February 18, 2019 / 4:25 AM / 5 months ago

BUZZ-India's Yes Bank falls; RBI sends letter for breaching confidentiality

** Shares of private sector lender Yes Bank Ltd fall as much as 8.2 pct to 156.60 rupees

** The lender’s shares surged on Thursday in their sharpest ever intraday jump, after the Indian central bank cleared the bank of any divergences in bad loan reporting practices.

** Lender later pulled up by the central bank for disclosing information as part of the Risk Assessment Report (RAR) for breaching confidentiality and violating regulatory guidelines, Yes said here in a release on Friday

** "The report also identifies several other lapses and regulatory breaches in various areas of the bank's functioning and the disclosure of just one part of the RAR is viewed by RBI as a deliberate attempt to mislead the public," Yes Bank quoted here the letter as stating

** This development adds to the tussle between the central bank and the lender, which reeled under pressure last year to bring in a new chief executive officer amid an increasingly assertive approach by the Reserve Bank of India to tackle domestic banks’ bad debts

** Jefferies analysts “lauded” the bank for making a formal release about RBI’s letter, but the brokerage sees gaps in communication

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