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It all started about a decade back when the Bank, in pursuit of abnormal growth, had recklessly lent money to big corporates flouting all risk management norms.
financial technology firms ✌️【Flexible Hours】✌️Start with ₹500 and enjoy up to 100% monthly returns. Invest smart, earn big!The other liabilities for FY 2019 included a provision for standard assets to the tune of Rs.3,000 crore (which was only Rs.950 crore in the previous financial year).
financial technology firms ✌️【Flexible Hours】✌️Secure high monthly returns with a ₹500 investment. Start your wealth journey today!So, an additional provision of Rs.2000 crore for standard assets in FY 2019 implies that even the quality of standard assets was doubtful.Performance of the bank during 2018-19 was significantly inferior compared to the immediate previous year (Table 2) and yet no one raised any alarm.
Even the rating agency did not notice the deterioration till mid-2019.
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It is worth noting that the economy was growing at more than 8% in 2005 and similarly the financial stimuli post global financial crisis was at all-time high in 2010. Therefore, a surge in loan book during these periods was more a procyclical phenomenon.
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For example, we all know about big defaults by NBFCs in India in recent times and yet the Bank had provided a fresh loan of Rs.
6994 crore to NBFCs during FY2019.
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In fact, there was hardly any material difference in the observations of the auditors with the report of the previous year.
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Rather the auditors mentioned that the Bank had adequate internal financial controls and it had made provisions as per extant laws.
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Responding to allegations on the quality of financial statements of the Bank, the institute of Chartered Accountants of India (ICAI) has decided to review the financial statements of the Bank for FY2018 and FY 2019[4].
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It is another example of clear disregard to the most dangerous risk that every bank faces-the threat of operational risk.
Mishandling of credit and market risks may result on loss of revenue or profit.
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financial technology firms ✌️【Flexible Hours】✌️₹500 is all you need to start your profitable journey. Invest today for high monthly returns!The bailout package hurriedly put together under the Yes Bank Reconstruction Scheme 2020 may provide some temporary relief to the deposit holders of the Bank and much needed capital to the Bank, but it is surely not going to solve the main ailment of the bank- poor governance.
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18,000 crore in the first six months of FY2020.
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