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<ul><li>If a bank wants to project itself as a customer-centric bank then it also has to be respectful and considerate towards its employees too. </li><li>After fixing the problem of a very high ratio of bad loans, <keyword id="45660" type="General" weightage="20" keywordseo="yes-bank" source="Orion">Yes Bank</keyword> is ready to focus on growth. Depositor confidence appears to be back with deposits having more than doubled in less than three years. </li><li>The bank’s rebranding exercise is to convey to stakeholders that a lot has changed around governance and transparency. </li></ul>At the start of the millennium, private banks were not just the toast of investors but consumers too as they offered better technology and user experience. However, two decades down the road, these banks that positioned themselves as customer centric are now making headlines for their falling customer service as well as poor treatment of their own workforce. In conversation with Business Insider, Prashant Kumar, the CEO of Yes Bank, says that charity begins at home and even if the Reserve Bank of India’s recommendations on customer service standards may seem onerous, they need to be implemented. Edited Excerpts: What about current service standards in Indian banking? The RBI recently came out with recommendations to improve the standards. What is your view? Fundamentally, I think this is very important. If you provide the right service to your customers, you should not think it will hit your profit. The core issue for the sector is taking care of customers in a transparent way. The recommendations can be seen as onerous, but we have to move in that direction. Anything that can be done for the customers and fair treatment should be taken up. The difficulty is in execution and costs, but there is no choice as bringing the confidence of the customer into the sector is needed. A viral video has put the spotlight on how banks are chasing growth. Even the Reserve Bank was asked for its view on the same. What is your view? Our core philosophy is to put the customer at the centre of all we do. The differentiation we would like to make between us and other banks is how responsive we are to customers. If you want to be a customer-centric bank, you have to be employee-centric. Ultimately, we are dealing with human beings. If I expect my employees to be respectful or considerate towards customers, it is a change in the thought process. The person cannot be any different from a colleague. You cannot have a split personality. We are among the top 50 Best Places to Work. What changes? We are trying to bring in this bank based on beliefs and not on what has happened. I believe that if you cannot treat your colleagues with dignity, you cannot treat your customers with dignity either. You have more retail investors than retail savings accounts. It seems retail investors have placed more faith in Yes Bank than depositors? Today, we have the distinction of having more than 5 million retail investors. We have 6.5 million customers. When you say debit cards, you mean savings accounts only. Our customers are more than investors. We definitely enjoy the distinction of having the largest number of retail shareholders in the country. A large number of retail investors have confidence in the bank’s turnaround. You undertook this rebranding exercise a few weeks ago. What was the reason behind doing it? The brand suffered after what happened to the bank. Ultimately, this was a large event, and in the case of banks, the trust and confidence of the customers matter the most. First, we did the clean-up and resolved all the legacy issues. We should not talk of large corporate issues when we speak of legacy issues. There was an issue around corporate governance and how it was run as a bank. Once you do such a clean-up and change a lot around governance, it becomes important to convey it to stakeholders. Today, the entire class of customers has changed thanks to digital adoption. When we undertook the brand refresh, we thought, design-friendly let’s make it design-friendly for our digital customers. If you see our current logo, it is more in terms of reflecting the value of the bank, which is about growth now that the turnaround is over. So you see a soaring bird in the logo. This bank has changed in terms of governance and responsiveness to its customers. The current design is not a closed box; it has opened up, which shows our transparency and responsiveness. The new logo is similar to the older design. Why was the new brand identity not totally different? There were a lot of inputs when we undertook this exercise two years ago. There were inputs that suggested we change the name of the bank, but we did not want to go by those inputs alone. We engaged professional agencies to do research with all the stakeholders, and they gave us feedback based on the inputs. The input we got was that people liked the brand. Everyone knows Yes Bank, and that is the strength of the bank. There were no negatives in the mind of the customers. The feedback about the tick was also positive. If we had changed the name of the bank, then it would have taken a lot of money and time to establish it in the minds of customers. So we decided to do a brand refresh. Yes Bank’s turnaround is unprecedented but your true test is to regain trust of consumers. The ratio of low cost deposits (CASA) is at 30% which is lower than other private banks. What are the results of your turnaround strategy in terms of customer acquisition? This kind of turnaround attempt has never been made, and today we can say that such an attempt has been successful. On the CASA ratio, we are lower than the market average. But if you look at this journey from where we started, our deposits have more than doubled in less than three years. We started the journey in March 2020 with deposits of Rs 1,00,000 crore, now we are at Rs 2,17,000 crore. The industry’s growth rate for deposits is not more than 10%, and in three years we have doubled. Yes Bank used to add 30,000 new customers each month, now we add 130,000 new customers a month on the CASA side for the last four months. That shows that trust and confidence have come back. Over the last year, CASA ratios at most banks have come down as customers have moved money from CASA to fixed deposits. Today, the question is whether we can grow profitably. We started out with a 16% NPA ratio. So we had to either recover (outstanding loans) or make provisions. Our operating profit has continued to grow, but there were times when there was a mismatch between recovery and provisions. You have given a target of increasing the net interest margin by 100 basis points over three years. How do you plan to achieve that? This will depend on three large factors. As a bank, we were unable to meet priority sector lending targets due to previous problems. Every bank is expected to meet priority sector targets, and if you do not meet these targets, a lot of money has to be kept in Rural Infrastructure Development Fund (RIDF) deposits, where returns are very low. Today, almost Rs 30,000 crore is kept in RIDF deposits, which is 10% of our balance sheet, and it earns 2-3% returns. Today, we are meeting the priority sector lending norms but there are subcategories. One such subcategory is the small and marginal farmer. Since the bank cannot meet this, we had to put money in RIDF deposits, and it is a drag of 35 basis points in margins. Second, if we improve CASA, our margins will also move upward. In three years, we have doubled deposits without increasing interest rates. The next phase will see an uptick in the CASA ratio. An improvement of CASA from 30% to 35% will see an increase of approx. 20 basis points in NIMs. Third, currently, in our portfolio, we do not have a single high-yielding asset class. We don’t have a presence in microfinance and we do not have a large credit card base. We do not have a large base of unsecured borrowers. Now that we have resolved past issues, we can look at slightly higher-yielding assets. That gives an increase of 50 basis points on NIMs. This is a clear roadmap for us. We would be very cautious and not do anything risky. The digital customer is the key base for all banks. Has the Yes Bank app changed? The mobile banking app is being changed. Now that the new app is being offered to some customers, we will launch it in the next few months. Your stock has been volatile for a while now and trades in a wide range. What is your message for investors who have bet on the bank’s turnaround? If there is a consistent performance from the bank, it will be rewarded by the market. Our effort has been to continuously deliver on that effort. You started with a very large bad loan book of nearly Rs 50,0000 crore. And you are expecting to recover Rs 5000 crore this year. Do you think that this would be the trend going forward too? If you look at the last three years, we have recovered or upgraded to the tune of Rs 20,000 crore from that book. We are expecting another Rs 5000 crore, and going forward, this will come down. What about loans that were converted to equity? We have transferred all assets and securities to JC Flowers. We want to focus on growth. Our net NPA is less than 1%. Are you looking to raise more capital? More capital at this point is not required, as currently our core capital is 13.3%, and with the warrant conversion, our core equity will move to 14.8%. The current capital is good enough for the next three years. What kind of a lending mix do you see for Yes Bank as you grow? Our strategy is more in terms of the opportunities available. In our country, the opportunity is more on the retail side. We would like to continue with the current mix. Currently, the large corporate loan book is 28% of the total book and it would remain in that region. The rest is retail, which will include the MSME book too. Are you likely to become an acquisition target yourself? Or would you consider a merger to attain scale? If you see the strength of this bank, it is its strong franchise. Otherwise, coming back to normalcy cannot be done in three years. Unless the franchise is strong, it cannot be done. It then does not make sense to become a target for acquisition. If you have a strong franchise, then you have strong capabilities on the management side or on the digital side. If you are lacking in some of these areas, then you can look at a merger to build strength in these areas. The franchise has been strong, which is why a comeback was possible. SEE ALSO <a href="https://www.businessinsider.in/finance/banks/news/yes-bank-ready-for-inorganic-growth-but-not-merger-says-ceo-prashant-kumar/articleshow/101035346.cms">Private sector banking ripe for consolidation: Yes Bank ready for inorganic growth but not merger, says CEO Prashant Kumar</a>

Improving workplace decorum – ‘RBI’s recommendations can be seen as onerous but we have to move in that direction,’ says Yes Bank’s CEO

<ul><li><keyword id="8913237" type="UNKNOWN" weightage="20" keywordseo="yes-bank-ceo-prashant-kumar">Yes Bank CEO Prashant Kumar</keyword> has confirmed that the private sector entity will be conducting a forensic audit of accounts that may not be acting in good faith. </li><li>In an exclusive interview with Business Insider, Kumar clarified that the exercise will not necessarily be restricted to the top 10 accounts. </li><li>According to him, bigger parties do get priority but any account acting suspiciously can come under the bank’s radar for further scrutiny.</li></ul><keyword id="2643328" type="ORGANIZATION" weightage="20" keywordseo="Yes-Bank-CEO">Yes Bank CEO</keyword> <keyword id="219963" type="PERSON" weightage="20" keywordseo="Prashant-Kumar">Prashant Kumar</keyword> confirmed that the private sector entity is looking to conduct an in-depth forensic investigation into some of its accounts that show ‘suspicion’. However, he pointed out that the exercise will not necessarily be restricted to the top 10 accounts. “It’s not about the top 10. Wherever there’s a customer account where we have a fairly good sense of something wrong happening, we can always find out of the truth with a forensic audit,” Kumar shared exclusively with Business Insider during a #HangoutwithBI Twitter Live. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="12" retweetcount="8" status="#HangoutwithBI | @BiIndia's @iyer_sriram in conversation with @YESBANK's CEO Prashant Kumar (@pk63) on Yes Bank's j… https://t.co/zaSuMiwqy3" createdat="1600767329000" id="1308339124982571010"></div> There is no ticket size, benchmark, or threshold but there’s obviously more on the line with bigger accounts. “Wherever you have a large number of loans, you need to prioritise. Priority will be more for bigger parties first,” said Kumar. The ‘bigger parties’ include the companies under the Anil Dhirubhai Ambani Group (ADAG), the Essel Group, Essar Group, and Cox &amp; Kings, according to the <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/yes-bank-to-get-fresh-forensic-investigation-into-its-top-10-defaults/articleshow/78226246.cms">Economic Times.</a> What is a forensic investigation? “A forensic audit is where we, as a bank, have suspicion in terms of what kind of transactions happened in that account,” explained Kumar. Suspicious transactions cover a wide array of exchanges, regardless of whether they occur in cash or otherwise. According to the <a href="https://dor.gov.in/preventionofmoneylaundering/str-suspicious-transaction-reports#:~:text=Suspicious%20transaction%20means%20a%20transaction,the%20proceeds%20or%20crime%3B%20or">Department of Revenue</a>, this can include: <ul><li>The loan granted being used for purposes other than what the loan was specified for </li><li>Where there’s no economic rationale </li><li>When a transaction appears to be made under circumstances of unjustified complexity </li></ul>A digital forensic audit and asset tracing probe can help the bank confirm or relegate its suspicions. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/dailyhunt-to-launch-family-of-bharat-apps-claiming-it-can-push-a-new-mobile-app-every-three-days/articleshow/78250283.cms">EXCLUSIVE: Dailyhunt is curating an entire family of 'Bharat' apps — claims it can push a new mobile app every three days</a> <a href="https://www.businessinsider.in/finance/banks/news/rajya-sabha-passes-banking-amendment-bill-2020/articleshow/78251384.cms">Rajya Sabha passes Banking Amendment Bill 2020 bringing cooperative banks under RBI's umbrella</a> <a href="https://www.businessinsider.in/defense/news/latest-updates-on-india-china-border-issue/articleshow/78162853.cms">India-China border dispute was discussed for 14 hours at the sixth Corps Commander-level meeting</a>

EXCLUSIVE: YES Bank CEO Prashant Kumar clarifies that the forensic investigation isn't restricted to the top 10 defaulters

<ul><li>YES Bank is looking to hire after its workforce shrank by 1,000 employees since March. </li><li>The private sector bank is mostly looking to hire for digital, marketing and credit underwriting. </li><li>In an exclusive interview with Business Insider, <keyword id="2643328" type="ORGANIZATION" weightage="20" keywordseo="Yes-Bank-CEO">YES Bank CEO</keyword> and MD Prashant Kumar shares what the bank is looking for in its hunt for new talent.</li></ul>The number of total employees at YES Bank has come down by almost 1,000 since March, but that is at par with the private sector entity’s natural rate of attrition seen every year. The good news is that it's on the hunt for new talent with an impetus on digitalisation, marketing and credit underwriting. “Wherever there is a shortage, we are hiring,” said YES Bank’s CEO and Managing Director Prashant Kumar in an exclusive interaction with Business Insider on a #HangoutwithBI Twitter live. The dip in the bank’s workforce was not because of layoffs, but because people had quit voluntarily. “Some of them had put in their papers in early 2020. We did not replace them,” said Kumar. According to him, YES Bank is now looking to push on digitisation, which has become more relevant in the COVID-19 era. “We have tried to streamline processes. With less number of workforce, we’re able to do more,” he said. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Transactions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Digital channels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">90% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank branches </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> YES Bank also pivoted to adopt a method to digitally onboarding customers, both in terms of liabilities and on the loan side, due to COVID-19. “Customers can open a digital account through video KYC. With very few employees and small costs we are able to acquire,” said Kumar. YES Bank is hiring Most companies, YES Bank included, weren’t too aggressive about hiring when the coronavirus pandemic initially broke. The reason YES Bank is back on the wagon is that it wants to grow and have the right people in place before the next financial year kicks off. “Hiring is something that takes a little bit of time in terms of getting the right kind of person, onboarding, and getting the person ready for the specific role,” explained Kumar. Employment opportunities and job vacancies at the bank can be found on its <a href="https://www.yesbank.in/work-with-us/career-opportunities">official website</a>. YES Bank is looking for candidates who are innovative, have basic skills, work hard, would like, and to pursue a career in banking. However, Kumar points out that a certain minimum level of experience is required. Here’s a quick look at some of the posts that YES Bank is looking to fill: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Department </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Location </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Assistant Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and Digital Technology Solutions Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai, Gurgaon </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senior Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Assistant Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Central Data and Analytics Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Executive Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vice President </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit Quality Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lucknow, Kolkata </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Regional Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zonal Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Area Credit Manager </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk Management </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td></tr></tbody></table> SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/jeff-bezos-blue-origin-is-eyeing-the-commercial-space-station-business-wants-nasa-as-one-of-its-first-customers/articleshow/78272862.cms">Jeff Bezos' Blue Origin is eyeing the commercial space station business — wants NASA as one of its first customers</a> <a href="https://www.businessinsider.in/science/space/news/school-bus-sized-asteroid-is-scheduled-to-make-its-closest-approach-to-earth-on-september-24/articleshow/78271529.cms">A school bus-sized asteroid will make its closest approach to Earth tomorrow — safely zooming past the planet</a> <a href="https://www.businessinsider.in/tech/enterprise/news/microsoft-acquires-exclusive-license-for-elon-musks-largest-gpt-3-ai-language-model/articleshow/78269391.cms">Microsoft acquires exclusive license for Elon Musk’s largest GPT-3 AI language model</a>

EXCLUSIVE: YES Bank's workforce shrank by 1,000 employees since March but now it's hiring again for the coming year

<ul><li><keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> will focus more on giving retail loans and to MSMEs and will trim its <keyword id="9567617" type="UNKNOWN" weightage="20" keywordseo="corporate-loan-portfolio">corporate loan portfolio</keyword>.</li><li>Bank's CEO <keyword id="219963" type="PERSON" weightage="20" keywordseo="Prashant-Kumar">Prashant Kumar</keyword> on Monday said that the ratio of the bank's loan book was inclined more towards corporate loans, with the corporate to retail loan ratio of 55 per cent to 45 per cent. </li><li>The corporate vertical will focus more on growing asset -- light businesses like providing digital and transaction solutions to corporates. The CEO of the restructured bank said that the lender will only pause lending in the segment. </li></ul> Yes Bank will focus more on giving retail loans and to MSMEs and will trim its corporate loan portfolio. Bank's CEO Prashant Kumar on Monday said that the ratio of the bank's loan book was inclined more towards corporate loans, with the corporate to retail loan ratio of 55 per cent to 45 per cent. "We would like to change this mix and have corporate share at 40 per cent and retail and MSME at 60 per cent over a period of time. We would like to grow at the rate of 20 per cent on the retail and MSME side," Kumar said. The corporate vertical will focus more on growing asset -- light businesses like providing digital and transaction solutions to corporates. The CEO of the restructured bank said that the lender will only pause lending in the segment. He, however, said that the lower end of the corporate loan portfolio will continue in terms of loan growth. Kumar told the media that deposits have increased of late and in April the bank witnessed the highest number of fixed deposits in the past one year. On the upcoming further public offering (<keyword id="46435" type="COMPANY" weightage="20" keywordseo="FPO">FPO</keyword>), he said the issue will increase the Common Equity Tier 1 (CET) capital ratio from current 6.3 per cent to almost 13 per cent, which will give a buffer of 500 basis points over the regulatory minimum requirement. The bank will use the proceeds of the FPO largely as a buffer. The bank's FPO with an aim to raise up to Rs 15,000 crore will open on July 15 and close on July 17. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/amazon-reportedly-told-employees-they-have-to-delete-tiktok-from-their-phones-due-to-security-risks/articleshow/76900325.cms">Amazon told employees to delete TikTok from their phones — then walked back the policy and said it was an 'error'</a> <a href="https://www.businessinsider.in/india/news/photographer-of-the-viral-black-panther-images-from-india-shares-his-story/articleshow/76830618.cms">INTERVIEW: Shaaz Jung opens up about the blood, sweat and years behind the viral images of a rare black panther</a> <a href="https://www.businessinsider.in/tech/news/intel-will-speed-up-mukesh-ambanis-5g-run-power-him-with-ai-and-possibly-a-jio-laptop/articleshow/76780290.cms">Intel will speed up Mukesh Ambani’s 5G run, power him with AI and possibly a Jio laptop⁠— all in return for massive amount of data</a>

Yes Bank to trim corporate portfolio, focus on retail loans

<ul><li>Prashant Kumar, who has been appointed as the administrator for <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">YES Bank</keyword> by the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>, told CNBC-TV18 that the withdrawal limit could be lifted by March 15. </li><li>He added that things could be stabilised by April 3.</li><li>Meanwhile, State Bank of India Chairman Rajnish Kumar said that in terms of a value creation perspective, a merger with YES Bank would have been negative for SBI. </li></ul>The Reserve Bank of India imposed withdrawal limit of ₹50,000 on YES Bank could be lifted as soon as in a week, say <a href="https://www.moneycontrol.com/news/business/yes-bank-crisis-withdrawal-cap-may-be-lifted-as-early-as-march-15-confirms-prashant-kumar-5016281.html">reports</a>. Prashant Kumar, who has been appointed as the administrator for YES Bank by the RBI, told CNBC-TV18 that the withdrawal limit could be lifted by March 15, while things could be stabilised by April 3. Kumar said that SBI is not going to ask for extra capital from the government and that there is no connection between safety of deposits and market capitalisation. Promoters will pay but why should entity suffer: SBI chairman In an interview with <a href="https://twitter.com/ndtv/status/1236984649164845056">NDTV,</a> State Bank of India Chairman Rajnish Kumar said, “You take action against the promoter, but that doesn’t mean you close YES Bank down. There are employees, there’s a detailed franchise, there are 1200 odd branches… If the promoters have done something wrong then they will pay the price for that but why would the entity suffer?” Talking about how the SBI is a co investor in YES Bank and why there was not a merger, Kumar said that in terms of a value creation perspective, a merger would have been negative for SBI. When the order came in on Thursday (March 5), people hurried to transfer money in netbanking or from the YES Bank app, but both services were down from Thursday night. Serpentine queues started building up in front of YES Bank ATMs. And, even fintech companies in India took a hit. "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 to CNBC TV18. Even before the RBI action, the Mumbai-headquartered lender deferred announcement of its earnings for the third quarter of 2019-20 to March 14 or before. "I think we are going to declare our results on March 14th," Kumar said. With inputs from PTI See Also: <a href="http://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>

YES Bank moratorium could be lifted within a week, says RBI-appointed administrator

New Delhi, Mar 9 () RBI-appointed Yes Bank administrator Prashant Kumar on Monday 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. He said, since Saturday evening even the ATMs of other banks were available for customers for cash withdrawal. "And in our branches, our staff is reaching out to customers. They are dealing with their issues. I would also like to take this opportunity to thank all our customers who have really cooperated with us, who have shown lot of patience. And I think this is the faith in the brand of Yes Bank," Kumar told CNBC TV 18. Yes Bank customers have been restricted with a cash withdrawal limit of Rs 50,000 till April 3 ever since the Reserve Bank superseded the board of the bank on March 5, 2020 and appointed Kumar - a former SBI executive - as its administrator. Kumar also assured that for the remaining days of the moratorium on Yes Bank, the bank staff is working hard so that all banking services could be restored at the earliest. The RBI restriction on Yes Bank has also severely impacted other financial market transactions such as forex, credit card, digital payment, among others. "All of us are working so that the entire banking service is available to our customers as soon as possible," Kumar said.Even before the RBI action, the Mumbai-headquartered lender had deferred announcement of its earnings for the third quarter of 2019-20 to March 14 or before. "I think we are going to declare our results on March 14th," Kumar said. In an exchange filing on Saturday, Yes Bank had said, "the administrator will consider and take on record the unaudited financial results of the bank, for the quarter and nine months ended on December 31, 2019 along with limited review report thereon by the statutory auditors of the bank on Saturday, March 14, 2020." To a question that the bank's capital requirement is much higher than what SBI will bring up with its 49 per cent stake buy in the bank for Rs 2,450 crore, Kumar said the clarity would come with the board meeting when it announces the earnings for the third quarter. "What SBI has shown interest is of 49 per cent..definitely there would be more requirement. We are in talks with like minded investors. SBI is also doing that part. "So we are quite hopeful that in a couple of days the issue about the capital requirement will be taken care of," Kumar said. KPM KPM ANUANU

Working to restore all services, says Yes Bank administrator

<ul><li>Now, the market value of <keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>, at ₹4.9 lakh crore, is nearly twice the size of Airtel, whose market capitalisation is down to ₹2.4 lakh crore.</li><li>The latest blow came from competitor Jio's new post paid plans that offer a slew of added benefits.</li><li>Investors fear that competitive pressures on one hand from Jio and Vodafone Idea surviving on the other may hurt Airtel.</li></ul>Investors in Bharti Airtel had bet the Vodafone Idea may not survive for too long, and that the pressure of competitive tariffs from Reliance Jio is now in the past. Both bets seem to have come undone and shares of Airtel, India's second largest telecom service provider, have lost 25% of their value since the peak the stock hit in May 2020. Now, the market value of Reliance Jio, at ₹4.9 lakh crore, is nearly twice the size of Airtel, whose market capitalisation is down to ₹2.4 lakh crore. <div type="image" title="airtel share price sep 23" msid="78269455" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Jio, at &amp;#8377;4.9 lakh crore, is nearly twice the size of Airtel, whose market capitalisation is down to &amp;#8377;2.4 lakh crore, after a 25% fall since the peak in May 2020.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div> <div type="Article" hostid="261" msid="78257460" title="Jio's new postpaid plans offer unlimited calling, Netflix, Prime Video and Disney+ Hotstar subscription" mstype="2" mssubtype="0"></div> Now, as it stands, Reliance Jio, owned by Asia's richest man <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, is aspiring for a lot more than Airtel, which seems to be focussed on mobile services and broadband for now. “Similar to Alibaba or Tencent which created tech-based ecosystems in China, we find RIL best positioned to create a similar ecosystem in India. In the next two-three years, we expect RIL to have a captive mobile base of over 500 million users,” said a Bank of America report dated July 16. A factor that shareholders appear to have factored in but the analysts have not. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Angel Broking </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹672 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emkay Global </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹684 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹700 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geojit BNP Paribas </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹645 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹700 </td></tr></tbody></table>Source: Economic Times The fear of tougher competition While Jio is potentially <a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-jio-compared-to-alibaba-and-tencent/articleshow/77059624.cms" data-type="tilCustomLink" target="_blank">shaping into Alibaba and Tencent rolled into one</a>, it has kept the heat alive in the mobile telephony space. After mopping up a big chunk of the mass market, mostly low-margin prepaid users, the Ambani firm is now targetting the high-spending post-paid consumers with new plans bundled with a free subscription to OTT platforms like Netflix, Amazon Prime Video, and Disney+ Hotstar. On the other hand, Vodafone Idea has rebranded itself into Vi, and may, reportedly, find investors in <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-may-need-up-to-18800-crore-in-next-two-years-and-tariff-hikes-to-survive-says-a-new-report/articleshow/77923943.cms">US tech giants Amazon and Verizon</a>. This could give the Birla Group company the cash it needs to survive for the next two years, according to the Jefferies report. Those backing Airtel had hoped that Vi will fall by the wayside and the market will be down to a duopoly that they share with Jio. Bharti Chairman Sunil Mittal <a href="https://www.businessinsider.in/business/telecom/news/airtel-wants-to-increase-data-prices-to-100-per-gb-sunil-mittal-asks-subscribers-to-prepare-to-pay-a-lot-more/articleshow/77734318.cms" data-type="tilCustomLink" target="_blank">had recently said that</a> a fair price for mobile data in India would be a ₹100 per gigabyte (GB), whereas the current price of ₹10 per GB, is a 'tragedy'. However, it wasn't meant to be. Far from it, Jio's latest salvo will now force Airtel to act and protect its post-paid user base. All these put together have shaved off 25% from Airtel's share value in a little over four months. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/yes-bank-ceo-prashant-kumar-clarifies-that-the-forensic-investigation-isnt-restricted-to-the-top-10-defaulters/articleshow/78255868.cms">EXCLUSIVE: YES Bank CEO Prashant Kumar clarifies that the forensic investigation isn't restricted to the top 10 defaulters</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/interview-cams-ceo-says-they-are-actively-hiring-through-the-pandemic/articleshow/78269110.cms">INTERVIEW: CAMS CEO says they are actively hiring through the pandemic</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/interview-cams-ceo-says-they-are-actively-hiring-through-the-pandemic/articleshow/78269110.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-chairman-is-urging-the-government-to-spend-more-to-boost-consumption/articleshow/78267444.cms">Data shows why HUL Chairman is urging the government to spend more to boost consumption</a>

Reliance Jio is now twice as valued as Airtel that is down 25% from its peak in May

<ul><li><keyword id="9665088" type="UNKNOWN" weightage="20" keywordseo="Aroa-Ventures">Aroa Ventures</keyword> is <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>’s family office. While Agarwal remains committed to growing <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>, Gaurav Gulati heads ScaleX Partners which manages investments for Aroa.</li><li>In an interview with Business Insider, Gulati gives an overview of their investment strategy.</li><li>The firm has disclosed five of their investments exclusively with Business Insider.</li></ul>In the middle of June last year, as the COVID-19 pandemic was at its peak, OYO founder Ritesh Agarwal and Gaurav Gulati, the co-founder of Innov8, were having a chat about <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> striving during the pandemic and what they could possibly do help entrepreneurs in India. While Agarwal continues to concentrate on his hospitality venture OYO, Gulati took charge by launching ScaleX Partners – after selling his co-working space startup Innov8 to OYO in 2019 – which manages investments for Aroa and other family offices. <cmsannotation type="cmsannotation" annotationid="Pandemic year was the best time to start investing" comment="subhead" text="Pandemic year was the best time to start investing">Pandemic year was the best time to start investing</cmsannotation> Aroa Ventures, last year, has made several investments with ScaleX as an advisor, claims Gulati. While it did not disclose details about all its investments yet, the company revealed five of its investments, exclusively to Business Insider. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What they do </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment amount </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stockal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment platform that helps Indians with cross border investment portfolios </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SelFin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fintech startup that lends working capital to small businesses in India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Orange Health </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">On-demand diagnostics lab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">undisclosed</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zingbus </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Online bus ticketing platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">undisclosed</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FWD Learning </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Skill training platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">undisclosed</td></tr></tbody></table> The pandemic provided Gulati and Agarwal an opportunity to invest in businesses at a better price. “For us what was most important was identifying those businesses that may be experiencing a temporary glut in sales. But the fundamentals of the business are strong, they're actually addressing or providing a product or service for which demand exists,” he added. <cmsannotation type="cmsannotation" annotationid="Stockal" comment="subhead" text="Stockal">Stockal</cmsannotation> The stockbroking industry has been heating up with more and more millennials <a href="https://www.businessinsider.in/stock-market/news/heres-how-indians-are-buying-tesla-facebook-and-apple-shares-through-brokerage-startups/articleshow/80403004.cms">moving towards</a> investing in the public markets. And the interest has also been towards expanding their investment portfolio to include US stocks. That’s where companies like Stockal come in, which help Indians invest in US stocks as well. Stockal was founded in 2015 and is based out of India and the US. As per Stockal, Indians remitted over $878.8 million (₹5,603 crore) for investments abroad in the fiscal year 2018-19 from $246.9 million (₹1827 crore) in FY15. As of August 2020, the daily transactions at Stockal had gone up from ₹3 crore the year before to ₹10 crore. <cmsannotation type="cmsannotation" annotationid="SelFin" comment="subhead" text="SelFin">SelFin</cmsannotation> SelFin, founded in 2016, lends working capital to India’s thousands of micro, small and medium enterprises. A spokesperson for Aroa broke down their investment strategy behind SelFin and said that the demand for debt and equity finance by MSMEs is already estimated to be north of $1 trillion as per estimates by International Finance Corporation. “SelFin is enabling thousands of MSMEs in India to meet their business financial needs and putting the unbanked on the path to become part of the banking system. For instance, consider small garment shops and snack stores in a smaller city like Panipat. They need money during covid. The founding team knows how to help them grow their business. SelFin's loans are also healthy with a very low delinquency score,” said the spokesperson. <cmsannotation type="cmsannotation" annotationid="Orange Health" comment="subhead" text="Orange Health">Orange Health</cmsannotation> Orange Health operates in the fast growing health tech industry, as an on demand diagnostics lab. Founded in 2020, the startup was also a part of the Y Combinator Summer 2020 batch. “Timely diagnosis and treatment are more crucial than ever – with Orange Health patients can get diagnosed much faster and get better treatment remotely from their own doctor. Small diagnostic centres in India have the massive opportunity to receive an infusion of technology, have the ability to be part of a brand and gain higher revenue growth. A thesis identical to the one behind OYO,” said the Aroa spokesperson. <cmsannotation type="cmsannotation" annotationid="Zingbus" comment="subhead" text="Zingbus">Zingbus</cmsannotation> Online bus ticketing startup Zingbus falls in the travel and tourism category which also comes of interest to OYO. Founded in 2019, by Prashant Kumar, Mratunjay Beniwal and Ravi Kumar Verma, Zingbus was a part of the Y Combinator Winter 2021 batch. Interestingly, the three of them had earlier built online rental startup TipiHomes in 2015, which they ultimately sold to OYO in 2016. “There are over 300 cities/towns in India with a population greater than 100,000 people. India's growing economy and urbanisation have led to a consistent increase in the demand for intercity travel. Zingbus is using technology to standardise the intercity travel experience by making it safe, reliable, and affordable for the masses. Zingbus is an example of how former OYOpreneurs (term used for OYO employees) are building top companies and we want to support them,” said the Aroa spokesperson. <cmsannotation type="cmsannotation" annotationid="FWD Learning" comment="subhead" text="FWD Learning">FWD Learning</cmsannotation> Operating in the booming edtech space, FWD Learning helps people with industry-ready skills and also connects them with mentors and experts in the market. “As per the eighth edition of the India Skills Report (ISR) -- less than half of the Indian graduates are employable. FWD Learning is an innovative tech enabled platform which will help increase employability of individuals entering the workforce as well as allow professionals to remain relevant and ready with industry-ready skill courses,” said the spokesperson about the investment. <cmsannotation type="cmsannotation" annotationid="What else are Agarwal and Gulati looking to invest in?" comment="subhead" text="What else are Agarwal and Gulati looking to invest in?">What else are Agarwal and Gulati looking to invest in?</cmsannotation> While there have been media reports about the fund size being ₹100 crore, Gulati insists that the fund doesn’t have an earmarked number for investments, but instead will have a rolling fund. “In the months and years to come, there'll be other pools of capital. There will be other sources of capital potentially, as well, that will come into play,” he said. The idea behind its investments is to help early-stage startups, along with seed-level and series A investments. The firm hopes that its investments in late stage companies will be a revenue-making opportunity by betting on companies that have already been delivering growth. But a lot of its investments will not be where they have a ‘pure play financial role’, instead it hopes to handhold startups in their journey of growth. And without delving into further details, Gulati said they aren’t taking the usual route of weeks of due diligence, but aiming at faster rollout of cheques to entrepreneurs. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/pine-labs-reportedly-joins-the-long-list-of-indian-tech-startups-heading/articleshow/81760763.cms">Pine Labs reportedly joins the long list of Indian tech startups heading for an IPO</a>

EXCLUSIVE: Inside Ritesh Agarwal’s family office and its early investments

The Supreme Court Tuesday restrained till October 28 the Shapoorji Pallonji (SP) group and Cyrus Mistry from pledging or transferring their shares in <keyword id="5004980" type="COMPANY" weightage="20" keywordseo="tata-sons-pvt-ltd">Tata Sons Pvt Ltd</keyword> (TSPL). A bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian also directed <keyword id="3788830" type="COMPANY" weightage="20" keywordseo="the-tata-sons">the Tata Sons</keyword> and <keyword id="9314615" type="COMPANY" weightage="20" keywordseo="the-sp-group">the SP Group</keyword> not to take any further action on the shares which have already been pledged till October 28, the next date of hearing. The SP group, which owns 18.37 per cent in Tata Sons, had said TSPL moved the top court to block its plan to pledge shares for raising funds and that reeked of vindictiveness and oppression of minority shareholder rights. On September 5, Tata Sons had moved the top court seeking to restrain the Mistry group from raising capital against their shares. Through the plea, the Tatas had sought to prevent the SP Group from creating any direct or indirect pledge of shares. The SP Group was planning to raise Rs 11,000 crore from various funds and had signed a deal with a marquee Canadian investor for Rs 3,750 crore in the first tranche against a portion of its 18.37 per cent stake in Tata Sons. The SP Group share holding in the country's largest business house is valued at over Rs 1 lakh crore. In a hearing conducted through video conferencing, the top court said that it would hear the plea after four weeks and "in the meantime, parties shall maintain status quo regarding pledging/transfer of shares". "We will say status quo on transferring/pledging and any further action with regard to transfer/pledge already made," the bench said. Senior advocate C A Sundaram, appearing for the SP group, said they were being stopped from pledging the shares and "it is creating havoc for me". On the other hand, senior advocate Harish Salve, representing TSPL, said that the point was "something else" as the TSPL has a right to buy the share at market price, but the SP group was pledging them. "We are of the view tentatively that pledging is a limited transfer," the bench observed while saying that it will "conduct final hearing in four weeks". Earlier, the TSPL had told the top court that it was not a 'two-group company' and there was no 'quasi-partnership' between it and <keyword id="9553407" type="COMPANY" weightage="20" keywordseo="cyrus-investments-pvt-ltd-">Cyrus Investments Pvt Ltd.</keyword> TSPL had said this in an affidavit filed in the apex court while responding to the cross-appeal filed by Cyrus Investments seeking removal of alleged anomalies in NCLAT order for getting representation on the TSPL's board in proportion to the stakes held by his family. The apex court had on January 10 granted relief to <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata group</keyword> by staying <keyword id="4170404" type="COMPANY" weightage="20" keywordseo="the-national-company-law-appellate-tribunal">the National Company Law Appellate Tribunal</keyword> (NCLAT) order of December 18 last year, by which Cyrus Mistry was restored as the executive chairman of the salt-to-software conglomerate. Then, the top court had on May 29 issued notice to TSPL and others on a cross-appeal filed by Cyrus Investments Pvt Ltd. Cyrus Mistry had also filed an affidavit to the apex court saying the Tata Group had an adjusted net loss of Rs 13,000 crore in 2019 -- the worst losses in three decades. In his reply to the Tatas' petition challenging his reinstatement by the NCLAT last December, Mistry had also demanded that group chairman emeritus Ratan Tata should reimburse all the expenses to Tata Sons since his departure in December 2012 in keeping with best global governance standards. Mistry, the ousted chairman of Tata Sons, is seeking representation in the company in proportion to the 18.37 per cent stake held by his family, the cross-appeal has said. In its affidavit filed in the top court, Tata Sons has alleged that the thrust of Cyrus Investments' focus "has now shifted to propagating the quasi-partnership theory to secure the relief of 'proportionate representation'." In the petition, the appellant (Mistry group firm) has described the group's relationship with Tatas as "a quasi-partnership relationship of a vintage of over 60 years, holding 18.37 per cent in the equity share capital of Tata Sons and whose stake is now worth over Rs 1.5 lakh crore". According to the petition, the Mistry group firm has sought remedies for many anomalies in the NCLAT order, including not looking at alleged oppression of minority shareholders as well as converting Tata Sons into a private limited company as a post-facto move. As per the petition, the tribunal order clearly and unequivocally found the prejudicial conduct by Tata Sons, but failed to provide certain important reliefs that would have put an end to the oppressive conduct of the majority shareholder. Reinstating Mistry as the chairman, NCLAT had also termed the action of the Registrar of Companies to allow conversion of Tata Sons into a private limited company illegal. Mistry had succeeded Ratan Tata as chairman of Tata Sons in 2012 but was ousted four years later. While taking note of appeal of Tata group on January 10, the apex court had stayed the NCLAT order restoring Mistry as executive chairman of the Tata Group, observing that there were "lacunae" in the orders passed by the tribunal. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/yes-bank-ceo-prashant-kumar-clarifies-that-the-forensic-investigation-isnt-restricted-to-the-top-10-defaulters/articleshow/78255868.cms" data-type="tilCustomLink">EXCLUSIVE: YES Bank CEO Prashant Kumar clarifies that the forensic investigation isn't restricted to the top 10 defaulters</a> <a href="https://www.businessinsider.in/stock-market/news/sharekhan-new-discount-broking-platform-espresso-will-take-no-fees-for-a-loss-making-trade/articleshow/78255651.cms" data-type="tilCustomLink">INTERVIEW: Sharekhan’s new discount broking platform will take no fees for a loss-making trade</a>

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