The new-age lender, amongst the last of the banks to be granted licences, will invest up to Rs 25 crore (Rs 250 million) and enter the highly competitive fray in early FY14, sources said.
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.
Sectorally, telecom, realty, auto and banks were among the top losers, shedding as much as 2.22 per cent.
Rana Kapoor gets interim relief from Bombay HC but directors' appointment subject to final order.
The Enforcement Directorate (ED) has attached assets worth over 581 crore belonging to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), companies of Reliance Group Chairman Anil Ambani, as part of an ongoing investigation.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
HSBC is likely to raise up to Rs 2,450 crore (Rs 24.50 billion) by selling its stake in Axis Bank and YES Bank, said senior bankers familiar with the development.
Other losers included Maruti, HDFC, Hero MotoCorp, Sun Pharma, HUL, Kotak Bank, Coal India, RIL, TCS and Bharti Airtel, shedding up to 3.39 per cent.
Micro-finance institutions (MFIs) are planning to take legal action against YES Bank's move to recall a part of its loans to them.
Kapil Chugh, accused of masterminding a Rs 1,825 crore GST refund fraud, has been arrested by DGGI officers upon his return from Dubai. He is alleged to have evaded investigation and is wanted in other economic criminal cases.
Tata Motors, Maruti, Tata Steel, Vedanta, Bajaj Auto, IndusInd Bank, SBI, Hero MotoCorp, M&M, Asian Paints, Axis Bank, RIL and L&T too jumped up to 10.21 per cent.
The fight between Madhu Kapur, widow of bank's co-founder Ashok Kapur, and current Managing Director and CEO Rana Kapoor is not about money.
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.
Top gainers in the Sensex pack included IndusInd Bank, Tata Steel, Vedanta, Tech Mahindra, ONGC, Axis Bank and ITC, rising up to 5.18 per cent.
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 broader NSE Nifty slipped 10.95 points, or 0.09 per cent, to end at 11,884.50.
Indian benchmark indices Sensex and Nifty closed marginally lower due to profit-taking, following the Reserve Bank of India's decision to keep the repo rate unchanged while lowering its growth expectations for the current fiscal year and forecasting higher inflation.
With a paid up capital of Rs 200 crore (Rs 2 billion), YES Bank is expected to start operations by January and is planning an initial public offering by April 2004 to shore up its capital base.
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.
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According to people familiar with the development, a meeting between the families was held on Saturday to discuss whether the case could be settled outside court.
Top gainers in the Sensex pack included SBI, Tech Mahindra, HCL Tech, Kotak Bank, IndusInd Bank, Asian Paints, Infosys and TCS, rising up to 2.31 per cent.
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.
The voting results were concluded on Sunday and will be sent to the exchanges on Monday morning. YES Bank could not be reached for comment.
'You empower a man, you are not necessarily empowering a family, you are just empowering him.'
The Infinix Note 60 Pro is now on sale across India -- the entry model is equipped with 8 GB memory and 128 GB storage. It is priced at 31,999.
The Enforcement Directorate (ED) has attached fresh assets worth over 581 crore belonging to Reliance Group companies, RHFL and RCFL, as part of its ongoing money laundering investigation.
Yes Bank Ltd, a new private sector bank, will make its commercial launch in second quarter of 2004 with one branch each in Mumbai and Delhi.
CEO Rana Kapoor said no such discussion or proposition has ever transpired.
Eyeing growth of at least 40 per cent in loans in the current financial year, Yes Bank on Friday said it would recruit 900 people, including 500 specialists, in the next nine months to drive expansion in six key segments.
'We thought everything will be back to normal within one month. Now it's four months and still a final solution is miles away.'
Yes, the entry of private bankers, particularly with global experience will add value to PSBs, points out Tamal Bandyopadhyay.
Top other laggards in the Sensex pack included Tata Motors, Maruti, Axis Bank, Bharti Airtel, RIL, NTPC, Bajaj Auto, Asian Paints, ITC, Kotak Bank, Bajaj Finance and TCS, falling up to 5.10 per cent.
According to traders, Chief Economic Adviser Subramanian's comments practically ruling out a stimulus package for the economy weighed on investor sentiment.
Sectorally, BSE metal, basic materials, energy, realty, power, oil and gas, finance, FMCG, bankex and telecom indices fell up to 1.71 per cent.
After a gruelling 24 hours, the PhonePe team has fully restored UPI on the payment platform. The app is up and running again with ICICI Bank as its new partner with all payment instruments enabled.
The entire proceeds from the sale of Reliance Centre will be utilised only to service YES Bank debt.
Yes Bank will visit the capital market with an initial public offering to raise over Rs 300 crore (Rs 3 billion) and tier-II capital bond issue of Rs 100 crore (Rs 1 billion) before June to fund business growth plans, including branch network.
