Yes Bank remits Srimandir funds of Rs 389cr with interest in 1st phase

Sambad English Bureau Published On : Mar 19, 2020 at 11:42 AM Updated On : Mar 19, 2020 at 11:44 AM

Puri: Of the the total funds amounting to Rs 545 crore of Lord Jagannath parked in the crisis-hit Yes Bank, Rs 389 crore and interest Rs 8,23,27,636 crore was transferred from the bank to SBI Main Branch in Puri in first phase today.

Yes bank remitted Rs 397 crore (Principal amount of Rs 389 crore and interest Rs 8,23,27,636 crore) to the designated SBI account of Jagannath Temple Corpus Fund at Puri Main Branch. It will remit the rest principal amount of Rs 156 crore with interest on the date of maturity on March 30 to the same SBI account.

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“As per the terms and condition of the FD, Yes Bank has fully paid all the quarterly interest on time upto December 31,2019. The remaining interest that is accrued till March 19 ,2020 has been remitted along with the principal amount of Rs 389 crore to SBI account of Jagannath Temple Corpus Fund,” reads a letter issued by Yes Bank.

“Two more FDs of total Rs 156 crore is also under No-Premat option which does not allow the bank to pay prematurely as per the extended guidelines of regulator.The bank will remit it with interest upto date on the date of maturity on March 30 to the designated account of Jagannath Temple Corpus Fund at SBI Main Branch in Puri” it added.

Notably, Yes Bank Ltd was placed under moratorium by Reserve Bank of India (RBI) and certain restrictions imposed by the RBI for withdrawal of funds from the bank. The moratorium imposed on the bank was lifted at 6 pm yesterday.