YES Bank has launched a $100-million private equity fund called the Food and Agribusiness India Fund.
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
Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.
The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Zee Learn, following a petition filed by private sector lender Yes Bank Ltd. Yes Bank Ltd (YBL) had claimed a default of Rs 468.99 crore by the Essel Group company. Out of the default amount of Rs 468.99 crore, the principal amount was Rs 410.67 crore and Rs 58.32 was interest.
The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors.
'The Rs 35,000 crore of capex every year, I don't get to sign 35 paise out of this.'
About 300 employees would come under the ambit of voluntary decision.
B Chandramouli and P Kumar were on Monday appointed the chief operating officer and head of business services, respectively, at YES Bank Ltd.
With the stock coming under pressure, the MF holding value could have dropped to Rs 50 billion, back-of-the-envelope calculations show.
"No Yes Bank," Congress leader Rahul Gandhi said on Friday, taking a dig at the Bharatiya Janata Party-led government over the moratorium placed on Yes Bank, and alleged that Prime Minister Narendra Modi and his "ideas" had destroyed the country's economy.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
Mumbai Police have registered an FIR against former Yes Bank MD and CEO Rana Kapoor and others for alleged illegal transfer of mortgaged property worth Rs 1,000 crore.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
Private sector lender Yes Bank on Saturday reported a 46.7 per cent growth in net profit to Rs 502 crore for the June 2024 quarter, helped by a reduction in provisions. The city-headquartered bank's core net interest income rose 12.2 per cent to Rs 2,000 crore. Its net interest margin stayed flat at 2.4 per cent.
CBI has alleged that Rana Kapoor entered into a criminal conspiracy with Kapil Wadhawan, DHFL director-promoter for round-tripping of funds where loans from Yes Bank to DHFL landed in companies owned by Kapoor's daughters, DoIT Urban Ventures.
Lifting of deposit withdrawal moratorium on March 18 could open flood gates and will require a calibrated approach along with active support and signaling from the RBI, government and investor banks.
SBI's ownership should give confidence to depositors and lenders about the bank's solvency.
NPCI chief Dilip Asbe stated that only about 10 per cent of the total value of UPI transactions might see charges passed to consumers under the merchant discount rate (MDR). He clarified that large corporates are expected to absorb most costs, and a significant portion of transactions will remain charge-free. A new fund from MDR collection is also proposed to boost UPI acceptance among small merchants.
NPCI chief Dilip Asbe stated that only about 10% of UPI transaction value might see charges passed to consumers, primarily from large corporates already absorbing credit card fees. He highlighted that 80% of Merchant Discount Rate (MDR) would come from businesses with over Rs 1,000 crore turnover, and a significant portion of transactions will remain charge-free. A new fund, potentially Rs 3,000 crore, will also be created from MDR collection to support small merchants and accelerate UPI acceptance.
The bank may post a loss of Rs 1,000 crore during October-December 2019-20 quarter, an analyst commented.
Yes Bank has taken over the headquarters of Anil Ambani's group in suburban Santacruz in Mumbai for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
With the Reserve Bank of India's (RBI's) draft reconstruction scheme for the troubled lender suggesting a permanent write-down of these bonds outstanding as of March 5, bondholders who have invested RS 10,800 crores are up in arms, reports Hamsini Karthik.
'In fact, when monetary policy has been deployed, it does not distinguish between types of shocks. It goes straight for the kill.'
From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each.
The Supreme Court has directed the Central Bureau of Investigation (CBI) to examine all six allegations of financial irregularities levelled by the Enforcement Directorate against Sameer Gehlaut, former chairperson of Indiabulls Housing Finance (IHFL), and five corporate groups, following repeated criticism of investigating agencies for lack of progress.
'...because of the character, how it was to be portrayed, the speech, the scenes.' 'There was a physicality involved because he was a TB patient who eventually had cancer and passed away.'
No word on appointment of Shagun Kapur Gogia
Kapoor and his associate entities owned 10.6 per cent in the bank at the end of June 2019.
Months after picking up 24.21 per cent stake in private sector lender Yes Bank, Japan's Sumitomo Mitsui Banking Corporation (SMBC) has received the Reserve Bank of India's (RBI's) in-principle approval for setting up a wholly owned subsidiary (WOS) in India.
Thapar, 60, was arrested under the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before a court on Wednesday where the ED will seek his custody, they added. The ED has been probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency.
The Indian government has introduced a 0.4 per cent Merchant Discount Rate (MDR) on UPI payments exceeding Rs 2,000 made to merchants, effective from October 15, with a comprehensive framework set to take full effect by October 15, 2026. This policy aims to regulate transaction fees while protecting small merchants and person-to-person transactions.
After Yes Bank was placed under moratorium, digital payments were impacted as PhonePe, which depends on the cash-strapped lender for its transactions, could not operate. Even the bank's own net banking facilities have not been operational since last evening. Other fintech operators who rely on Yes Bank to settle their transactions are also down.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
Kapoor was among the founding team of Yes Bank, along with Ashok Kapur who died in 2008.
The Netherlands-based Rabobank on Tuesday sold about 11 per cent of its stake in new generation private sector lender Yes Bank as it plans to set up its own banking operation in the country.
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, the new private sector banking entity, has filed a draft Red Herring Prospectus with the Securities and Exchange Board of India for its initial public offering of seven crore equity shares.
Following the 30-day moratorium placed on Yes Bank, asset management companies have asked their clients, who have bank accounts with the troubled lender, to furnish details of alternate accounts for receiving redemption payouts. Redemption is the return of an investor's principal on a fixed income security such as a bond, mutual fund or preferred stock.
Eyes bank, brokerages, and asset management businesses.
