NEW DELHI: A central bank-backed proposal to rescue embattled Yes Bank has been approved and withdrawal limits will be lifted, officials said, as India's fourth-largest private lender posted a big quarterly loss.
Yes Bank was struggling with bad loans and on the brink of collapse when the Reserve Bank of India seized control of the lender on March 5 and imposed withdrawal limits for customers.
"The difficulty may be due to any reason but there are a large number of depositors, borrowers, and employees. We are reasonably confident that the bank will be revived." The announcement came as Yes Bank late Saturday reported a net loss of 185.6 billion rupees in the three months to December 31, compared to a profit of 10.2 billion rupees in the previous corresponding period.
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