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    HomeBusinessYes Bank set to exit reconstruction scheme

    Yes Bank set to exit reconstruction scheme

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    Money & Banking

    Bank reports turnaround and progress; alternative board under formation

    Mumbai, June 8 Private sector lender YES Bank is set to exit from its reconstruction scheme at the end of over two years. The board appointed under the reconstruction scheme has recommended to shareholders the formation of an alternative board in line with the scheme, according to the bank’s statement on Wednesday. This follows YES Bank’s turnaround and its significant progress after the implementation of the YES Bank Reconstruction Scheme March 2020, it further said. The alternative board is being constituted and will operate under existing laws and regulations, as against the current board functioning under the ambit of the reconstruction scheme. Sunil Mehta, Chairman, YES Bank, said, “YES Bank today accomplishes a significant milestone of coming out of the reconstruction scheme by initiating the formation of the alternate Board.”

    Published on June 08, 2022

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