Yes Bank loses more money in 3 months than PNB did in Nirav Modi's scam
Perpetrated by Nirav Modi, who's now lodged in a UK jail, the PNB scam was one of the biggest banking fraud in India's history
- Mar 15, 2020,
- Updated Mar 15, 2020 6:06 PM IST
Crisis-hit YES Bank, which declared its third-quarter results on Saturday, made way more losses in just three months than Nirav Modi's Rs 13,700 crore PNB fraud that shook the entire banking industry in early 2018.
In its delayed financial results for the December quarter, announced on Saturday, YES Bank reported net loss worth Rs 18,564 crore, an exponential fall from its year-ago (Q3 of FY19) profit of Rs 1,001 crore.
Crisis-hit YES Bank, which declared its third-quarter results on Saturday, made way more losses in just three months than Nirav Modi's Rs 13,700 crore PNB fraud that shook the entire banking industry in early 2018.
In its delayed financial results for the December quarter, announced on Saturday, YES Bank reported net loss worth Rs 18,564 crore, an exponential fall from its year-ago (Q3 of FY19) profit of Rs 1,001 crore.