Yes Bank crisis had a cascading effect on the other private lenders leading to rumors about the stability of these banks and their stocks. Post Yes Bank Crisis, State Government bodies had started withdrawing funds from other private sector banks and parked their funds in public sector banks. IndusInd Bank lost nearly 2% of total deposits as state government withdrew their funds after various state government bodies were unable to access their funds in Yes Bank post moratorium. Later, after IndusInd Bank suspended plans to raise AT-1 instruments, its stock took a big hit.The Bank released a press statement twice to assure the financial stability and good governance of the bank. IndusInd reported gross NPA at 2.18% in December 2019 quarter and claims to be 2nd lowest in the industry amongst biggest private sector banks. It expects the gross NPA to be in line as the last quarter figure. Net NPAs which were at 1.05% in the Q3FY20 are expected to fall below 1% and take provisions cover beyond 60%. The bank claimed they have zero NPA across the real estate & gems & jewellery books. Commercial vehicle and MFI portfolio remains sound and range bound. The bank assured they… Read full this story
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Private sector banks try to win back market confidence post YES Bank debacle have 308 words, post on bfsi.economictimes.indiatimes.com at March 20, 2020. This is cached page on The World Articles. If you want remove this page, please contact us.