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<ul class="summary-list"><li>Big banks have reported their second-quarter earnings over the past week.</li><li>JPMorgan's profits surged to a record high after it bought First Republic.</li></ul>Big banks have released their earnings over the past few days – and it's clear that Wall Street had a good quarter.JPMorgan's <a href="https://www.businessinsider.com/first-republic-bank-taken-jpmorgan-fdic-fails-find-buyer-2023-5">rescue of First Republic</a> helped its profits surge 67% to a record $14.5 billion for the three months to June 30.Bank of America, Citi, Morgan Stanley, and Wells Fargo also all beat analysts' earnings expectations, with each enjoying a share-price bump that's lifted the benchmark <a href="https://markets.businessinsider.com/etfs/invesco-kbw-bank-etf-us46138e6288">KBW Bank Index</a> by 4% over the past two trading days.Goldman Sachs' results <a href="https://www.ft.com/content/2294f66d-78b4-4e1c-91c1-2770995741ad" target="_blank" rel="noopener">on Wednesday</a> will provide a further gauge of the banking sector's overall health. Early signs suggest that Wall Street's emerged unscathed from the banking turmoil that rocked markets earlier this year.Back in March, Silicon Valley Bank collapsed after massive losses in its bond portfolio caused customers like Peter Thiel's Founders Fund to pull their deposits from the lender.That failure sparked wider concern, with First Republic collapsing the following month and other regional lenders such as PacWest and Western Alliance also seeing their share prices plummet.For big banks, the turmoil created an opportunity to win customers who were worried that their deposits weren't safe, and boost their balance sheets by scooping up smaller lenders.JPMorgan led the charge by <a href="https://www.fdic.gov/news/press-releases/2023/pr23034.html" target="_blank" rel="noopener">buying First Republic from the Federal Deposit Insurance Corporation</a> on May 1, taking on an additional $104 billion of deposits. CEO Jamie Dimon said at the time that the US Government asked banks including his <a href="https://www.businessinsider.com/jamie-dimon-jpmorgan-asked-step-up-with-first-republic-rescue-2023-5">"to step up, and we did."</a>That deal was one reason why JPMorgan posted record profits in the second quarter, analysts said.Wall Street's top names have also benefited from <a href="https://markets.businessinsider.com/news/stocks/stock-market-charts-crash-federal-reserve-interest-rates-bonds-crypto-2023-6?_gl=1*l0ilc7*_ga*MTg1NTcwOTk2MS4xNjg1NzE2MDQ0*_ga_E21CV80ZCZ*MTY4NjkwNDk1OS4yNi4xLjE2ODY5MDc4MTAuNjAuMC4w">the Federal Reserve's decision to raise interest rates from near-zero to more than 5%</a> over the past 16 months in a bid to tame soaring inflation.That benefits banks because they can charge customers more to borrow when they take out a mortgage or use a credit card.JPMorgan made almost $22 billion in net interest income in the second quarter, up 44% from the previous year.Bank of America, Citi, and Wells Fargo also all logged higher net interest income, thanks to the Fed's aggressive tightening campaign.

Yes, Wall Street's biggest lenders got even richer after Silicon Valley Bank collapsed

CBI files chargesheet against Rana Kapoor — The rise and fall of Yes Bank’s former co-founder and CEO

The CBI carried out searches at seven locations on Monday in connection with the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword> pertaining to the Rs 600 crore alleged bribe to the family of its co-founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> by DHFL, officials said. Teams of 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 <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword>, DHFL promoter, for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said. According to the <keyword id="522895" type="ORGANIZATION" weightage="20" keywordseo="CBI-FIR">CBI FIR</keyword>, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL). In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said. See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a>

Yes Bank scam escalates as CBI carries out searches to connect Rana Kapoor to DHFL promoter Kapil Wadhawan

<ul><li><keyword id="8883506" type="UNKNOWN" weightage="20" keywordseo="yes-bank-founder-rana-kapoor">Yes Bank founder Rana Kapoor</keyword> was arrested by the Enforcement Directorate (ED) early today, March 8.</li><li>He has been arrested under the provision of the <keyword id="6355007" type="UNKNOWN" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act">Prevention of Money Laundering Act</keyword> (PMLA).</li><li>Authorities claim he was not cooperating with the probe.</li></ul> The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. According to officials, Kapoor's wife Bindu and daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor -- are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after 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. PTI NES AD 03080721 NNNN

Yes Bank founder Rana Kapoor arrested by ED on charges of money laundering

Mumbai, <keyword id="7340328" type="General" weightage="20" keywordseo="reserve-bank-governor-shaktikanta-das" source="Orion">Reserve Bank Governor Shaktikanta Das</keyword> on Monday said the central bank has noticed "excessive dominance" by one or two board members even in "big commercial banks" and asked the lenders to desist from such practices. Board discussions have to be free, fair and democratic, Das said, addressing directors of <keyword id="117575" type="General" weightage="50" keywordseo="urban-cooperative-banks" source="Orion">Urban Cooperative Banks</keyword> (UCBs) at a meeting organised by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) here. "There should not be an over-dominance or excessive dominance by one or two members of the board, or the chairman or the vice-chairman. We have seen this even in big commercial banks... wherever we have seen this, we have told the bank that this is not the way," he said. He said all directors need to be given a chance to speak and a particular director's say should not be the final one on a matter. The governor, who made the point while illustrating the importance of a well-functioning board, however, did not elaborate further. In the past, the Indian banking system has witnessed problems at the promoter-led YES Bank, which had to be bailed out in an SBI-led initiative, which was supported by the RBI and the government. YES Bank Co-Founder Rana Kapoor, who was also its Chief Executive and Managing Director, was arrested in connection with the irregularities at the bank. Earlier this month, Uday Kotak, the Chief Executive and Managing Director of Kotak Mahindra Bank, resigned from his post and will continue as a non-executive board member. Das said directors in UCBs -- who are elected to the post -- need to have expertise in various aspects of banking, such as risk management, information technology, etc. He urged directors to go through agenda notes, which are prepared in advance, and ask relevant questions. While a managing director should have the freedom to act as per what she or he feels right, it is also important for directors to get their doubts clarified, Das added.

RBI found excessive dominance by 1-2 board members even in big commercial banks: Das

Mumbai, Mar 7 () The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said. They said Kapoor was brought to the agency's office in the Ballard Estate area Saturday afternoon. The ED had searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area on Friday night and had grilled him there too. The questioning of Kapoor is continuing, they said. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned non-performing assets (NPAs), they said. Action against Kapoor is being conducted under the Prevention of Money Laundering Act (PMLA) by the ED. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner, including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank 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. NES SMNSMN

ED continues questioning Yes Bank founder Rana Kapoor

<ul><li>The Enforcement Directorate is currently investigating <keyword id="1702687" type="ORGANIZATION" weightage="20" keywordseo="YES-Bank-founder">Yes Bank founder</keyword> <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>.</li><li>They suspect that he's responsible for ₹30,000 crore worth loans at Yes Bank that went bad.</li><li>Here's the full story of everything that the ED's investigation has revealed so far about how Rana Kapoor gave out those loans and pocketed the kickbacks.</li></ul>Yes Bank founder Rana Kapoor shunned the family jewellery businesses to break into the tough world of private banking in India. However, his choice of loans, heady risks and illegal practices of lending against kickbacks brought the country’s fourth-largest lender under the lens of investigative agencies. A year after he entered the billionaire club, Kapoor’s world <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">started to crumble</a> when the Reserve Bank of India (RBI) asked Kapoor to step down from his position as CEO of Yes Bank by January 2019. By July, Yes Bank’s share price had dropped by 78% leaving Kapoor with a net worth of $377 million. 
 
 
 <div type="image" title="rana6" msid="74645019" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor addresses his first press conference after taking charge as ASSOCHAM President in New Delhi on 26 July 2013&amp;lt;/p&amp;gt;"></div>







 But the bank had lost much more as ₹30,000 crore worth loans went bad, and the Enforcement Directorate (ED) held him responsible. After the <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">ED arrested him</a>, it has identified 78 shell corporations that are suspected of receiving kickbacks in exchange for loans that no other bank would touch. According to the investigation, as his depositors lost money, he became richer by ₹5,000 crore only in kickbacks. With funds routed through shell companies and benami accounts, Kapoor <a href="https://www.businessinsider.in/business/news/a-reported-list-of-rana-kapoors-assets-include-a-30-million-investment-in-uk-a-yacht-and-five-properties-in-delhi/articleshow/74594273.cms">bought hotels in New York</a> and London, bungalows in Delhi, flats in Mumbai and expensive paintings. The ED's investigation also revealed that, Kapoor who played fast and hard with rules, also failed to insulate his family from harm. His wife Bindu and <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">three daughters</a> — Roshini, Radha and Rakhee — are at the helm of most of these shell companies, and CBI has its claws around them too. The case of money laundering The saga of crony capitalism started to come to light last week when Kapoor was booked under the Prevention of Money Laundering Act (PMLA) on March 6 to look into the connection between him and Yes Bank’s bad loans. 
 
 
 <div type="image" title="rana7" msid="74645029" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor arrested at his residence in Mumbai by the ED&amp;lt;/p&amp;gt;"></div>







 The ED <a href="https://www.businessinsider.in/business/news/yes-bank-founder-rana-kapoor-questioned-on-money-laundering-case-house-raided-by-ed/articleshow/74522297.cms">raided his residence</a> at Samudra Mahal in Worli to search for evidence and grilled him for hours. The following day, <a href="https://www.businessinsider.in/business/news/ed-continues-questioning-yes-bank-founder-rana-kapoor/articleshow/74525680.cms">officials took Kapoor</a> back to ED’s Ballard Pier office in Mumbai. During the course of the interrogation, the agency expanded its probe to include his daughters. They allegedly own multiple companies that received kickbacks from different corporates who received loans from Yes Bank. 
 
 
 <div type="image" title="rana9" msid="74645036" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor reprimanded into ED Custody until March 16&amp;lt;/p&amp;gt;"></div>







 The ₹600 crore kickback from DHFL One of the companies suspected by the ED of giving kickbacks to Kapoor’s companies is DHFL — <a href="https://www.businessinsider.in/finance/news/yes-bank-founder-rana-kapoor-arrested-by-ed-on-charges-of-money-laundering/articleshow/74534138.cms">accused of misappropriating funds</a> worth ₹25,000 crore, which ultimately led to its downfall. Yes Bank had doled out a loan of ₹3,750 crore directly to DHFL and another loan worth ₹750 crore to RKW Developers, a subsidiary of DHFL. However, when the real estate company defaulted on its loan, Kapoor did not initiate any action. 
 
 
 <div type="image" title="rana4" msid="74645060" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor (C) with wife Bindu Kapoor (L) and daughter Roshni Kapoor (R)&amp;lt;/p&amp;gt;"></div>







 The ED now suspects that his restraint was a result of <a href="https://www.businessinsider.in/business/news/ed-questions-yes-bank-founder-rana-kapoor-for-second-day-expands-raids/articleshow/74530525.cms">kickbacks to the tune of ₹600 crore</a> to Doit Urban Ventures — a dummy corporation owned by Kapoor and two of his daughters. Nearly 80 shell companies set up to receive bribes and buy bungalows Two days into the interrogation Kapoor was arrested for not cooperating with the authorities. Meanwhile, 10 teams of the CBI were involved in its <a href="https://www.businessinsider.in/business/news/yes-bank-scam-cbi-carries-out-searches-at-7-locations-in-mumbai-loc-issued/articleshow/74554915.cms">search operations</a> spread across the south Mumbai neighbourhood. The ED found that Rana Kapoor and his family had more than <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">78 shell companies </a>set up to receive bribes and invest in properties under the radar. All of these companies were either directly under Kapoor’s control or under the control of his wife and daughters. His wife, Bindu, was the director of at least 42 companies. 
 
 
 <div type="image" title="25110ed6046e3eb4597f509f58f1c4eb_edited" msid="74645069" hostid="261" caption="&amp;lt;p&amp;gt;Rana Kapoor&amp;#39;s property at Amrita Shergil Marg&amp;lt;/p&amp;gt;"></div>







 The companies allegedly invested in properties with a net worth of over ₹2,000 crore. An official told PTI that the current market value of those properties could be <a href="https://www.ndtv.com/india-news/yes-bank-crisis-probe-agency-says-rana-kapoor-along-with-his-family-owned-78-shell-companies-2194031">well above ₹5,000 crore.</a> His shady overseas properties include two luxury hotels — one in New York worth over $20 million and one in London worth nearly £30 million — two residential apartments in London valued at £15 million apiece, and a yacht. In India, Kapoor owns six bungalows in Delhi’s upscale neighbourhoods, including Jor Bagh, Hauz Khas and Kautilya Marg. Two were bought by a company called Bliss Adobe, which had Bindu as its director. The property on Amrita Shergil Marg was auctioned off by Avantha Realty when Bliss Abode picked it off the market. Coincidentally, Yes Bank’s exposure to Avantha Realty was ₹500 crore. The other house on Sardar Patel Marg was bought by the Kapoor’s shell corporation Bliss Home. ED’s investigation noted that the house was formerly owned by Vijay Mallya. ED also found that Kapoor owns six flats and a parcel of land in Mumbai and its suburbs. Priyanka Gandhi Vadhra and the painting by MF Hussain During the search of his Mumbai residence, the ED seized nearly 50 pieces of art from his home. One of the paintings — <a href="https://www.businessinsider.in/politics/india/news/congress-raises-question-over-rana-kapoors-links-with-bjp/articleshow/74544228.cms">a portrait of former prime minister Rajiv Gandhi by MF Hussain</a> — belonged to Congress leader Priyanka Gandhi Vadra. The Congress party says that the deal between Vadra and Kapoor was a transparent transaction of ₹2 crore. The payment was made through cheque and was reflected in income tax returns. However, the ED is still looking into whether the painting was Vadra’s to sell or belonged to the All India Congress Committee (AICC). It’s also looking into whether the provenance certificate — which authenticates the artwork — was signed by Vadra and under what circumstances. Can’t leave the country Kapoor and his family currently can’t leave the country. A look-out notice was also issued in their names on March 12 along with DHFL promoter Kapil Wadhawan and Dheeraj Wadhawan. Roshini, Kapoor’s youngest daughter, was stopped at the CSM International Airport in Mumbai trying to catch a flight to London. Kapoor’s arrest has been extended to March 16 during which he will be in the custody of the ED. The Central Bureau of Investigation (CBI) is also loading its guns. It has begun a probe into the Yes Bank affairs but has not elaborated on the nature of the probe. The Income Tax Department is next in line to initiate action against Kapoor and others for tax evasion and possession of alleged undeclared foreign assets. Meanwhile, the Odisha unit of the Bharatiya Janata Party (BJP) has asked for a separate probe to look into the alleged conspiracy behind the deposits of ₹545 crore of the <a href="https://www.businessinsider.in/business/news/concern-over-lord-jagannaths-rs-545-crore-in-yes-bank/articleshow/74514318.cms">Shree Jagannath Temple</a>. Money laundering, tax evasion, fraud and insider trading— the founder of India’s fourth-largest private sector bank Rana Kapoor has been accused of it all. And, the evidence against him is piling up. While depositors are all set to get <a href="https://www.businessinsider.in/india/news/yes-bank-withdrawal-limit-to-be-lifted-in-three-working-days/articleshow/74624128.cms">relief this week</a> as moratorium lifts, Kapoor who claims he has “no clue” why RBI restricted withdrawals - will stay with the authorities trying to explain how he sunk crores into companies that can best be described as money pits. See also: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/business/news/the-fall-of-yes-bank-founder-rana-kapoor-from-a-billion-dollars-to-facing-a-4300-crore-investigation/articleshow/74547669.cms">The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation</a> <a href="https://www.businessinsider.in/finance/news/rana-kapoors-daughters-who-said-no-to-banking-are-now-in-the-dock-with-yes-bank-crisis/articleshow/74549729.cms">The three Kapoor sisters who said ‘no’ to banking are now in the dock with Yes Bank crisis</a>

Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks

<ul><li>The <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (<keyword id="12163" type="COMPANY" weightage="20" keywordseo="Ed">ED</keyword>) filed a money laundering case and carried out searches at the residence of the bank's founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>.</li><li>The central financial probe agency also issued a look out circular against Kapoor, so that he does not leave the country.</li><li>The ED's action comes a day after the RBI superseded the <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> board for 30 days and appointed an administrator, putting a cap of Rs 50,000 on withdrawal by account holders for a month.</li></ul>The Enforcement Directorate (ED) filed a money laundering case and carried out searches at the residence of the bank's founder Rana Kapoor, officials said. The central financial probe agency also issued a look out circular against Kapoor, so that he does not leaves the country. A senior ED official told IANS, "Yes, the agency registered a case of money laundering in the Yes Bank matter." Confirming the searches carried out at Kapoor's residence in Mumbai by the central financial probe agency, the official said, "Yes, the searches started late in the evening at his residence." Another ED official, also related to the probe said the agency has issued LOC against Kapoor, so that the does not leaves the country. The copy of the LOC has been sent to the airport's with details of his passport. The ED's action comes a day after the RBI superseded the Yes Bank board for 30 days and appointed an administrator, putting a cap of Rs 50,000 on withdrawal by account holders for a month. The RBI said that the bank's board was superseded "owing to serious deterioration in the financial position of the bank". Former SBI CFO Prashant Kumar was appointed as administrator of Yes Bank. Yes Bank has over 1,000 branches and 1,800-plus ATMs across the country which are under severe stress after the crisis erupted last night. Earlier in the day, Union Finance Minister Nirmala Sitharaman said that the bank was put under watch since 2017 and developments relating to it were being monitored on a day-to-day basis. "Since 2017, the central bank noticed governance issues and weak regulatory compliance at Yes Bank, besides wrong asset classification and risky credit decisions," the Finance Minister said. The bank took many risky credit decisions, and the RBI had advised change in management, she said, adding such decisions were taken in the interest of the bank's health. A new CEO was appointed in September 2018 and clean up of the bank started and the investigative agencies too found irregularities, she said. Sitharaman said the RBI has been asked to assess the causes of problems and identify the role played by individuals. The restructuring scheme will be fully effective within 30 days, she said, adding that the State Bank of India has expressed willingness to invest in Yes Bank. Kapoor was present at his Samudramahal residence when the searches were conducted, the official said. ED officials also questioned Kapoor about financial dealings and properties. Kapoor's role in the disbursal of loan to a corporate entity and kickbacks allegedly received in her wife's bank account are also being probed.

YES Bank founder Rana Kapoor questioned on money laundering case, house raided by ED

(Eds: Correcting loan amount in para 2) New Delhi, Mar 13 () The CBI has booked Yes Bank founder Rana Kapoor, his wife Bindu and Avantha Realty promoter Gautam Thapar in a fresh case, officials said on Friday. The case relates to the Amrita Shergill bungalow deal and alleged bribe for relaxation in realisation of loans worth over Rs 1,500 crore to Thapar's companies, according to officials. The probe agency is carrying out searches in Delhi and Mumbai at multiple locations, including the office and residences of Kapoor, his wife Bindu, office of Bliss Abode linked to Bindu, Thapar and his companies, and the India Bulls Housing Finance Ltd, the officials added. ABSHMB

CBI books Yes Bank founder, wife & others in fresh case

<ul><li><keyword id="1402053" type="General" weightage="20" keywordseo="ashok-vaswani" source="Orion">Ashok Vaswani</keyword> is a Stanford graduate who is also a CA, CS and did his Bachelors at Sydenham College of Commerce.</li><li>Vaswani worked with <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> and more recently, at <keyword id="6386585" type="General" weightage="20" keywordseo="barclays" source="Orion">Barclays</keyword>, where he built and grew the business to a scale.</li><li>Vaswani is obsessed with technology but also focused on earning the trust of his consumers.</li><li><keyword id="45051" type="General" weightage="20" keywordseo="uday-kotak" source="Orion">Uday Kotak</keyword> has roped in an outsider given the extent of the transformation that <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword> will need in times to come when banks will have to fight for wallet share of consumers. </li></ul>Today, you don’t need to step into a bank to make payments, check your balance or even request for a cheque book. That is if you still use those booklets. Since your bank’s mobile app allows you to do all this and much more online, can there be more digitisation in banking? Well, the new CEO of Kotak Mahindra Bank Ashok Vaswani thinks that a lot more technology can be deployed in banks. As the CEO of Barclays Bank UK, Vaswani knows how the lives of consumers can transform with digitisation. He is also cognisant of the fact that a bank does not only cater to millennials or GenZ population. At Barclays, he had a team of tech experts to help consumers who were even in their 1990s such that they could learn not just digital banking but even chat with grandkids on Skype or Zoom. That is how the new CEO of Kotak Mahindra Bank thinks, given that his head and heart are in the right place. At a time when banks are struggling to keep consumers happy while maintaining high profit margins, Vaswani could well be the man who can plug the gaps. And, if there’s something he can talk about for hours, it is the technological transformation of financial services. Not only is he cognisant of the ease that digital banking brings, but also the risk that comes along with it. This generational shift at India’s fourth largest private bank in India clearly wants to up its game in the years to come by leveraging technology to transform not only its operations but also create new and better services for its customers. Imagine an AI Bot that actually tells consumers every month on how spending on eating out is much more than feasible or that average monthly savings are not good enough when you retire. Yes, Vaswani believes that is the next stage of banking as it can open up different ecosystems. In an interview a few years ago at the University of West England, Bristol, he said: “I would submit that a lot more digitisation can happen. Why would I not be able to tell you, you are earning so much, you are spending this much and you should be saving. Can you imagine, you spent so much money on Uber and that you should be careful?” There are so many aspects of digital transformation that limits are frankly only set in the mind. As the CEO of Barclays UK, he has not just built a lot of products for consumers but even their confidence in the bank and the banking system. It is a refreshing change to hear a CEO talk about confidence in the company and not just on margins. Vaswani has a proven track record spanning three and a half decades across the world’s leading banks. He was initially at Citigroup and more recently, at Barclays, where he built and grew the business to a scale. He brings with him significant executional experience with a high degree of compliance and industrial strength across corporate and consumer businesses. Vaswani was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their global consumer, private, corporate and payments businesses and Member of the group executive committee. Earlier, he was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating Management Committees. He also built and ran various country and regional businesses across geographies. What makes him interesting is that he has not only run global banks but has even been president of Pagaya Technologies, a US-Israeli AI fintech company. This kind of exposure makes him a much better candidate than any insider at Kotak Mahindra Bank. At last count, there were three top contenders for the job, but Uday Kotak has roped in an outsider given the extent of the transformation that the bank will need to undertake to remain relevant in the face of competition from other fintechs. Ashok is married to Veena and their daughter is working in the United States of America. It is interesting that Uday Kotak, first generation founder and promoter of Kotak Mahindra Bank, has brought in an outsider to run the bank. Organisations typically are wary of bringing in outsiders at top jobs mostly because of the friction that results from such hiring due to cultural fitment and acceptance of a known candidate. It is easier for the rank and file to accept an insider rather than an outsider but Uday Kotak has chosen to take the risky route. While in some unfortunate cases like Infosys, where Vishal Sikka did not fare too well when promoters stepped away in 2014, the experiment of outsiders has been rather successful at the Tata Group. When Ratan Tata took over the reins at the Tata Group, he brought in Kishor Chaukar who came from ICICI Securities to head Tata Industries. Ravi Kant came in from Philips India in 1999, and headed commercial vehicles for Tata Motors before becoming MD in 2005. In 1998, the then vice-chairman of Hindustan Lever (now known as Hindustan Unilever), moved to Tata Sons as executive director. Typically, Indian corporations bring in overseas talent when they believe that the requisite skills are not available in India. But given that India’s private banking sector has grown and flourished under the stewardship of homegrown talent, this shift is an interesting move by Uday Kotak, who clearly sees merit in Vaswani’s experience outside of India. No wonder Uday Kotak, Founder and Director, Kotak Mahindra Bank said: “I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.” Interestingly, Ashok Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business. Uday Kotak too is alumnus of Sydenham College and has a postgraduate degree in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.

The CEO who believes that there’s a lot more to digitise at banks

Mumbai, Mar 7 () The Enforcement Directorate questioned Yes Bank founder Rana Kapoor for the second day on Saturday in connection with a money laundering probe against him and others and raided some more locations in Delhi and Mumbai, officials said.They said Kapoor was brought to the agency's office in Ballard Estate area after noon.He has been questioned for over seven hours and his statement recorded by the agency under the Prevention of Money Laundering Act (PMLA), the officials said.The premises of Kapoor's three daughters in Delhi and Mumbai were also searched on Saturday to gather more information and evidence, they added.The ED had searched Rana's residence in the upscale 'Samudra Mahal' building in the Worli area on Friday night and grilled him there too.The questioning of Kapoor is continuing, the officials said.The case against Kapoor is linked to the scam-hit Dewan Housing Finance Corporation (DHFL) as the loans given by the bank to the company allegedly turned non-performing assets (NPAs), they said.A Rs 600-crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, they added.Action against Kapoor is being conducted under the PMLA.According to the officials, the central agency is also probing the Yes Bank founder's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts.Other alleged irregularities are also under the agency's scanner, including the one related to the alleged Employees' Provident Fund (EPF) fraud in Uttar Pradesh Power Corporation Limited (UPPCL), they said.The CBI recently took over the investigation into the Rs 2,267-crore EPF fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in DHFL.The ED action came after 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. NES DIVDIV

ED questions Yes Bank founder Rana Kapoor for second day; expands raids

<ul><li><keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">YES Bank</keyword> has announced the launch of its <keyword id="3150978" type="PERSON" weightage="20" keywordseo="musical-logo">musical logo</keyword>, a versatile sound signature to greet and connect more deeply with customers across platforms and geographies.</li><li>The audio branding is integrated across YES Bank’s digital and physical touch points such as net banking, mobile banking, point of sale (POS) solutions, <keyword id="143885" type="COMPANY" weightage="20" keywordseo="interactive-voice-response">Interactive Voice Response</keyword> (IVR), mobile ringtone and so on, where customers will be able to hear this melody.</li><li>The musical logo was co-created with <keyword id="1127662" type="COMPANY" weightage="20" keywordseo="BrandMusiq">BrandMusiq</keyword> agency.</li></ul>In its first step towards sonic branding, YES BANK has launched its musical logo (MOGO®), a versatile sound signature to greet and connect with customers across platforms and geographies. YES BANK’s sonic logo takes the form of a joyful, heart-stirring melody that represents the brand in an acoustic form. It has been conceived to engage with consumers more deeply by creating a multisensory experience. Customers will be able to hear the melody across YES BANK’s digital and physical touchpoints – net banking, mobile banking, point of sale (POS) solutions, Interactive Voice Response (IVR), mobile ringtone and so on. In its longer version, the melody manifests as a warm, stirring harmony with an inviting tempo that lifts to an exuberant pitch as the music intensifies. <keyword id="4121510" type="PERSON" weightage="20" keywordseo="Jasneet-Bachal">Jasneet Bachal</keyword>, Chief Marketing Officer, YES BANK, said, “Amid the visual overload that consumers today deal with, this distinct MOGOSCAPE® will be catalytic in creating an experience that goes beyond visuals and touch. With the new sonic identity, we have attempted to evolve the brand identity into a simple, memorable and modernized sound – a harmony to engage the customer on a multi-sensory level, optimized for use in digital contexts. In its abbreviated version, the MOGO® is a sprightly melodic sound, compelling in contexts where shorter interaction is appropriate. Sound has a deeper emotional association with consumers, helps capture attention, and aid brand recognition. It is an attempt to creatively engage with consumers and create new memory pathways so that whenever our consumers engage with YES BANK, digitally or physically, this signature sound will accompany them on their journey with us.” <keyword id="212023" type="PERSON" weightage="20" keywordseo="Rajeev-Raja">Rajeev Raja</keyword>, Founder, BrandMusiq, said, “Delighted to create the sonic branding for YES BANK. We wanted to bring alive YES BANK in a positive, upbeat manner. Balancing that with the empathy and caring that the Bank offers its customers. We designed a very memorable MOGO® surrounded by a modern, contemporary soundscape.” The musical logo, co-created with BrandMusiq agency, is simple enough for people to remember and striking enough for them to want to hum along to. Through the melody, the agency tried to capture the essence of the YES brand values such as transparency, accountability, resilience, humility, integrity and collaboration. The melody will work as the DNA to build any future sound architecture for the Bank’s audio branding. <div type="Youtube" id="JY9QYFZlsNc" title="Introducing The New Sound Of YES" thumbUrl="https://i.ytimg.com/vi/JY9QYFZlsNc/mqdefault.jpg"></div>

You Searched For "YES Bank founder" and got 12 results

Yes, Wall Street's biggest lenders got even richer after Silicon Valley Bank collapsed

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Yes Bank founder Rana Kapoor arrested by ED on charges of money laundering

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ED continues questioning Yes Bank founder Rana Kapoor

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Rana Kapoor's hotels, bungalows, flats and paintings — everything that Yes Bank founder is suspected for buying with kickbacks

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YES Bank founder Rana Kapoor questioned on money laundering case, house raided by ED

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CBI books Yes Bank founder, wife & others in fresh case

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The CEO who believes that there’s a lot more to digitise at banks

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ED questions Yes Bank founder Rana Kapoor for second day; expands raids

PTI

YES Bank launches a new musical logo to build a deeper connect with customers

BI India Partner

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