Yes Bank crisis: CBI begins probe, say sources

19:06 March 08

RBI reiterates depositors' money safe in banks; concerns based on 'flawed' analysis

Allaying concerns raised by many after Yes Bank fiasco, the Reserve Bank on Sunday reiterated that depositors' money is safe and it is closely monitoring all banks.

The RBI further said that concerns about the safety of deposits in banks are based on a flawed analysis.

"Concern has been raised in certain sections of media about safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk Weighted Assets (CRAR) and not on market cap," the central bank said in a tweet.

"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," its second tweet said.

19:03 March 08

18:07 March 08

Yes Bank crisis: CBI begins probe, say sources

The CBI has begun a probe into the Yes Bank affairs as officials started collecting documents in the matter, sources said on Sunday.

According to them, the officials have refused to offer comments on the development as the probe agency wants complete secrecy before any search that it might be planning.

The sources refused to elaborate on the nature of the probe -- preliminary enquiry or an FIR -- or people arraigned, but affirmed that a formal investigation has begun.

The Central Bureau of Investigation (CBI) is looking into aspects of alleged criminal conspiracy, cheating and corruption, they said.

The relations between the scam-hit DHFL and Yes Bank are understood to be under the scanner of the CBI with some questionable financial transactions involving a third company, a source said.

13:22 March 08

Mumbai's Special Holiday Court sends Yes Bank founder Rana Kapoor to Enforcement Directorate custody till 11th March.

He was yesterday arrested by the ED and produced today in the Court.

10:17 March 08

Yes Bank founder Rana Kapoor's wife Bindu Kapoor arrives at the office of the Enforcement Directorate.

10:15 March 08

Enforcement Directorate officials along with Yes Bank founder Rana Kapoor leave from ED office.

He will be produced before a Mumbai court later today. 

10:14 March 08

ED arrests Yes Bank founder Rana Kapoor under PMLA

Mumbai: The Enforcement Directorate (ED) arrested Yes Bank founder Rana Kapoor under money laundering charges in the wee hours of Sunday.

The officials said that Kapoor was placed under arrest around 3 am under the provision of the Prevention of Money Laundering Act (PMLA) as he was allegedly not cooperating in the probe.

Rana was questioned by the ED sleuths for over 20 hours after the central agency raided his residence on Friday night.He will be produced before a local court during the day to obtain custody, the officials said.

PTI REPORT