ICAI To Review Yes Bank’s Financial Statements For  FY18 And FY19
An information notice indicates that a Yes Bank ATM is out of cash, in Mumbai, India, on Friday, March 6, 2020. (Photographer: Dhiraj Singh/Bloomberg)

ICAI To Review Yes Bank’s Financial Statements For FY18 And FY19

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Institute of Chartered Accountants of India on Wednesday said it will review financial statements of crisis-hit Yes Bank Ltd.

ICAI’s Financial Reporting Review Board would take up the review of general purpose financial statements of Yes Bank for 2017-18 and 2018-19.

"In case the FRRB finds any material/serious non-compliance, it would refer the case to the Director (Discipline) of ICAI for initiating action against the Auditor...," the institute said in a statement.

The Reserve Bank of India had last week put Yes Bank under a moratorium for one month and capped withdrawals for customers at Rs 50,000 during this period.

India’s largest lender State Bank of India has stepped in with a Rs 2,450-crore rescue plan for the private lender, and an RBI-appointed administrator believes the curbs will be lifted as early as Saturday.

Also Read: Investors Brace for Crucial Week With Yes Earnings, Lodha Bonds

The private bank is expected to release its December quarter results on March 14.

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