FE has learned Reliance Centre may soon be the new address of Yes Bank as the lender is likely to convert the building as its corporate headquarters. The bank currently operates from Indiabulls Finance Centre in Lower Parel,
The Budget announcement had come after Punjab and Maharashtra Co-operative Bank faced a grave fraud, with customers demanding their entire money back. Subsequently, Yes Bank, too, faced a crisis and restrictions were imposed
Despite interest rates being the lowest in over a decade, the pandemic and the resultant economic impact has ensured that loan demand is very low and the system's credit growth is stuttering at about 6 per cent.