Moody's downgrade: Yes Bank refutes promoter mismanagement concern

After Moody's downgraded, Yes Bank has said that the board will meet on December 13 to mull over the appointment of two independent directors. The bank also clarified that it has no external dealing with promoters companies after reports of the bank diverting funds to private companies emerged. The bank also cleared that it has no involvement in fund management of 2 promoter companies.