakeholders.
Addressing the Annual General Meeting, Yes Bank
Chairman Sunil Mehta said: “Yes Bank’s successful completion of the Rs
15,000-crore follow-on public offering (FPO) truly demonstrates the strong
confidence of institutional and retail investors in the Bank’s restructuring
plan, action taken, future roadmap, and its professional management under the
new leadership.”
Mehta believes that the upgrade of Yes Bank’s
financial instruments by leading rating agencies is a testimony of the positive
changes implemented in the Bank within a short timeframe.
Moody’s Investors Service (Moody’s) recently upgraded
the Bank’s ratings to “stable outlook”. CRISIL revised its rating from A2 to
A2+ for Certificate of Deposits and India Ratings revised its outlook from BB
to BBB (stable for infrastructure bonds) and B+ BBB- (stable for Basel III Tier
2 Bonds issued by the Bank).
“We, at Yes Bank, are working on three pillars of
sustainable growth – digitalisation, strong governance and risk framework, and
sharing success with our stakeholders. These will lay the foundation of our
transformation journey,” Mehta said.
As part of its plan to increase focus on
Environmental, Social and Corporate Governance (ESG), Yes Bank is in the
process of creating an institution that is trusted for its integrity and
highest standards of governance and risk management.
“Looking ahead, FY 2020-21 will be a year of
transition, as we battle the health and economic impact of COVID-19. I have
immense faith in the team to restore our Bank to its rightful position among
its leading domestic and global banking peers. Yes Bank is technologically
contemporary and is constantly motivated to deliver value to all its
stakeholders,” Mehta said.
The Yes Bank chairman expressed his gratitude to
all the stakeholders for reposing trust in the Bank and said he felt a deep
sense of pride to be a part of an institution that continued to show remarkable
confidence towards delivering these positive outcomes. The achievements and the
changes would not have been possible without the support of the Government of
India, RBI, other regulators, investors, valued customers, members of the Board,
and the over 21,000 highly enthusiastic and committed Yes Bank employees.
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