Yes Bank Lays Off 500 Workers; More Job Cuts Likely: Report

The laid off employees will be given three months salary as severance package.

New Delhi: In its restructuring bid, private sector lender Yes Bank has laid off 500 workers across various verticals viz wholesale to retail while the branch banking segment was most impacted, as per media reports. 

A report in the Economic Times, quoting sources said that Yes Bank is likely to further cut jobs in the coming days. The ousted employees will be given three months severance package, ET reported.

The bank had meanwhile informed regulators yesterday about the upcoming Annual General Meeting to be held on August 23, 2024, inter alia, including borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN) etc. in terms of Section 42, 71 and other applicable provisions of the Companies Act, 2013 read with Rules thereunder, SEBI (Issue and Listing of Debt Securities) Regulations, 2008, the SEBI Listing Regulations and other applicable laws, if any, subject to necessary approvals from shareholders/ regulators, as applicable.

Yes Bank on reported over two-fold jump in standalone net profit at Rs 452 crore for March quarter 2023-24, primarily due to benefits on the provision front.In the year-ago quarter, the bank logged a profit of Rs 202.43 crore.

The private sector lender benefitted from write-back on income tax and interest on income tax returns, but the profits were limited by its inability to comply with the mandatory priority sector lending (PSL) requirements, its management said.

With PTI Inputs