Yes Bank working on risk, governance after bailout: New CEO
4 years, 4 months ago

Yes Bank working on risk, governance after bailout: New CEO

Live Mint  

Under a new management, Yes Bank has overhauled its risk and governance frameworks to save itself from reputational risks and come out as a brand committed to integrity, its chief executive and managing director Prashant Kumar has said. "The bank has made significant changes in the risk framework to ensure that impending risks are identified, evaluated, and resolved before these convert into reputational risks," Kumar said. "We have made foundational changes to strengthen our governance frameworks, identify and mitigate risks, with the objective of creating an authentic, empathetic brand committed to ethical leadership and conducting business with integrity," he added. The lender is on a journey of transformation into a "digital bank" and the ₹15,000 crore capital raising through a follow-on public offer earlier this month was a crucial milestone, he said.

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History of this topic

SBI to monetise subsidiaries after scaling up their businesses: Chairman Khara
6 months, 3 weeks ago

SBI to monetise subsidiaries after scaling up their businesses: Chairman Khara

Hindustan Times  

SBI Chairman Dinesh Kumar Khara has said the lender would wait for its subsidiaries like SBI General Insurance and SBI Payment to further scale up their operations before monetising them. During the financial year 2023-24, the bank infused additional capital of ₹489.67 crore in SBI General Insurance Company Ltd. SBI General Insurance reported a 30.4% rise in net profit to …

HDFC Bank CEO Sashidhar Jagdishan Flags Funding Risk Post-Merger, Expects Results To Be Hit By Net Interest Margins
1 year, 4 months ago

HDFC Bank CEO Sashidhar Jagdishan Flags Funding Risk Post-Merger, Expects Results To Be Hit By Net Interest Margins

ABP News  

HDFC Bank’s chief executive officer Sashidhar Jagdishan raised concerns about funding risk for the bank on Friday. The CEO expects the merger to impact the Net Interest Margins of the bank due to the “higher proportion of the low-interest yielding housing loans which get added”, and this impact is estimated to be visible in the results from the September quarter …

The untold story of 2 ex-SBI men turning around distressed banks
2 years, 3 months ago

The untold story of 2 ex-SBI men turning around distressed banks

Live Mint  

MUMBAI : On the morning of 6 March 2020, Prashant Kumar, a former State Bank of India executive, made his way to the swanky tower two of Indiabulls Finance Centre in Mumbai’s Lower Parel. Take the example of Yes Bank’s Kumar who quickly graduated from being an administrator to being appointed as the bank’s managing director and CEO once the …

SBI Nominee Director on Yes Bank Board Swaminathan Janakiraman Resigns
4 years, 2 months ago

SBI Nominee Director on Yes Bank Board Swaminathan Janakiraman Resigns

News 18  

Yes Bank on Wednesday said that Swaminathan Janakiraman, the nominee director appointed by State Bank of India, has resigned with effect from October 28, 2020. In his letter, Janakiraman, has conveyed that State Bank of India will shortly nominate a replacement in his place, Yes Bank said in a regulatory filing. Janakiraman, in his resignation letter addressed to Yes Bank …

No Clamour or Rush for Restructuring of Loan, Says SBI Chairman
4 years, 3 months ago

No Clamour or Rush for Restructuring of Loan, Says SBI Chairman

News 18  

Contrary to market expectations, there was not too much demand or clamour for restructuring of loans as permitted by RBI recently to beat the COVID-19 related stress, SBI Chairman Rajnish Kumar said. He expects not more than Rs 1.5 lakh crore worth loans would avail restructuring benefit even though people have projected it to be around Rs 8 lakh crore. …

Rescue act, again
4 years, 9 months ago

Rescue act, again

The Hindu  

India’s biggest bank rescue act could not have happened at a more inopportune time. Yes Bank had assets to the tune of Rs.3 lakh crore, but assets as defined in the banking industry are a peculiar artefact of accounting practices. He pointed out that for fiscal year 2015-16 Yes Bank disclosed its gross NPAs as Rs.7,490 crore but the RBI …

Will add liquidity if needed, RBI assures Yes Bank depositors
4 years, 9 months ago

Will add liquidity if needed, RBI assures Yes Bank depositors

The Hindu  

Describing the reconstruction scheme for Yes Bank as credible and sustainable, Reserve Bank of India Governor Shaktikanta Das on Monday sought to assure the private bank’s depositors that their hard-earned money is safe. Watch | Yes Bank crisis explained “It is a very credible and sustainable restructuring plan,” Mr. Das said while addressing the media here on the Yes Bank …

Yes Bank Allots Shares To SBI, 7 Private Banks
4 years, 9 months ago

Yes Bank Allots Shares To SBI, 7 Private Banks

ABP News  

Mumbai: Crisis-hit Yes Bank has allotted 1,000 crore equity shares to seven private banks and the state-run State Bank of India for a total consideration of Rs 10,000 crore. In a regulatory filing, Yes Bank said: "395,00,00,000 equity shares have been issued and allotted to the investors for an aggregate subscription consideration of Rs 39,50,00,00,000, calculated at a share price …

Yes Bank crisis: Moratorium to be lifted on March 18, rescue plan notified
4 years, 9 months ago

Yes Bank crisis: Moratorium to be lifted on March 18, rescue plan notified

India TV News  

The government on March 13 approved the reconstruction scheme drawn by the Reserve Bank of India's for Yes Bank. Yes Bank was placed under a moratorium earlier this month by the RBI, which took control of the board and also imposed a Rs 50,000-limit on withdrawals from the bank till April 3, sending thousands of depositors scurrying to retrieve their …

The public unravelling of Yes Bank
4 years, 9 months ago

The public unravelling of Yes Bank

The Hindu  

On Sunday, the Enforcement Directorate arrested Yes Bank’s swashbuckling co-promoter Rana Kapoor, accusing him and his family of using shell companies to receive kickbacks from the bank’s corporate borrowers. The RBI’s asset quality review had forced Yes Bank, as it had several other banks, to report transparently their previously unstated non-performing assets. The RBI found that for the year ended …

Beneath the ‘Yes mess’, some stark truths
4 years, 10 months ago

Beneath the ‘Yes mess’, some stark truths

The Hindu  

The collapse of Yes Bank is the tale of a promoter who ran amok, treating a publicly listed bank as his private company. The bank’s story is similar to many recent stories of large listed companies that went bust, companies that were treated like family firms by their promoters, companies that were household names. The Board has ‘independent directors’ not …

The cost of a yes to a bank rescue act
4 years, 10 months ago

The cost of a yes to a bank rescue act

The Hindu  

The revival package announced by the Reserve Bank of India to rescue insolvent Yes Bank smacks of desperation. Even before undertaking due diligence, SBI Chairman Rajnish Kumar has announced that his bank is willing to outlay as much as ₹10,000 crore to recapitalise ailing Yes Bank and restore it to health. Data | The Yes Bank crisis explained in six …

Yes Bank debt writedown to hit sector capital-raising; some investors plan to challenge central bank’s move: Analysts
4 years, 10 months ago

Yes Bank debt writedown to hit sector capital-raising; some investors plan to challenge central bank’s move: Analysts

Firstpost  

Yes Bank had about Rs 8,800 crore in AT1 capital as of March 2019, its annual report showed, under the Basel III framework. Mumbai/Hong Kong: The unexpected writedown of some bonds issued by crisis-hit Indian lender Yes Bank as part of a state-led rescue is set to raise borrowing costs and make capital-raising tougher for other banks, investors and analysts …

Yes Bank crisis: Best practices needed as benchmark to govern banks; govt should consult with veteran bankers for solutions
4 years, 10 months ago

Yes Bank crisis: Best practices needed as benchmark to govern banks; govt should consult with veteran bankers for solutions

Firstpost  

Recent days have seen RBI governor Shaktikanta Das pulling up public sector banks for poor credit growth even as Kapoor’s Yes Bank shenanigans were simmering in the backdrop. The current crisis in Yes Bank makes for great headlines, with a high-profile founder lending huge amounts to tainted and/or serial borrowers, allegations of political corruption and a general state of injustice …

Yes Bank crisis | Indian banks well capitalised, no reason to worry: Chief Economic Adviser
4 years, 10 months ago

Yes Bank crisis | Indian banks well capitalised, no reason to worry: Chief Economic Adviser

The Hindu  

In the wake of the moratorium on private sector lender Yes Bank, the RBI clarified on Sunday that deposits of customers were safe. “The RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of safety of their deposits in any bank,” it said. Allaying concerns over the banking sector health, Chief Economic …

Yes Bank founder Rana Kapoor, accused of money laundering, arrested
4 years, 10 months ago

Yes Bank founder Rana Kapoor, accused of money laundering, arrested

India TV News  

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges in the wee hours of Sunday. The ED action came after the Reserve Bank of India on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. As per …

Explained: Why did Yes Bank have to be bailed out?
4 years, 10 months ago

Explained: Why did Yes Bank have to be bailed out?

The Hindu  

The story so far: On the advice of the Reserve Bank of India, the government imposed a moratorium on Yes Bank with effect from 6 p.m. on March 5 up to April 3. Subsequently, the RBI superseded the private sector lender’s board and appointed as an administrator, Prashant Kumar, who was serving as chief financial officer and deputy managing director …

SBI rules out merger with crisis-hit Yes Bank
4 years, 10 months ago

SBI rules out merger with crisis-hit Yes Bank

India TV News  

SBI chairman Rajnish Kumar on Saturday said that there is no question of a merger with the Yes Bank, as it is evaluating the restructuring draft scheme of the crisis-hit bank. "There is no question of a merger of the bank with the state-run bank," SBI said amid Yes Bank crisis, according to the Economic Times. Meanwhile, SBI chairman said, …

Yes Bank crisis: Not impressed with mere words, say account holders as SBI promises help
4 years, 10 months ago

Yes Bank crisis: Not impressed with mere words, say account holders as SBI promises help

India Today  

Sandeep Sule, a resident of Mumbai's Lalbagh area, had been running his medical shop "quite smoothly" until the overnight news of the Reserve Bank of India imposing a one-month moratorium on Yes Bank shocked him. On Thursday, the RBI imposed a one month moratorium on capital-starved Yes Bank and capped the monthly withdrawal limit for depositors to Rs 50,000 per …

Banking on bailouts: The Hindu Editorial on Yes Bank crisis
4 years, 10 months ago

Banking on bailouts: The Hindu Editorial on Yes Bank crisis

The Hindu  

Just one day after it placed the financially troubled Yes Bank under a moratorium, the Reserve Bank of India announced a draft ‘Scheme of Reconstruction’ that entails the State Bank of India investing capital to acquire a 49% stake in the restructured private lender. The alacrity with which the bailout has been proposed is commendable, given that Yes Bank’s stock …

Yes Bank | In RBI bailout, SBI to pick up 49% stake for ₹2,450 crore
4 years, 10 months ago

Yes Bank | In RBI bailout, SBI to pick up 49% stake for ₹2,450 crore

The Hindu  

The Reserve Bank of India on Friday announced a draft reconstruction scheme for the beleaguered Yes Bank, aimed at protecting depositors’ funds while bringing in the State Bank of India as an investor. The SBI, which had earlier said its Board was exploring an investment in Yes Bank, will pick up a 49% stake, according to the scheme. “The members …

’Self-appointed competent doctors’: FM hits back at Chidambaram for jibe over Yes Bank crisis
4 years, 10 months ago

’Self-appointed competent doctors’: FM hits back at Chidambaram for jibe over Yes Bank crisis

Live Mint  

New Delhi: Finance Minister Nirmala Sitharaman on Friday hit back at senior Congress leader P Chidambaram for his jibe over crisis-hit Yes Bank's loan book swelling five times under BJP rule, saying "self-appointed competent doctors" created more problems in handling crisis at three banks during the UPA regime. "So-called self-appointed competent doctors" were in charge when United Western Bank was …

Crisis at Yes Bank highlights governance risk in India's banking sector; RBI's decision may backfire: Fitch
4 years, 10 months ago

Crisis at Yes Bank highlights governance risk in India's banking sector; RBI's decision may backfire: Fitch

India TV News  

The RBI superseding the board of Yes Bank casts light on governance risks in India's banking sector, Fitch Ratings said on Friday. "The Reserve Bank of India takeover of Yes Bank casts light on governance risks in India's banking sector," Fitch Ratings, which has a negative outlook on India's banking sector, said in a statement. "This could overshadow the central …

SBI to pick up 49 per cent stake in Yes Bank
4 years, 10 months ago

SBI to pick up 49 per cent stake in Yes Bank

India TV News  

State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan, with Finance Minister Nirmala Sitharaman assuring that depositors' money is safe. A day after imposing moratorium on Yes Bank and restricting withdrawals, the RBI on Friday evening issued a draft reconstruction scheme for the private sector lender and said …

Want to assure every depositor's money is safe: Sitharaman on Yes Bank crisis
4 years, 10 months ago

Want to assure every depositor's money is safe: Sitharaman on Yes Bank crisis

India TV News  

Finance Minister Nirmala Sitharaman on Yes Bank crisis Friday said that the RBI Governor has assured her there will be no loss to any Yes Bank depositor, a day after the central bank imposed a moratorium on the banking institution. Further speaking on the crisis, Sitharaman said, "Both RBI and the government is looking at Yes Bank issue in detail, …

Yes Bank Stock Crashes Over 70% After RBI Takes Charge; Rahul Gandhi Attacks PM Modi Over Crisis
4 years, 10 months ago

Yes Bank Stock Crashes Over 70% After RBI Takes Charge; Rahul Gandhi Attacks PM Modi Over Crisis

ABP News  

Modi and his ideas have destroyed India’s economy. #NoBank — Rahul Gandhi March 6, 2020 While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India. : Shares of Yes Bank …

Who is Prashant Kumar, Yes Bank's newly appointed administrator
4 years, 10 months ago

Who is Prashant Kumar, Yes Bank's newly appointed administrator

India TV News  

Former SBI's chief financial officer, Prashant Kumar has been appointed as the new administrator of Yes Bank after a moratorium has been imposed by the RBI on the bank and withdrawal limit to its customers has been capped at Rs 50,000. Former SBI employee Prashant Kumar, who joined SBI in 1983 and worked under a number of portfolios, has now …

Yes Bank crisis: From what happens to my money to will SBI be saviour, all that has happened
4 years, 10 months ago

Yes Bank crisis: From what happens to my money to will SBI be saviour, all that has happened

India Today  

This weekend will be one of unease for Yes Bank customers after the Reserve Bank of India capped withdrawals from most accounts at Rs 50,000 for the next month. The government sent out a message of assurance with Finance Minister Nirmala Sitharaman saying that the immediate priority was to ensure that Yes Bank customers are able to withdraw money within …

Yes Bank crisis: I have no clue, says founder Rana Kapoor
4 years, 10 months ago

Yes Bank crisis: I have no clue, says founder Rana Kapoor

India Today  

Yes Bank founder and former MD Rana Kapoor has said that he has no clue about developments which forced Reserve Bank of India to impose a moratorium on the private lender. Once a driving force behind Yes Bank, Rana Kapoor sold his last remaining stake in the private sector lender in November 2019. Rana Kapoor was instrumental in taking Yes …

Yes Bank crisis: Amit Malviya hits back at Rahul Gandhi, says Chidambaram responsible for mess
4 years, 10 months ago

Yes Bank crisis: Amit Malviya hits back at Rahul Gandhi, says Chidambaram responsible for mess

India Today  

Moments after former Congress president Rahul Gandhi attacked the Narendra Modi government and held it responsible for "destroying Indian economy" by citing the latest Yes Bank crisis, BJP leader and the party's national IT in-charge Amit Maviya said it is the Congress that is responsible for this current crisis. #NoBank Rahul Gandhi March 6, 2020 Hitting back at Rahul Gandhi, …

Yes Bank put under moratorium till April 3
4 years, 10 months ago

Yes Bank put under moratorium till April 3

The Hindu  

The government has put private sector lender Yes Bank under moratorium till April 3 and capped the deposit withdrawal at ₹50,000 after severe deterioration of the bank’s financial position. Following the moratorium, the Reserve Bank of India superseded the board of the bank and appointed Prashant Kumar, the deputy managing director and chief financial officer of State Bank of India, …

Yes Bank put under moratorium till April 3
4 years, 10 months ago

Yes Bank put under moratorium till April 3

The Hindu  

The government has put private sector lender Yes Bank under moratorium till April 3 and capped deposit withdrawal at ₹50,000 after severe deterioration of the bank’s financial position. While assuring depositors of the bank that there is no need to panic, RBI said it will explore and draw up a scheme in the next few days for the bank’s reconstruction …

Yes Bank CEO taps his ’mentor’ to raise $2 bn funds
4 years, 11 months ago

Yes Bank CEO taps his ’mentor’ to raise $2 bn funds

Live Mint  

Yes Bank Ltd. has picked Cantor Fitzgerald LP, IDFC Securities Ltd. and Ambit Pvt. Yes Bank, staggering under the weight of soured loans, has been plagued by worries about its asset quality and uncertainty about efforts to raise new capital. Yes Bank, led by Chief Executive Officer Ravneet Gill, has lost more than 80% of its market value in the …

SBI chairman Rajnish Kumar says Yes Bank ‘will not be allowed to fail’
4 years, 11 months ago

SBI chairman Rajnish Kumar says Yes Bank ‘will not be allowed to fail’

Live Mint  

The head of India’s biggest lender said he’s certain “some solutions will emerge” to steady Yes Bank Ltd., which has been on a prolonged quest to raise new capital. “Yes Bank is a significant player in the market with an almost $40 billion balance sheet,” State Bank of India Chairman Rajnish Kumar told Bloomberg Television in Davos. However, last month …

Yes Bank clean-up to continue, as CEO Ravneet Gill shifts focus on compliance and governance
5 years, 8 months ago

Yes Bank clean-up to continue, as CEO Ravneet Gill shifts focus on compliance and governance

Firstpost  

Mumbai: Ravneet Gill, the new chief executive at Yes Bank wants to increase focus on compliance and governance two critical areas in which his predecessor Rana Kapoor was found wanting to ensure that the bank is on the side of regulator. Among other deficiencies, the Reserve Bank of India had reportedly found serious lapses in governance and poor compliance culture …

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