21:54 March 09
Kapoor and Kapur families under scanner for pre-collapse Yes Bank share trades
Several people linked to Kapoor and Kapur families, the erstwhile promoters of Yes Bank, are said to have traded with unpublished inside information in shares of the now-under-moratorium lender and are under probe along with those who supplied the inside news of a government-sponsored rescue plan, sources said.
Those under scanner of SEBI and other agencies include members of now disgraced Rana Kapoor family as well as those linked to the family of late Ashok Kapur, the sources said.
21:51 March 09
Yes Bank debenture trustee moves HC on RBI move to write-down AT-1 bonds
Axis Trustee Services Ltd, a debenture trustee of Yes Bank, on Monday petitioned the Bombay High Court against the Reserve Bank of India's (RBI) proposal to write-down additional tier-1 (AT1) bonds.
The petition is likely to be taken up for hearing by a division bench of Justices K K Tated and S K Kotwal later this week.
21:20 March 09
CII compliments govt, RBI for swift intervention in Yes Bank case
Industry body CII complimented the government and the Reserve Bank of India (RBI) for "swift intervention" in the restructuring of crisis-hit Yes Bank saying the move will restore confidence in the banking system.
"I would like to compliment the government and the RBI for the swift intervention in the restructuring of Yes Bank which will help restore confidence in the Indian banking system," CII President Vikram Kirloskar said in a statement.
He said both investors and depositors will be reassured that measures have been taken to ensure that a bank failure is avoided after announcement of the reconstruction plan of Yes Bank.
20:54 March 09
'NPCI advised UPI payment apps to have multi-bank approach in 2017'
After the impact on payments systems following moratorium on Yes Bank, the National Payments Council of India (NPCI) on Monday said it had in 2017 advised third-party apps to have a multi-bank approach.
PhonePe's exclusive reliance on Yes Bank to act as its payments partner had resulted in the popular app being unable to render Unified Payment Interface (UPI) transactions for a day last week.
"NPCI has been a proponent of the multi-bank model, to ensure full resilience of the ecosystem... In September 2017, NPCI advised large UPI payment app providers for a multi-bank approach," an official statement said.
Following the service outage, PhonePe switched to ICICI Bank and was able to restart its UPI services late on Saturday.
19:03 March 09
Customers withdrew Rs 18,110 cr deposits during Mar-Sep 2019
Deposits at Yes Bank witnessed a steady decline during the March-September period last year as customers withdrew over Rs 18,100 crore, in a reflection of falling confidence in the bank.
Yes Bank, which has been put under a moratorium by the Reserve Bank till April 3, during which customers are not allowed to withdraw more than Rs 50,000, had deposits worth Rs 2,27,610 crore at the end of March 2019 (or end of 2018-19 fiscal).
However, it fell to Rs 2,25,902 crore by the end of the first quarter ended June of the current fiscal year (2019-20) and further to Rs 2,09,497 crore by the end of the second quarter ended September of FY20.
The difference in deposits between March 2019 to September 2019, reflects withdrawals to the tune of Rs 18,110 crore.
Data beyond September is not available as the cash-strapped bank had announced that there will be a delay in publishing its results for the third quarter.
19:02 March 09
Measures being taken to ensure safety of depositors, says Thakur
Union Minister of State for Finance Anurag Thakur while talking to reporters after holding interactive sessions here with industrialists, traders and intellectuals on taxation, claimed all measures were being taken to ensure the safety of depositors' money and to save the beleaguered private lender.
"I want to assure all Yes Bank depositors that their money is safe. We have sought a report from the Reserve Bank into the matter. The CBI and ED have initiated action against the promoter (Rana Kapoor) of the bank and his relatives," Thakur said when queried on the issue.
19:02 March 09
Mutual funds continue to side-pocket exposures to Yes Bank bonds
Two more mutual fund houses, Franklin Templeton MF and Baroda MF, have decided to side-pocket their exposures to Yes Bank bonds following the rating downgrade of troubled private lender's debt instruments.
This takes the total number of fund houses side-pocketing or segregating their exposures to Yes Bank bonds to five.
Three fund houses -- UTI MF, Nippon India MF and PGIM India MF -- on Friday announced to side-pocket or segregate their exposures to bonds of the private sector lender.
The move is aimed at preventing the distressed assets from damaging the returns generated from more liquid and better-performing assets.
19:01 March 09
FIEO to urge RBI to shift exporters' Yes Bank Nostro account to other banks
With the RBI imposing moratorium on Yes Bank, exporters' body FIEO said it will urge the central bank to allow to shift all outstanding foreign currency payments and receipts of exporters to their Nostro account with other banks.
"We are taking up with the RBI that payment pending in Nostro account of Yes Bank or to be received as inward remittance or for documents sent on collection now should be sent to Nostro of exporters' account with other bank or credited to exporters account but withdrawal to be allowed," FIEO Director General Ajay Sahai told PTI.
Nostro accounts are used to facilitate international transactions and to settle transactions that hedge exchange rate risk.
18:11 March 09
CBI issues look out circular against 7 accused in Yes Bank scam
The CBI issued a look out circular against seven accused in the Yes Bank scam, including its co-founder Rana Kapoor and his family members, to prevent them from leaving the country, officials said.
The agency has booked Kapoor, his wife Bindu and daughters Roshini, Raakhe and Radha, besides DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan, promoter of RKW Developers, they said.
The Enforcement Directorate has already issued an LOC on the basis of which Kapoor's daughter Roshini was stopped at the CSM International Airport, Mumbai, from leaving for London, they said.
18:10 March 09
Hopeful of moratorium being lifted this week: Yes Bank administrator
Beleaguered private sector lender Yes Bank is hopeful of the moratorium being lifted by this Saturday, its RBI-appointed administrator Prashant Kumar said.
He told PTI that the final approval from the Reserve Bank to the SBI-led resolution plan would result in Yes Bank coming out of the moratorium.
He also made it clear that the lifting of the restrictions does not hinge on capital raising plan.
Kumar, former chief financial officer of SBI, however, said that the bank continues to look for capital and called it one of his top priorities along with restoring depositors' confidence.
17:32 March 09
Yes Bank shares zoom over 32%
Shares of Yes Bank zoomed over 32 per cent after State Bank of India (SBI) said it will pick up 49 per cent stake in the cash-strapped lender for Rs 2,450 crore.
The scrip witnessed a sharp rise, spiking 40.7 per cent to Rs 22.80 on the BSE during the day. It closed 31.17 per cent higher at Rs 21.25.
On the NSE, it jumped 41.17 per cent to Rs 22.80 during the trading hours.
It settled 32.20 per cent up at Rs 21.35.
17:31 March 09
Working to restore all services, says Yes Bank administrator
RBI-appointed Yes Bank administrator Prashant Kumar said the lender is working to restore all banking services for its customers as as soon as possible.
"I think for us, the first priority is the customers and how to provide the seamless business to our customers and like you must have seen on the very first day, all our ATMs were up for the customers," Kumar said in an interview to a TV channel.
11:48 March 09
Yes Bank scam: CBI books Rana Kapoor & his family members
New Delhi: The CBI carried out searches at seven locations on Monday in connection with the Yes Bank scam case pertaining to the Rs 600 crore alleged bribe to the family of its co-founder Rana Kapoor by DHFL, officials said.
The CBI has named in the FIR five companies, seven individuals, including Kapoor's wife and three daughters, and unidentified people.
Besides Rana Kapoor, the agency has booked his wife Bindu, daughters Roshini, Raakhe and Radha.
Kapil Wadhawan, promoter of Dewan Housing Finance Corporation Limited (DHFL) and Dheeraj Rajesh Kumar Wadhawan, Director of RKW Developers Private Limited, a company linked to DHFL have also been named as accused, the officials said.
Companies DHFL, RKW Developers Private Limited, DoIt Urban Ventures controlled by the Kapoor family, RAB Enterprises (lndia) Private Limited in which Bindu Rana Kapoor was director and Morgan Credits Private Ltd in which Rana Kapoor's daughters were directors are also named as accused.
While seeking the custody of Rana Kapoor, the Enforcement Directorate contended that prima facie he was involved in generating Rs 4,300 crore in black money and "laundering" the amount.
The ED further said that the alleged kickbacks of Rs 600 crore loan to DoIt Urban Ventures India Pvt. Ltd. (DUVIPL), run by Kapoor's three daughters, was acquired by "pledging highly undervalued assets as mortgage" with Dewan Housing Finance Ltd (DHFL) and its promoter, Kapil Wadhawan and others.
Read more:Sensex nosedives over 1,500 pts on global equity rout, sinking oil prices
Teams of Central Bureau of Investigation (CBI) officers are carrying out operations at the residence and official premises of the accused in Mumbai, they said.
The agency has alleged that Kapoor, 62, 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 Rana Kapoor's daughters, DoIT Urban Ventures (India) Pvt Ltd, the officials said.
The agency has alleged that between April and June, 2018, Yes Bank invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation Ltd (DHFL), they said.
Yes Bank also sanctioned a loan of Rs 750 crore to RKW Developers Pvt Ltd whose Director is Dheeraj Wadhawan and is a DHFL group company for their Bandra reclamation project, the officials said.
The amount was transferred to by RKW Developers to DHFL without investing anything in the project for which it was sanctioned, they said.
In return for these Yes Bank funds, Wadhawan allegedly invested Rs 600 crore in a company of Kapoor's daughters -- DoIt Urban Ventures (India) Pvt Ltd, which the CBI alleges to be a bribe to Kapoor for Yes Bank investments.
DHFL is alleged to have had siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore using a web of multiple shell companies.
The Reserve Bank of India (RBI) 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.
Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.
(Input from agencies)
21:54 March 09
Kapoor and Kapur families under scanner for pre-collapse Yes Bank share trades
Several people linked to Kapoor and Kapur families, the erstwhile promoters of Yes Bank, are said to have traded with unpublished inside information in shares of the now-under-moratorium lender and are under probe along with those who supplied the inside news of a government-sponsored rescue plan, sources said.
Those under scanner of SEBI and other agencies include members of now disgraced Rana Kapoor family as well as those linked to the family of late Ashok Kapur, the sources said.
21:51 March 09
Yes Bank debenture trustee moves HC on RBI move to write-down AT-1 bonds
Axis Trustee Services Ltd, a debenture trustee of Yes Bank, on Monday petitioned the Bombay High Court against the Reserve Bank of India's (RBI) proposal to write-down additional tier-1 (AT1) bonds.
The petition is likely to be taken up for hearing by a division bench of Justices K K Tated and S K Kotwal later this week.
21:20 March 09
CII compliments govt, RBI for swift intervention in Yes Bank case
Industry body CII complimented the government and the Reserve Bank of India (RBI) for "swift intervention" in the restructuring of crisis-hit Yes Bank saying the move will restore confidence in the banking system.
"I would like to compliment the government and the RBI for the swift intervention in the restructuring of Yes Bank which will help restore confidence in the Indian banking system," CII President Vikram Kirloskar said in a statement.
He said both investors and depositors will be reassured that measures have been taken to ensure that a bank failure is avoided after announcement of the reconstruction plan of Yes Bank.
20:54 March 09
'NPCI advised UPI payment apps to have multi-bank approach in 2017'
After the impact on payments systems following moratorium on Yes Bank, the National Payments Council of India (NPCI) on Monday said it had in 2017 advised third-party apps to have a multi-bank approach.
PhonePe's exclusive reliance on Yes Bank to act as its payments partner had resulted in the popular app being unable to render Unified Payment Interface (UPI) transactions for a day last week.
"NPCI has been a proponent of the multi-bank model, to ensure full resilience of the ecosystem... In September 2017, NPCI advised large UPI payment app providers for a multi-bank approach," an official statement said.
Following the service outage, PhonePe switched to ICICI Bank and was able to restart its UPI services late on Saturday.
19:03 March 09
Customers withdrew Rs 18,110 cr deposits during Mar-Sep 2019
Deposits at Yes Bank witnessed a steady decline during the March-September period last year as customers withdrew over Rs 18,100 crore, in a reflection of falling confidence in the bank.
Yes Bank, which has been put under a moratorium by the Reserve Bank till April 3, during which customers are not allowed to withdraw more than Rs 50,000, had deposits worth Rs 2,27,610 crore at the end of March 2019 (or end of 2018-19 fiscal).
However, it fell to Rs 2,25,902 crore by the end of the first quarter ended June of the current fiscal year (2019-20) and further to Rs 2,09,497 crore by the end of the second quarter ended September of FY20.
The difference in deposits between March 2019 to September 2019, reflects withdrawals to the tune of Rs 18,110 crore.
Data beyond September is not available as the cash-strapped bank had announced that there will be a delay in publishing its results for the third quarter.
19:02 March 09
Measures being taken to ensure safety of depositors, says Thakur
Union Minister of State for Finance Anurag Thakur while talking to reporters after holding interactive sessions here with industrialists, traders and intellectuals on taxation, claimed all measures were being taken to ensure the safety of depositors' money and to save the beleaguered private lender.
"I want to assure all Yes Bank depositors that their money is safe. We have sought a report from the Reserve Bank into the matter. The CBI and ED have initiated action against the promoter (Rana Kapoor) of the bank and his relatives," Thakur said when queried on the issue.
19:02 March 09
Mutual funds continue to side-pocket exposures to Yes Bank bonds
Two more mutual fund houses, Franklin Templeton MF and Baroda MF, have decided to side-pocket their exposures to Yes Bank bonds following the rating downgrade of troubled private lender's debt instruments.
This takes the total number of fund houses side-pocketing or segregating their exposures to Yes Bank bonds to five.
Three fund houses -- UTI MF, Nippon India MF and PGIM India MF -- on Friday announced to side-pocket or segregate their exposures to bonds of the private sector lender.
The move is aimed at preventing the distressed assets from damaging the returns generated from more liquid and better-performing assets.
19:01 March 09
FIEO to urge RBI to shift exporters' Yes Bank Nostro account to other banks
With the RBI imposing moratorium on Yes Bank, exporters' body FIEO said it will urge the central bank to allow to shift all outstanding foreign currency payments and receipts of exporters to their Nostro account with other banks.
"We are taking up with the RBI that payment pending in Nostro account of Yes Bank or to be received as inward remittance or for documents sent on collection now should be sent to Nostro of exporters' account with other bank or credited to exporters account but withdrawal to be allowed," FIEO Director General Ajay Sahai told PTI.
Nostro accounts are used to facilitate international transactions and to settle transactions that hedge exchange rate risk.
18:11 March 09
CBI issues look out circular against 7 accused in Yes Bank scam
The CBI issued a look out circular against seven accused in the Yes Bank scam, including its co-founder Rana Kapoor and his family members, to prevent them from leaving the country, officials said.
The agency has booked Kapoor, his wife Bindu and daughters Roshini, Raakhe and Radha, besides DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan, promoter of RKW Developers, they said.
The Enforcement Directorate has already issued an LOC on the basis of which Kapoor's daughter Roshini was stopped at the CSM International Airport, Mumbai, from leaving for London, they said.
18:10 March 09
Hopeful of moratorium being lifted this week: Yes Bank administrator
Beleaguered private sector lender Yes Bank is hopeful of the moratorium being lifted by this Saturday, its RBI-appointed administrator Prashant Kumar said.
He told PTI that the final approval from the Reserve Bank to the SBI-led resolution plan would result in Yes Bank coming out of the moratorium.
He also made it clear that the lifting of the restrictions does not hinge on capital raising plan.
Kumar, former chief financial officer of SBI, however, said that the bank continues to look for capital and called it one of his top priorities along with restoring depositors' confidence.
17:32 March 09
Yes Bank shares zoom over 32%
Shares of Yes Bank zoomed over 32 per cent after State Bank of India (SBI) said it will pick up 49 per cent stake in the cash-strapped lender for Rs 2,450 crore.
The scrip witnessed a sharp rise, spiking 40.7 per cent to Rs 22.80 on the BSE during the day. It closed 31.17 per cent higher at Rs 21.25.
On the NSE, it jumped 41.17 per cent to Rs 22.80 during the trading hours.
It settled 32.20 per cent up at Rs 21.35.
17:31 March 09
Working to restore all services, says Yes Bank administrator
RBI-appointed Yes Bank administrator Prashant Kumar said the lender is working to restore all banking services for its customers as as soon as possible.
"I think for us, the first priority is the customers and how to provide the seamless business to our customers and like you must have seen on the very first day, all our ATMs were up for the customers," Kumar said in an interview to a TV channel.
11:48 March 09
Yes Bank scam: CBI books Rana Kapoor & his family members
New Delhi: The CBI carried out searches at seven locations on Monday in connection with the Yes Bank scam case pertaining to the Rs 600 crore alleged bribe to the family of its co-founder Rana Kapoor by DHFL, officials said.
The CBI has named in the FIR five companies, seven individuals, including Kapoor's wife and three daughters, and unidentified people.
Besides Rana Kapoor, the agency has booked his wife Bindu, daughters Roshini, Raakhe and Radha.
Kapil Wadhawan, promoter of Dewan Housing Finance Corporation Limited (DHFL) and Dheeraj Rajesh Kumar Wadhawan, Director of RKW Developers Private Limited, a company linked to DHFL have also been named as accused, the officials said.
Companies DHFL, RKW Developers Private Limited, DoIt Urban Ventures controlled by the Kapoor family, RAB Enterprises (lndia) Private Limited in which Bindu Rana Kapoor was director and Morgan Credits Private Ltd in which Rana Kapoor's daughters were directors are also named as accused.
While seeking the custody of Rana Kapoor, the Enforcement Directorate contended that prima facie he was involved in generating Rs 4,300 crore in black money and "laundering" the amount.
The ED further said that the alleged kickbacks of Rs 600 crore loan to DoIt Urban Ventures India Pvt. Ltd. (DUVIPL), run by Kapoor's three daughters, was acquired by "pledging highly undervalued assets as mortgage" with Dewan Housing Finance Ltd (DHFL) and its promoter, Kapil Wadhawan and others.
Read more:Sensex nosedives over 1,500 pts on global equity rout, sinking oil prices
Teams of Central Bureau of Investigation (CBI) officers are carrying out operations at the residence and official premises of the accused in Mumbai, they said.
The agency has alleged that Kapoor, 62, 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 Rana Kapoor's daughters, DoIT Urban Ventures (India) Pvt Ltd, the officials said.
The agency has alleged that between April and June, 2018, Yes Bank invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation Ltd (DHFL), they said.
Yes Bank also sanctioned a loan of Rs 750 crore to RKW Developers Pvt Ltd whose Director is Dheeraj Wadhawan and is a DHFL group company for their Bandra reclamation project, the officials said.
The amount was transferred to by RKW Developers to DHFL without investing anything in the project for which it was sanctioned, they said.
In return for these Yes Bank funds, Wadhawan allegedly invested Rs 600 crore in a company of Kapoor's daughters -- DoIt Urban Ventures (India) Pvt Ltd, which the CBI alleges to be a bribe to Kapoor for Yes Bank investments.
DHFL is alleged to have had siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore using a web of multiple shell companies.
The Reserve Bank of India (RBI) 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.
Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.
As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.
(Input from agencies)
Please write to us, for media partnership and Ad-sales inquiries. Email: adops@etvbharat.com
