Tag: Yes Bank

March 26, 2020

Yes Bank board approves fund raising of Rs 5,000 crore

Cash-starved private sector lender Yes Bank on Thursday approved a proposal to raise Rs 5,000 crore by way of share sale, including qualified institutions and rights issue. The board at its meeting has approved subject to receipt of requisite approvals, raising of funds for an additional amount aggregating up to Rs 5,000 crores Yes Bank said in a regulatory filing.

March 18, 2020

Yes Bank moratorium lifted, banking ops resume

Yes Bank on Wednesday announced that it has resumed complete banking services, which was stopped after the RBI placed it under moratorium earlier this month. Taking to Twitter, the crisis-hit bank stated: “Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation.”

March 17, 2020

Yes Bank stock continues to rally for third day

Shares of Yes Bank on Tuesday further jumped nearly 35 per cent after Moody’s upgraded the company’s ratings. Rallying for the third consecutive day, the company’s scrip zoomed 34 per cent to Rs 49.75 on the BSE.

March 16, 2020

Yes Bank crisis: ED summons top corporate honchos

As the Yes Bank probe gathers momentum, the Enforcement Directorate (ED) has now summoned all the large borrowers who were given loans by the Rana Kapoor-led management. An ED official related to the probe told IANS: “The agency has summoned all the top borrowers of the Yes Bank from March 17 to March 21.”

March 16, 2020

Rana Kapoor’s ED remand extended till March 20

The former managing director and CEO of the private lender was arrested by the ED here on March 8 under provisions of the PMLA (Prevention of Money Laundering Act) as he was allegedly not cooperating in the probe related to the crisis at Yes Bank which has been placed under moratorium by the RBI.

March 16, 2020

Yes Bank to resume ‘full services from March 18’

Troubled private sector lender Yes Bank on Monday said that it will resume complete banking services from the evening of March 18. Taking it to Twitter, the crisis-hit bank stated: “We will resume full banking services from Wed(nesday), Mar(ch) 18, 2020, 18:00 hrs (hours) (6 pm).”

March 16, 2020

Rahul asks govt to name ’50 top wilful defaulters’

Amid the ongoing crisis at Yes Bank, Congress leader Rahul Gandhi on Monday asked the Centre to name “50 top wilful defaulters”. During a session in Lok Sabha, the former Congress president asked names of the country’s top wilful defaulters.

March 16, 2020

Yes Bank crisis: ED summons Anil Ambani

Reliance Group chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

March 14, 2020

Moratorium on Yes Bank to be lifted on March 18

The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18. The Reserve Bank of India (RBI) had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3.

March 13, 2020

Yes Bank moratorium to go soon; bailout plan approved

Cash withdrawal restrictions and other moratorium conditions on Yes Bank will be lifted within 3 days of “very soon” to be notified SBI-led bailout plan for the beleaguered lender, finance minister Nirmala Sitharaman said on Friday.

March 13, 2020

ICICI Bank to invest Rs 1,000 crore in Yes Bank

ICICI Bank on Friday said its board has approved investing Rs 1,000 crore in Yes Bank. “This investment is likely to result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank,” the lender said in a regulatory filing.

March 13, 2020

SBI clears plan to put Rs 7,250 crore in Yes Bank

The board of State Bank of India (SBI) on Thursday approved a proposal to invest Rs 7,250 crore in Yes Bank by purchasing 725 crore shares. The approval is subject to the condition that the public-sector lender’s holding will remain within 49% of the paid-up capital of Yes Bank.

March 12, 2020

SBI gets approval to invest Rs 7,250 crore in Yes Bank

The country’s largest lender State Bank of India (SBI) on Thursday said it has received approval to buy Rs 7,250 crore worth of shares in crisis-hit Yes Bank. The bank’s shareholding in Yes Bank will remain within 49 per cent of the paid up capital of the private sector lender.

March 12, 2020

Yes Bank crisis: Fear factor hits pvt lenders

Smaller private banks were bearing the brunt of collateral damage triggered by the crisis in Yes Bank. Dogged by rumours and news of state authorities shifting business to public sector lenders dragged down the share prices of some private banks (see graphic). A few of them were forced to issue statements as rumours got out of hand.

March 12, 2020

Should RBI get search, surveillance powers?

The recent problems in the financial sector, including the latest action against Yes Bank, have triggered discussions in official circles over the need to provide surveillance and search powers to regulators, including the Reserve Bank of India (RBI), which currently limits its role to supervising and inspecting banks and finance companies under its remit.

March 11, 2020

Entire debt from Yes Bank secured: Reliance Group

Anil Ambani-led Reliance Group on Wednesday said its entire debt from troubled Yes Bank is fully secured and was availed in the ordinary course of business. In a statement, the group said it is committed to honouring repayments of all its borrowing from Yes Bank through its asset monetisation programme.

March 11, 2020

Rana Kapoor’s ED custody extended till March 16

A special court on Wednesday extended till March 16 the Enforcement Directorate (ED) custody of Yes Bank founder Rana Kapoor, arrested on money laundering charges. During the hearing, the ED told the special Prevention of Money Laundering Act (PMLA) court that Kapoor had sanctioned loans worth Rs 30,000 crore to different entities during his tenure.

March 11, 2020

Yes revival plan finalised, to include equity, debt

The RBI has finalised a revival plan for Yes Bank where not just capital but also funding lines will be finalised to ensure that there is no liquidity issue on raising the moratorium. Within 24 hours of the announcement, the banks will infuse Rs 20kcr into the equity base. On the 3rd day, public sector banks will invest around Rs 30kcr into certificates of deposits […]

March 10, 2020

All you want to know about AT1 bonds

The Reserve Bank of India’s (RBI) decided to extinguish Additional Tier 1 (AT1) bonds of Yes Bank. The RBI’s decision has also increased uncertainty about these bonds, which are leading to a drop in the prices of these bonds issued by other banks, analysts said.

March 10, 2020

Yes Bank customers can now pay credit card, loans payments from other accounts

Yes Bank customers can now make credit card and loan payments from other bank accounts by using Immediate Mobile Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) services, the troubled private lender said. Last week, the Reserve Bank of India (RBI) took over Yes Bank amid the backdrop of scandals in the country’s financial sector in the last couple of years.

March 9, 2020

Big loans issued by Yes Bank under ED scanner

The Enforcement Directorate (ED) is looking into more multi-crore rupees loans issued by Yes Bank to corporate houses that turned NPAs as part of its money-laundering investigation against its arrested promoter Rana Kapoor, said officials. ED has widened its probe in the case beyond the loan to DHFL and is now looking for more evidence of alleged kickbacks.

March 9, 2020

‘No question of Yes Bank merging with SBI’

“There is absolutely no question of a merger with SBI,” said the administrator Prashant Kumar, who is leading the rescue plan of Yes Bank, while SBI is set to infuse funds in the beleaguered lender. RBI on Thursday took control of Yes Bank — which is laden with bad debts — failed to raise the capital it needs to stay above mandated regulatory requirements.

March 9, 2020

Working to restore all services: Yes Bank admin

RBI-appointed Yes Bank administrator Prashant Kumar on Monday said the lender is working to restore all banking services for its customers as soon as possible. “For us, the first priority is the customers and how to provide the seamless business…,” Kumar said. He further added, since Saturday evening the ATMs of other banks were also available for withdrawal.

March 9, 2020

PhonePe, BharatPe in talks with multiple banks to support UPI

After burning the midnight oil to migrate Yes Bank consumer IDs and merchant payments on the Unified Payments Interface (UPI) to ICICI Bank, both PhonePe and BharatPe (one of the largest merchant payments apps) said they restored operations fully over the weekend. These include peer-to-peer and merchant payments via UPI.

March 9, 2020

Yes Bank saw exit of bulk deposits before RBI move

Yes Bank’s deposits are understood to have shrunk far below the Rs 2 lakh crore reported at end September 2019. Thursday’s moratorium was preceded by withdrawals of bulk deposits following a downgrade in December 2019 itself.

March 8, 2020

Yes Bank founder Rana Kapoor’s daughter stopped at Mumbai airport

Yes Bank founder Rana Kapoor’s daughter Roshni Kapoor was stopped by officials at the Mumbai airport on Sunday, according to news agency ANI. She was about to leave for London in a British Airways flight. This comes after the Enforcement Directorate arrested her father in connection with a probe into money laundering case involving Dewan Housing Finance Limited.