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YES Bank falls 3% after ICRA downgrades bank's long-term bond ratings
The firm has downgraded the lender's tier-I bond from "AA-" to "A" and tier-II bonds from "AA" to "AA-" The outlook is negative on both bonds, the bank said in a press note to the exchanges.
Share price of banking major YES Bank fell over 3 percent intraday on May 6 after research form ICRA downgraded the bank's long-term bond ratings and guided for a negative outlook.
The bank's ability to resolve below rated advances in a timely manner will remain a key driver of its asset quality, profitability and capital position, said rating agency ICRA.
The firm has downgraded the lender's tier-I bond from "AA-" to "A" and tier-II bonds from "AA" to "AA-" The outlook is negative on both bonds, the bank said in a press note to the exchanges.
Also, the Reserve Bank of India has imposed a penalty of Rs 11.25 lakh on it for violating money transfer norms. "(The) Reserve Bank of India (RBI) vide it's speaking order dates April 22, 2019, imposed a penalty of Rs 11,25,000 under the Payment and Settlement Systems Act, 2007," Yes Bank said in a regulatory filing.
The RBI has identified certain violations of its circular of 2011 on Domestic Money Transfer - Relaxations and master directions issued in October 2017 on issuance and operation of prepaid payment instruments in connection with certain product features for an open loop prepaid card (co-branded) previously issued by the bank, Yes Bank said.
At 1142 hours, Yes Bank was quoting at Rs 170.25, down Rs 5.35, or 3.05 percent. It has touched an intraday high of Rs 171.90 and an intraday low of Rs 167.30.
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