Prashant Kumar India city Mumbai covid-19 pandemic Government Prashant Kumar India city Mumbai

Yes Bank rescue happened in the nick of time before pandemic struck: CEO Kumar

Mumbai: Yes Bank’s rescue act in early March 2020 happened in the nick of time ahead of the COVID-19 pandemic, and even a 15-day delay in it would have meant great difficulty for a lender about to close down, its new managing director and chief executive Prashant Kumar said.

Speaking for the first time about the journey since the RBI and the government moved in to bailout the lender seeing an exodus of deposits with a ₹10,000-crore rescue act led by SBI, Kumar acknowledged that the thread was very slender and the timing was very apt.

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