Yes Bank |

Yes Bank has started the process for obtaining physical possession of Reliance Centre, the headquarters of Anil Ambani’s Reliance Group in Mumbai. The bank is seeking to either sell the property to realise its dues, or may move its headquarters there.

Yes Bank lacked a culture of cost control, and under the new management, the lender is targeting to reduce operational expenses by 20 per cent in FY21 by rationalizing branches and ATMs, giving up unwanted leased spaces and renegotiating rents, a top official has said.

Yes Bank on Friday reported a standalone net profit of Rs 129.37 crore for the second quarter ended September despite a spurt in bad loans. The private sector lender had posted a net loss of Rs 600 crore in the corresponding quarter of previous fiscal.

The Bombay high court on Thursday granted bail to Dewan Housing Finance Corporation Ltd promoters Kapil Wadhawan and Dheeraj Wadhawan, who have been accused of money laundering by the Enforcement Directorate in the multi-crore Yes Bank fraud case. Justice Bharati Dangre granted them bail as ED failed to file its charge sheet within the stipulated … Continue reading Yes Bank case: HC grants bail to Wadhawan brothers

Yes Bank, which faced a crisis in March this year on account of bad debts, has substantial loans due from the Anil Ambani group, to which it had an exposure of close to Rs 12,000 crore. In the last two decades, the Anil Ambani group expanded aggressively in new businesses raising high levels of debt.

Shares of Yes Bank fell below the follow-on public offer price of Rs 12 on the day when the bank reported a 60% year on year drop in net profit to Rs 45 crore. On the positive front, the bank’s deposit rose 11.4% from the preceding quarter to Rs 1,17,360 crore.

State Bank of India (SBI), country’s largest lender’s executive committee has approved a further investment of upto Rs 1,760 crore in public offering of Yes Bank, according to a regulatory filing.

Yes Bank is allowing customers to open a full-service digital savings account without branch visits using eKYC. This will alow customers to open an account from anywhere in the country during the lockdown without having to provide any physical documents at the branch. Customers who open an account through the digital route will get a … Continue reading Yes Bank allows full-service savings a/c opening online

The Enforcement Directorate on Wednesday filed a charge sheet against Yes Bank co-founder Rana Kapoor, arrested on money laundering charges, in a special court. Kapoor, the former MD and CEO of Yes Bank, was arrested by the ED on March 8 under the Prevention of Money Laundering Act (PMLA). He is accused of sanctioning loans … Continue reading Yes Bank: ED files charge sheet against Kapoor

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

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.”

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.

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.”

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.

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).”

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.

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.

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.

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.

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.

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.