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<ul><li>The State Bank of India overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15, according<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> </a>an expose by Moneylife.</li><li>The revelations came out of a Right To Information (RTI) application.</li><li>The country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’.</li><li>In many cases, the bank has not enforced securities provided on a loan, and loans were disbursed even before a charge was created on the collateral.</li></ul> A fourth of the country’s bank deposits are making their way to State Bank of India (SBI). But, how safe is it there? According<a href="https://www.moneylife.in/article/exclusive-rbi-inspection-reports-on-sbi-reveal-evergreening-window-dressing-cover-ups-and-worse/57631.html"> to an expose by Moneylife</a>, the bank has overstated its profits by as much as ₹9,500 crore for three years in between 2012-13 to 2014-15. What makes it worse is that all this information is available with the banking regulator, Reserve Bank of India (RBI), and the dated details came out after a petition was filed under the Right to Information (RTI) Act, by an activist Girish Mittal. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">Overstated profit </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2012-13 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹1,220 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2013-14 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹5,038 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">2014-15 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;">₹3,252 crore </td></tr></tbody></table> Source: Money Life There were two chairpersons running the bank during the period-- Pratip Chaudhuri was the chairman from 2011 to 2013 as Arundhati Bhattacharya too charge to stay on till 2017. SBI’s box of troubles The annual inspection of banks’ accounts by RBI has opened a Pandora’s Box where many evils came out—where the country’s largest bank has suppressed employee fraud, covered bad loans, flouted anti-money laundering rules, covered up bad loans by a mechanism referred to as ‘window dressing’, according to the report. An e-mail sent to SBI seeking answers on the revelations, did not elicit any response. Most Indian banks were found guilty of trying to hide the rising problem of bad loans. They would either give fresh loans to pay old ones or book the losses in a different year to soften the blow on the company’s financials. In SBI’s case, the RTI response reportedly revealed that these factors were seen in the loans given out to diamond trading and power sector. Loans to diamond traders have brought down banks, especially Punjab National Bank scam where diamantaire Nirav Modi made away with unpaid loans of ₹2 billion and is now in the UK. Yet, SBI is not in as much trouble, not from RBI who is aware of the situation, not from its 435 million customers --- that’s over 30% of India’s population! Like Goldman Sachs, it is everywhere and, probably, too big to fail. Flouting Norms The report says that the bank also flouted norms laid down by the Reserve Bank of India (RBI) itself with regards to Know Your Customer (KYC), lending limits set on sectors and individuals. The bank, as per the report, was also lax with its loans. In many cases, the bank has not enforced securities provided on a loan, wherein assets of defaulters are taken over. In some cases loans were disbursed even before a charge was created on the collateral. And, the suppression of data has happened at every level since most of the credit problems were never taken to the board as well. Scrubbing it clean In all, the bank performed a clean-up exercise every time a new chairman took over. The first year a new chairman comes in, huge amounts are written off the books, and has become a common practice with the bank. This leaves the chairman of the bank concentrating on ‘managing profits’. The owner of the bank however is the government. And it seems to be doing its part too. As non-performing assets as a result of bad loans increased and credit growth slowed down, the government is looking to recharge public sector banks (PSBs) with fresh funds. In the latest Budget 2019, the Finance Minister Nirmala Sitharaman said that they would be giving out as much as ₹75,000 crore to re-capitalise government banks, so that they can kickoff growth in the country, with renewed interest. The mistakes of the past have been conveniently forgotten. SEE ALSO 
 <div type="NEWSINCONTEXT" target="false" refhostid="261" refmsid="69557477" refmstype="2" refmssubtype="0"><cdata><![CDATA[An Indian bank is still making the same mistake of hiding the worst and hoping for the best]]></cdata></div>


<h1 style="line-height:1.44;margin-top:0pt;margin-bottom:8pt;border-bottom:solid #eeeeee 0.75pt;background-color:#ffffff;padding:0pt 0pt 15pt 0pt;"> </h1>

India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose

<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

There has been a complete turnaround in trade involving exchanging demonetised currency with new banknotes. 
 
People who were charging 30-40% premium to convert black money into white are now willing to pay an interest on exchanging the notes. 
But, the catch is the owner will have to lock in the money for a year or more. 
 
Many traders and businessmen were charging a premium of as much as 40%, which dropped to 20-30% in the following weeks and settled at 10% a week back. 
 
Now, there has been a total flip. If you have Rs 5 crore in cash, there are people willing to take the money off your hands and give you an interest of 6-8% after a year. 
 
"The decrease in the payment of premium for exchange of black money and interest being offered to get people to invest their black money is probably a reflection that the black money has easily entered the system,” an economic analyst, on condition of anonymity, told ET. 
 
Many people hoarding black money got rid of it by paying outstanding dues, debts, labour contractors, cement and steel companies, etc. Some have even distributed six months salaries in advance. 
 
Dr Saumya Kanti Ghosh, chief economic adviser (economic research department) at SBI, told ET, “People are always finding out ingenious ways to launder black money, innovative ways are being tried out. There are always people trying to take advantage, even in the financial crisis of 2008. We can expect the government would come up with ways to tackle it.”

You can now earn interest on exchanging old notes but there is a catch

New Delhi, Mar 12 () Local high networth individuals and leading financial institutions have evinced interest in putting money in crisis-hit Yes Bank, analysts said on Thursday. There is lot of interest in putting money into Yes Bank because now the real value will be unlocked as the stock price has already reached Rs 26 apiece, IIFL Securities Director Sanjiv Bhasin said. There is a mixed bag of local investors, mutual funds, AMCs,HNIs alongside ICICI and HDFC, he said further. "There is ICICI, HDFC, then there are individual HNIs like Radhakishan Damani (Dmart), Rakesh Jhunjhunwala and some mutual funds," Bhasin added. Yes Bank's administrator Prashant Kumar, a former SBI executive, has said that the lender is in talks with various investors to raise capital. Yes Bank was superseded by the RBI last Thursday under an administrator after it failed to raise capital. The troubled lender will announce its third quarter results for December 2019 on Saturday and analysts expect that there will be deterioration in bank's asset quality. "I think there will be deterioration in the asset quality, slippage would be higher, their core equity capital is expected to go below what RBI mandates," said an analyst on the condition of anonymity. The bank may post a loss of Rs 1,000 crore during October-December 2019-20 quarter, an analyst commented. Emkay Global Financial Services said: "We expect Yes Bank to report a loss of Rs 778 crore, mainly due to recognition of heavy corporate NPAs from its stress pool including ADAG NBFC, some real estate acounts and pending NPA provisioning for FY19." Emkay said it believes that SBI stake buy in Yes Bank will provide immediate capital support in the phase 1 of restructuring and also ensure continued support in the future capital raise with SBI being an anchor investor. "Apart from capital support, SBI holding stake in the bank will soothe depositors, as otherwise Yes Bank has been witnessing sharp deposit run down. However, we believe apart from capital infusion, bank will have to strip-off assets to further release capital and also rake up internal liquidity to pay-off depositors, where SBI can provide a pivotal role in buying these assets," it added. Bhasin said it has to be seen how much asset quality deterioration will be there on the results day. "Once we know that...recapitalisation, you know there is Rs 20,000 crore coming as far as capital (is concerned) and Rs 30,000 crore as deposits to allay all investors' negativity, so that is all presumption." As per the bank's reconstruction plan, SBI has committed Rs 2,450 crore investment through an acquisition of 49 per cent equity in Yes Bank, which remains in moratorium till April 3, as bank's capital condition has jeopardized. Yes Bank over the last over one year has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as the managing director and CEO from March 1, 2019. Troubles at new-generation private sector started brewing up ever since the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering -- to continue as MD and CEO in September 2018, and had asked the lender to find a new successor. Yes Bank shares closed at Rs 25.05 on BSE, down 13.02 per cent from the previous close. KPM MR

Local HNIs, financial institutions keen to invest in Yes Bank, say analysts

New Delhi, Mar 8 () Indiabulls Housing Finance on Sunday said Yes Bank owes Rs 662 crore in the form of bonds to the company and it has no term loans outstanding from the lender. "We wish to inform that Yes Bank owes to Indiabulls Housing Finance Rs 662 crore via additional tier 1 (AT-1) bonds," it said in a regulatory filing. The investments in AT-1 bonds of Yes Bank were made in 2017, as part of its treasury management of over Rs 20,000 crore of cash and when the bank was worth over USD 10 billion in value, it said. "Indiabulls Housing Finance has no term loans outstanding from Yes Bank," it said. Sameer Gehlaut, promoter of Indiabulls Housing Finance, or any of his companies or any of his family member companies have no loans outstanding from Yes Bank, the non-banking finance company said further. The statement from Indiabulls Housing comes amid arrest of Yes Bank co-founder and former CEO Rana Kapoor, on alleged money laundering charges and that the loans by the lender to DHFL turned sour. Yes Bank has been put under moratorium until April 3, during which period customers will not be allowed to make withdrawal of more than Rs 50,000, as also the board has been superseded by the Reserve Bank of India (RBI) through appointment of an administrator, Prashant Kumar, former executive of SBI. A plan of reconstruction of Yes Bank is underway under the RBI, wherein SBI will stake claim of 49 per cent equity in the crippled private sector lender through an investment of Rs 2,450 crore. KPM HRS

Indiabulls Housing says Yes Bank owes it Rs 662 cr in form of bonds; no term loans outstanding

<ul><li>Crowds chanted “chor hai, chor hai (you are a thief)” as they spotted Mallya at the match</li><li>A similar incident occurred in January 2017. </li><li> He owes as much as ₹90 billion to a clutch of banks, led by SBI. </li></ul>Long gone are the days when liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> would walk into cricket stadiums as an IPL team owner, welcomed with cheers. The wanted businessman who has now fled India, was booed and heckled by crowds at The Oval as he watched the India-Australia match with his family, in the UK. Crowds chanted “chor hai, chor hai (you are a thief)” as they spotted Mallya at the match. This is not the first time when Mallya, who has fraud and money laundering charges against him in India, was heckled by crowds. A similar incident occurred in January 2017 to Mallya at The Oval stadium, to watch the Champions Trophy match between South Africa and West Indies. According to NDTV reports, crowds cried “chor, chor" (thief, thief)” at him. ‘Here to watch the match’ In a video from the World Cup match, Mallya was seen surrounded by a small crowd, pushing and shoving him, as the cries grew louder. At one point, someone even shouted, “Be a man, apologize to your country,” is heard, to which Mallya mumbled an inaudible response. “I am making sure my mother doesn’t get hurt. I am here to watch the game,” Mallya told news agency ANI, adding that preparations are underway for the next hearing scheduled in July. He has been fighting India's attempts to extradite him., and try him for his financial crimes. Mallya left India in 2016 before a lookout notice was issued against the former owner of Kingfisher Airlines. He owes as much as ₹90 billion to a clutch of banks, led by SBI. Mallya was at The Oval with his son, Siddharth Mallya, and posted a photo with him. 
	<div type="twitter" handle="TheVijayMallya" handlename="Vijay Mallya" image="http://pbs.twimg.com/profile_images/827708603/Copy_of_VJM_4_normal.JPG" favoritecount="13452" retweetcount="1024" status="Great to watch cricket with my son and even sweeter to see India’s emphatic victory over Australia. Congratulations… https://t.co/9EKOcl9RKt" createdat="1560103246000" id="1137781597653098497"></div>



In denial Mallya had repeatedly denied fleeing the country and said he is ready to pay back the money he owes to Indian banks. The London High Court will hear his oral plea against his extradition on July 2. Earlier, the High Court had rejected his plea against the extradition order by the UK Home Office and the Westminster Court. The Enforcement Directorate (ED) had also moved the Special Prevention of Money Laundering Act court last year to get them to declare Mallya declared a “fugitive economic offender”. This will allow them to confiscate his properties estimated to be worth ₹120 billion, making it the first such case of its kind, under the new law.

Vijay Mallya and family was heckled by Indian fans at The Oval in UK

New Delhi, Mar 13 () Cash withdrawal restrictions and other moratorium conditions on Yes Bank will be lifted within 3 days of "very soon" to be notified SBI-led bailout plan for the beleaguered lender, Finance Minister Nirmala Sitharaman said on Friday. Meanwhile, private sector lender ICICI Bank has announced to invest Rs 1,000 crore for an equity in excess of 5 per cent in the crisis-ridden bank. HDFC will also infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank. Sitharaman said the central bank is engaged with other financial institutions for investment as part of the scheme to resurrect Yes Bank under RBI imposed moratorium since March 5. Cash withdrawal from the bank was capped at Rs 50,000. "Today the Cabinet has approved reconstruction scheme for the Yes Bank as was proposed by the RBI," she said. "The decision to provide a reconstruction scheme keeps at its core the protection of depositors' interest, keeps at its core providing stability to Yes Bank and also keeps at its core keeping a stable financial environment, banking system," she added. The minister said the bank was being monitored for past one year. She said the State Bank of India (SBI) will invest up to 49 per cent of the equity in Yes Bank and other investors are also being invited. RBI has been engaged in lot of engagements to bring in other investors, she added. "After the notification of the scheme, within 3 (working) days the moratorium will be lifted and within 7 days, a new board will be constituted," Sitharaman said, adding that the notification will be issued "very soon". There will be two directors from the SBI on the new board of the Yes Bank. The administrator will vacate the office within 7 days of notification and new board will take charge. Following the moratorium, the RBI had superseded the board of Yes Bank and placed it under an administrator, Prashant Kumar, former deputy managing director and CFO of SBI. There will be a three year lock-in period for all the investors, she said. However, the lock-in period for SBI would be only for 26 per cent of shareholding. It would be 75 per cent in case of other investors. The authorised capital of Yes Bank too has been increased to Rs 6,200 crore "so that we can accommodate immediate and also subsequent raising of capital requirements", the finance minister said. As per RBI's draft reconstruction scheme for the bank, its authorised capital was to be Rs 5,000 crore. On Thursday, SBI said it will invest Rs 7,250 crore in Yes Bank, which is much higher than Rs 2,450 crore it had planned initially for 49 per cent stake in the private sector lender that began operations in 2004. The minister declined to comment on a query regarding write-off of AT1 (Additional Tier-1) bonds, saying the matter is in court. In a stock exchange filing, ICICI Bank said it will invest Rs 1,000 crore in Yes Bank for cash consideration. The decision on the investment, it said was taken at the board meeting of ICICI Bank held on Thursday. This investment is likely to result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance thereunder, it added. HDFC also announced investing Rs 1,000 crore in Yes Bank for an equity stake. Meanwhile, Axis Bank said it will invest up to Rs 600 crore in Yes Bank for up to 60 crore shares as part of the reconstruction plan for the cash-strapped peer lender. "The Board of Directors of Axis Bank Ltd at its meeting held today has accorded approval to invest a sum of up to Rs 600 crore for acquiring up to 60 crore equity shares of Rs 2 each of Yes Bank Limited, for cash, at a premium of Rs 8 per equity share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949," Axis Bank said in a regulatory filing. Since the RBI action on Yes Bank, the central agencies ED and CBI have arrested Yes Bank's co-founder and former CEO Rana Kapoor for alleged money laundering and corruption, while his wife Bindu and three daughters are also being quizzed by these agencies for their role in siphoning of public funds. One of the biggest charges against Kapoor is that he illegally benefitted to the tune of Rs 3,000 crore by lending to certain troubled companies like DHFL, Anil Ambani group and Essel Group -- all the loans worth around Rs 20,000 crore that have turned into bad debt. NKD KPM MJH BKS ANZ RVK

Moratorium on Yes Bank to go soon; govt approves bailout plan

New Delhi, Nov 27 () The ED has attached assets worth over Rs 5 crore in connection with an alleged bank loan fraud and money laundering probe against a Rajasthan-based gems exporting firm, the agency said on Wednesday.
 The attached assets are four immovable properties valued at Rs 3.80 crore -- three residential-cum-business houses in Jaipur, a flat located in a posh locality in Mumbai -- and fixed deposits of Rs 1.31 crores in SBI, Jaipur.
 A provisional order for attachment of these assets, worth a total Rs 5.11 crore, of Shanti Kumar Chordia, Umrao Mal Chordi and Nayantara Chordia of Vipul Gems Pvt Ltd, has been issued by the agency under the Prevention of Money Laundering Act (PMLA).
 The alleged fraud was perpetrated against Bank of Baroda (BoB) at its Nehru Place branch in Jaipur.
 "These entities had cheated the bank and also dishonestly and fraudulently with criminal intention prevented the bank from recovering the loan amount. Thus, bank has suffered a loss of about Rs 30 crore towards advance given to the these borrowers plus interest and other charges," the agency said in a statement.
 Probe revealed that three entities -- Vipul Gems Pvt Ltd, Vipul Gems and K V Exports -- were engaged in export of precious stones.
 These entities had taken packing credit, that is advance for purchase of raw material, to meet export related expenses and PSDL (post shipment demand loan) to the tune of Rs 29 crore from the BoB during 2006-07.
 "It was revealed that for availing credit facilities forged and fabricated export orders were submitted. The amounts released were not used for business purposes but was diverted."
 "The bills remained outstanding for the purported exports made by these companies," it said.
 The foreign buyers had either returned the goods, made payments directly to the borrowers or had not at all received the goods, the probe found.
 These entities also opened new current account in the name of Gems International and transferred some of the loan advance on account of PC and PSDL to this account.
 "In this way, the funds were diverted and misappropriated by these entities. Investigation revealed that the borrowers had systematically and with criminal intention diverted and misappropriated the funds for settling their personal dues and old dues with previous bank (SBBJ) and not utilised them for the purpose for which they were borrowed," the ED alleged.
 The federal agency has filed a charge sheet in this case in 2017 before a special PMLA court in Jaipur after it attached a bungalow worth Rs 1 crore in Jaipur's Shyam Nagar area.
 Investigation in the case is ongoing, it said. NES NES SMN
SMN

Bank fraud: ED attaches Rs 5-cr assets of Rajasthan gems exporting firm, promoters

(Eds: Correcting day in last para) New Delhi, Mar 10 () Crisis-hit Yes Bank said on Tuesday that customers could now make payments towards their credit card and loans through other bank accounts, days after prominent banking services were curtailed after the RBI imposed moratorium on the lender. The announcement comes as panic gripped the bank's customers, who queued before ATMs and bank branches to withdraw money. They were also not even able to access Internet banking and other services like digital payments through another party's platform. Forex services and credit card purchases, among others, were also impacted. "Inward IMPS/NEFT services have now been enabled," Yes Bank tweeted. "You can make payments towards YES Bank credit card dues and loan obligations from other bank accounts. Thank you for your co-operation." The Reserve Bank of India had put a moratorium last Thursday on the cash-strapped Yes Bank, imposed withdrawal restriction of Rs 50,000 only till April 3 and superseded its board through appointment of an administrator. However, the bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks' ATMs as well. During the moratorium period, 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 by infusing capital of Rs 2,450 crore. The bank's financial health is not sound as it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as the managing director and CEO from March last year. Troubles at new-generation private sector started brewing up ever since the the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering -- to continue as MD and CEO in September 2018, and had asked the lender to find a new successor. Yes Bank's administrator, Prashant Kumar, a former SBI executive, had on Monday assured customers that the moratorium period could end by this weekend. KPMHMB

Yes Bank customers can pay credit bill, loan repayments through other bank accounts

<ul><li>The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> had put a <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> on <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>, imposed withdrawal restriction of Rs 50,000 only till April 3. </li><li>The bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks' ATMs as well. </li><li>As per the RBI's draft reconstruction scheme, <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> will pick up 49 per cent stake in the crisis-ridden Yes Bank.</li></ul>Crisis-hit Yes Bank said on Tuesday that customers could now make payments towards their credit card and loans through other bank accounts, days after prominent banking services were curtailed after the RBI imposed moratorium on the lender. The announcement comes as panic gripped the bank's customers, who queued before ATMs and bank branches to withdraw money. They were also not even able to access Internet banking and other services like digital payments through another party's platform. Forex services and credit card purchases, among others, were also impacted. "Inward IMPS/NEFT services have now been enabled," Yes Bank tweeted. "You can make payments towards YES Bank credit card dues and loan obligations from other bank accounts. Thank you for your co-operation." The Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> had put a moratorium last Thursday on the cash-strapped Yes Bank, imposed withdrawal restriction of Rs 50,000 only till April 3 and superseded its board through appointment of an administrator. However, the bank has now said that its ATMs are fully up now and customers can withdraw the stipulated amount from other banks' ATMs as well. During the moratorium period, 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 by infusing capital of Rs 2,450 crore. The bank's financial health is not sound as it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as the managing director and CEO from March last year. Troubles at new-generation private sector started brewing up ever since the the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering -- to continue as MD and CEO in September 2018, and had asked the lender to find a new successor. Yes Bank's administrator, Prashant Kumar, a former SBI executive, had on Friday assured customers that the moratorium period could end by this weekend.

Yes Bank says credit and loan payments can be made via other bank accounts

Raipur, Mar 9 () Union Minister of State forFinance Anurag Thakur on Monday said some people were causingharm to the country by spreading lies for the sake of politicsfollowing the Yes Bank crisis.Talking to reporters after holding interactivesessions here with industrialists, traders and intellectualson taxation, Thakur claimed all measures were being taken toensure the safety of depositors' money and to save thebeleaguered private lender.The bank's operations are being probed by EnforcementDirectorate and Central Bureau of Investigation, and itsfounder Rana Kapoor was arrested on Sunday on the allegedcharges of money laundering.The Reserve Bank of India has imposed a moratorium for30 days on the capital-starved Yes Bank, capping withdrawalsat Rs 50,000 per account, and superseded its board withimmediate effect."I want to assure all Yes Bank depositors that theirmoney is safe. We have sought a report from the Reserve Bankinto the matter. The CBI and ED have initiated action againstthe promoter (Rana Kapoor) of the bank and his relatives,"Thakur said when queried on the issue."The promoter of the bank has been arrested and hisfamily members were stopped from going abroad. The SBI hasalso started it process. We have taken all steps to save thebank and resolve problems of depositors," he said.As per the RBI's draft reconstruction scheme, StateBank of India is expected to pick up to 49 per cent stake inYes Bank under a government-approved bailout plan.Taking a swipe at the Opposition, Thakur said, "A fewpeople are creating an atmosphere of fear and speaking lies(on the issue) for politics, and by doing this, they arecausing harm to the country and its people."Earlier, speaking on the Yes Bank issue at the airporthere, Thakur said the Narendra Modi government would nottolerate corruption, and added "there was a lot to come on theissue".He said the Modi dispensation, which has givencorruption-free governance for the past six years, willcontinue to take action on those who looted hard-earned moneyof the people.Asked about how the government planned to curb importsfrom China, he said import duty had been hiked in the 2020-21budget.He said meetings were being held to study the impacton Chinese imports after the coronavirus outbreak there.On a question on the reported confrontation betweenChhattisgarh and the Centre on sharing the Goods and ServicesTax (GST), Thakur said "in a federal structural, cooperativefederalism and competitive federalism run together"."Every state tries to attract more investment for itsgrowth. The Centre has been allocating GST collection share tostates. If there are pending cases, then the amount will besanctioned in two installments as we have already announced,"he added. TKP BNMNSK NSK

Yes Bank: Some people spreading lies for politics, says Thakur

New Delhi, Mar 11 () Yes Bank along with SBI is in discussions with a large number of investors to raise capital, RBI-appointed administrator Prashant Kumar has said while assuring bank customers that their deposits are "absolutely safe". Kumar in an email to bank customers has said that the bank is closely working with the government and the RBI towards resuming full banking services at the earliest, well before the communicated date of April 3. The cash-starved private sector lender has come under the direct oversight of the Reserve Bank with the supersession of its board last Thursday and a moratorium has been placed till April 3, during which customers are now allowed to withdraw up to Rs 50,000."With respect to capital raising, along with the State Bank of India, we are in discussions with a large number of investors and are hopeful that in the next few days, there will be complete clarity in this regard," Kumar updated bank customers in an email sent last night."Please be assured that our customers are our topmost priority and once again, I would like to re-iterate that your deposits are absolutely safe with the Bank," said the mail by Prashant Kumar - Administrator, Yes Bank (appointed by the Reserve Bank of India).Addressing the customers he said: "I understand that you are facing inconvenience owing to the unavailability of certain banking services by YES BANK."I assure you that this is temporary, and we are working closely with the government and the RBI towards resuming full banking services at the earliest, well before the communicated date of April 3, 2020," Kumar said.Meanwhile, the bank has allowed customers to pay towards their Yes Bank credit card bill and loan EMIs through IMPS, NEFT and RTGS modes.Also, the ATMs are fully up now and customers can withdraw up to Rs 50,000 from Yes Bank as well as from other banks' ATMs. "On Saturday, withdrawals from our branches and ATMs as well as other bank ATMs, using YES BANK Debit Card were enabled. In addition, inward IMPS and NEFT services have also been enabled to ensure that customers can make payments towards YES BANK credit card dues and loan obligations from other bank accounts," read the Kumar mail.Yes Bank customers on Wednesday were also allowed to make such payments through RTGS.The bank will also announce its third quarter results on March 14, 2020. The bank for the first time has delayed its results announcement, about which it had informed before the RBI action."With respect to capital raising, along with the State Bank of India, we are in discussions with a large number of investors and are hopeful that in the next few days, there will be complete clarity in this regard," Kumar told customers.During the moratorium period, 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 by infusing capital of Rs 2,450 crore.The bank's financial health is not sound and it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as the managing director and CEO from March 1, 2019.Troubles at new-generation private sector started brewing up ever since the the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate on charges of financial mismanagement and money-laundering -- to continue as MD and CEO in September 2018, and had asked the lender to find a new successor.Yes Bank's administrator, Kumar, a former SBI executive, had on Monday also assured customers that the moratorium period could end by this weekend. KPM KPM MRMR

Customers deposits absolutely safe, bank in talks with investors, says RBI-appointed admin

New Delhi, Mar 9 () The government is not considering to bring other private sector lenders under scrutiny in the aftermath of Yes Bank crisis that has left lakhs of customers worried if their hard earned money is really safe in banks."There is no such plan," said an official source when asked if the Yes Bank crisis preceded by Punjab and Maharashtra Co-operative (PMC) bank debacle calls for scrutiny of other lenders also.The official said that there has been timely action on part of both the government as well as the Reserve Bank of India (RBI)."The bailout plan has also been announced, so this will be contained," said the official. However, analysts expect that the new generation private sector lenders alongside the cooperatives could face slow growth in their deposits as the banking business is based on trust and confidence.S&amp;P Global Ratings said if Yes Bank's resolution process is prolonged, there is a risk the broader banking environment may take a hit. "The uncertainty may engulf weak financial-sector entities, including non-bank finance companies or private-sector banks. Companies with marginal credit profiles, perceived governance issues, and aggressive risk appetites are particularly vulnerable. These could suffer from extended risk aversion, resulting in rising borrowing costs," S&amp;P Global Ratings said.Yes Bank being put under administration has further eroded the confidence in the financial sector in India. After IL&amp;FS, DHFL and PMC Bank, this is a bigger setback given its size and profile, said Tarun Bhatia, MD &amp; Head of South Asia in the Business Intelligence and Investigations practice of Kroll.Brokerage firm Anand Rathi said deposit growth for select banks may slow down. "The banking system is based on goodwill and trust. Given the recent events (including at PMC and Yes), new age private banks and smaller regional banks may see slower deposit growth, Anand Rathi said in a note on 'India Banks? Likely contagion effect of Yes Bank'.It said although the regulator and the government have in both cases stepped in to safeguard the interests of depositors, "we expect retail investors to park their deposits in PSBs and select larger private banks".At least in the short run, deposit growth in new-age private and smaller regional banks could therefore significantly slow down. This may push up their cost of funds, eating into their margins. Loan growth of private banks with higher C/D (cost to deposit) ratios could be slower, it added."The event raises serious issues around corporate governance in the bank but will now bring all other mid and small size banks under scanner too. The cost of capital will increase for the banks and there could be increase in asset side risks with growing concern on the quality of portfolio they hold," said Bhatia of Kroll -- a division of Duff &amp; Phelps -- on Yes Bank development.During the moratorium period, 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 (SBI) will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore. Bank's financial health is not sound as it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as managing director and CEO from March 1, 2019. Troubles at new generation private sector started brewing up ever since the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate for financial mismanagement and money laundering charges -- to continue as MD and CEO in September 2018 and had asked the lender to find a new successor. KPM MKJ

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India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose

Katya Naidu