Have zero exposure to gems and jewellery sector, says Yes Bank

Private sector Yes Bank today clarified that it has no exposure to gems and jewellery sector and it is de-risking its portfolio of big borrowers.

This follows media reports of high profile exits at a private sector lender on alleged misconduct in furnishing loans to Mehul Choksi of Gitanjali Gems.

Reiterating its earlier media statement released in mid-February, the bank said: "Yes Bank would like to confirm that it has nil exposure to the entities or affiliates mentioned in the media reports on the subject specific fraud in the gems and jewellery sector."