Since the RBI is the 'lender of the last resort', as per terms of arrangement, Yes Bank would have to exhaust immediate liquid assets before accessing this fund.
The government has given a go-ahead to State Bank of India and other financial institutions to take over capital-starved Yes Bank, and an announcement is likely to be made soon, highly places sources said on Thursday. The board of SBI, the country's largest lender, is meeting in Mumbai on Thursday, but it could not be immediately ascertained whether the takeover of Yes Bank is on the agenda. Yes Bank, which is grappling with bad loans, is looking to raise fresh capital but the plans are facing uncertainties.
These businessmen represent the top five firms that have taken loans from the crisis-hit Yes Bank and these debts were either in the red or were stressed, officials said.
Kapoor was among the founding team of Yes Bank, along with Ashok Kapur who died in 2008.
The central agency is probing Kapoor's role in connection with the disbursal of a loan to a corporate entity and the subsequent alleged kickbacks that were reportedly received in his wife's accounts.
For the near term, Gill will have to improve relations with the Reserve Bank of India, which have been strained in recent times. He will also need to strengthen the bank's asset quality and improve governance standards and internal processes.
Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.
The law minister last month told the assembly that of the lord's total Rs 626.44 crore, Rs 592 crore was kept in Yes Bank. While Rs 545 crore was in the bank as fixed deposits, the remaining Rs 47 crore was in a flexi account.
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
The SBI board has given the largest lender an "in-principle" approval to invest in the capital-starved Yes Bank. The central board of SBI discussed the matter at a meeting on Thursday, it informed the exchanges.
The Central Bureau of Investigation has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, along with other directors and auditors in the firm, in an alleged Rs 200-crore loan fraud in Yes Bank involving Mack Star, officials said Friday.
Yes Bank said it has received approval from the Capital Raising Committee of the Board of Directors of the Bank for raising funds by a way of FPO.
Private sector lender Yes Bank has chalked out an aggressive plan to offer a host of retail products over the next few months, which could include home, auto and education loans, to grab a larger share of the retail market.
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
Assuming the private bank issues 20 billion shares at Rs 10 apiece (with face value of Rs 2 each), the total capital raise will be Rs 20,000 crore. And for the 49 per cent stake, SBI will need to put in about Rs 10,000 crore.
Harried Yes Bank depositors rushed to ATMs to withdraw cash but faced multitude of problems including closed down machines and long queues, after the RBI placed the bank under a moratorium, capping maximum withdrawals at Rs 50,000 per account for a month. Aggravating the problems of depositors were difficulties accessing the internet banking channel, which ensured that they can't transfer the funds online as well.
Soon after the lifting of the 13-day moratorium at 6 pm, some customers took to social media complaining that they were not able to access certain services, including internet and mobile banking.
Leading stock exchanges BSE and NSE on Friday decided to drop Yes Bank from Futures and Options segment from May 29. The existing Futures and Options contracts across all expiries will expire on May 28.
The bank has hired US-based advisory firm Korn Ferry to help with the selection process.
BJP spokesperson G V L Narasimhra Rao noted that Priyanka's husband Robert Vadra is accused of using "shady methods to make windfall profits from dubious real estate transactions" and said the report of her receiving Rs 2 crore from Kapoor for a painting which was not her own shows that the powerful couple have leveraged their political power to make "private gains".
YES Bank has launched a $100-million private equity fund called the Food and Agribusiness India Fund.
The entire proceeds from the sale of Reliance Centre will be utilised only to service YES Bank debt.
Transiting from "survival mode", which took most of the management time in FY21, the bank has been able to take a long-term view in terms of growth and preparing technology in the past 12 months.
On the capital raising, where there are reports of the bank needing at least Rs 20,000 crore to spring back to normalcy, Yes Bank administrator Prashant Kumar declined to give an estimate of the requirement but said it would like for most of the fund raising to happen in the first round itself.
Yes Bank on Thursday announced setting up of a full-fledged branch in the state that will cater to retail banking, wealth management and business banking products and services.\n\n
'RBI was focusing on public sector banks perhaps thinking that private sector banks are managed efficiently while PSU banks are not.' 'Now, RBI has to focus on private sector banks too.'
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
No word on appointment of Shagun Kapur Gogia
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
Uttam Prakash Agarwal alleged that Citax and Braich offers were incomplete and did not include firm commitment as to the price, size, timings, confirmation from the banks about availability of the funds.
B Chandramouli and P Kumar were on Monday appointed the chief operating officer and head of business services, respectively, at YES Bank Ltd.
The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money-laundering charges in Mumbai in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.
The operating environment is unpredictable, but if the bank can't give a clear picture of what's in store, calling the bottoming out of its asset quality stress is nearly impossible.
Yes Bank CEO said the private lender is disposing some of the properties in many other cases as well. He, however, declined to elaborate on borrowers against whom such action was underway.
The ED said that the investigation further revealed that there are 78 companies owned by the accused and his family members and it needed to probe whether the money went into these companies.
The RBI has cited corporate governance and regulatory issues for not extending Kapoor's term. Further, the lender has been directed to search for a successor.
Sectorally, telecom, realty, auto and banks were among the top losers, shedding as much as 2.22 per cent.
Banks tighten hold on Mallya for defaults on KFA loans
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