Of the total funds of Rs 545 crore of the Jagannath Temple here parked in the Yes Bank, an amount of Rs 389 crore along with interest of Rs 8,23,27,636 crore was transferred from the crisis-hit bank to the SBI Main Branch in Puri in a first phase on Thursday.
The Yes Bank remitted a total of Rs 397 crore (principal amount Rs 389 crore and interest Rs 8,23,27,636 crore) to the designated SBI account of the Jagannath Temple Corpus Fund. It would remit the remaining principal amount of Rs 156 crore along with interest on the date of maturity on March 30 to the same SBI account.
“As per the terms and conditions of the FD (fixed deposit), Yes Bank has fully paid all the quarterly interest on time up to December 31, 2019. The remaining interest that is accrued till March 19, 2020 has been remitted along with the principal amount of Rs 389 crore to SBI account of Jagannath Temple Corpus Fund,” a letter issued by the Yes Bank stated.
“Two more FDs of total Rs 156 crore are also under No-Premat option which does not allow the bank to pay prematurely as per the extended guidelines of regulator. The bank will remit it with interest up to date on the date of maturity on March 30 to the designated account of Jagannath Temple Corpus Fund at SBI Main Branch in Puri” the letter added.
Notably, the Yes Bank had been placed under moratorium by the Reserve Bank of India (RBI) and certain restrictions imposed by the RBI for withdrawal of funds from the bank. The moratorium was lifted at 6 pm on Wednesday.