YES Bank lacked cost control, aiming for 20% opex cut: CEO Prashant Kumar

YES Bank lacked a culture of cost control, and under the new management, the lender is targeting to reduce operational expenses (opex) by 20 per cent in FY21 by rationalising branches and ATMs, giving up unwanted leased spaces, and renegotiating rents, Chief Executive and Managing Director Prashant Kumar has said. The city-based lender is experiencing delays in loan recovery efforts as big defaulters are approaching courts, Kumar told PTI.  

He was asked to lead YES Bank in March after its rescue by a SBI-led consortium of lenders after alleged governance lapses under co-founder and CEO Rana Kapoor.

The bank reported a 21