YES Bank remits over Rs 397 crore to Jagannath Temple Administartion

The crisis-hit Yes Bank on Thursday remitted more than Rs 397 crore, including the interest, of the Shree Jagannath Temple Administration, Puri as instructed by the temple authorities.

A letter written by Senior Vice President, Yes Bank, Jaydev Das read, "With reference to your instruction issued to us, we have remitted Rs 397, 23,27,636/-(Principal Rs 389 crore and Interest Rs 8,23,27,636) to the designated SBI Account of Jagannath Temple Corpus Fund."

"Please note that as per the term of condition of FD placed with us, YES Bank Ltd has fully paid all the quarterly interest on time up to 31 December 31, 2019. The remaining interest that is accrued till March 19, 2020, has been remitted along with the principal amount of INE 389 crore to the SBI account of Jagannath Temple Corpus Fund," it adds.

The Yes Bank official further said that two more fixed deposits (FDs) of the total value of Rs 156 crore of the temple administration are also with the bank and will be duly remitted on the date of maturity, which is March 30, 2020, to the same account.

Yes Bank had resumed complete services on March 18 after the Reserve Bank of India placed it under moratorium on March 5.

The SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.

SBI's shareholding in Yes Bank after reconstruction will be within the 49 per cent limit.

On March 13, the Union Cabinet approved a reconstruction scheme for Yes Bank as proposed by the RBI.