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Yes Bank Faces INR2.81 Billion Bank Guarantee Invocation by Telecom Department

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Yes Bank (NSE:YESBANK, BOM:532648) said the Department of Telecommunications (DoT) has invoked bank guarantees totaling 2.81 billion Indian rupees issued by the bank in 2018 on behalf of a borrower undergoing insolvency proceedings.

The guarantees secured the borrower's "deferred annual spectrum payment obligations," according to an Indian bourse filing. Yes Bank's claim for the guaranteed amount has already been admitted in the insolvency proceedings and it is evaluating its options with legal advisers.

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