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<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

Hi! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC, and it's time for one of my favorite annual traditions: the wildest outfits from the Met Gala. <a href="https://www.insider.com/met-gala-best-wildest-celebrity-red-carpet-looks-2023-5">Check out the pics here.</a>As entertaining as it is to see celebrities dress up in ridiculous costumes, <a href="https://www.insider.com/couture-cockroach-roach-red-carpet-met-gala-moment-2023-5">I really think the cockroach took the cake this year.</a>Today, we've got stories on <a href="https://www.businessinsider.com/fintech-finix-payments-processor-facilitator-richie-serna-2023-5">a payments startup looking to step its game up</a>, <a href="https://markets.businessinsider.com/news/stocks/short-seller-hindenburg-research-wall-street-legend-carl-icahn-enterprises-2023-5?_gl=1*tqano4*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4MzA1MzgyOS4xMTQuMS4xNjgzMDU2MjI2LjU1LjAuMA..">Carl Icahn getting a taste of his own medicine</a>, and <a href="https://www.businessinsider.com/what-hollywood-writers-wga-strike-means-for-tv-shows-movies">what the Hollywood writers' strike means for your favorite shows and movies</a>.But first, we're not out of the woods just yet.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://markets.businessinsider.com/news/stocks/pacwest-western-alliance-stock-regional-bank-crash-jpmorgan-jamie-dimon-2023-5"></a>1. <a href="https://knowyourmeme.com/memes/ah-shit-here-we-go-again">Ah shit, here we go again.</a>This is the banking crisis <a href="https://www.youtube.com/watch?v=5iln6fkwJOU" target="_blank" rel="noopener">that doesn't end.</a>Yes, it goes on and on, my friend.Some banks, started buying long-dated assets not knowing rates would rise. And they'll continue failing forever, just because...So, about that banking crisis being over.If the past few months have taught us anything, it's that the end is never really the end.When regulators announced they were <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">backstopping deposits at Silicon Valley Bank</a>, some viewed it as bringing stability to the market. It didn't. When big banks pledged <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3?_gl=1*oxwn0d*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4MzA0NzE5Mi4xMTIuMS4xNjgzMDQ4MTIxLjQ3LjAuMA..">$30 billion to First Republic</a> to calm nerves, it seemed like things would get better. They didn't.When the crisis went international and <a href="https://www.businessinsider.com/ubs-credit-suisse-deal-lacks-discretion-public-spotlight-2023-3">UBS was forced to acquire Credit Suisse</a>, it appeared we'd seen the worst of it. We hadn't.When JPMorgan stepped up <a href="https://www.businessinsider.com/first-republic-bank-taken-jpmorgan-fdic-fails-find-buyer-2023-5">to buy a still-ailing First Republic</a>, the world's top banker, <a href="https://www.businessinsider.com/jamie-dimon-jp-morgan-ceo-first-republic-bank-rescue-2023-3">Jamie Dimon</a>, deemed it the end of the crisis. (<a href="https://markets.businessinsider.com/news/stocks/jpmorgan-first-republic-rescue-banking-turmoil-citi-ceo-jane-fraser-2023-5?_gl=1*1s81v91*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4MzA0MjU3OS4xMTEuMS4xNjgzMDQzMjU4LjE3LjAuMA..">And he wasn't the only one.</a>) He was wrong.The ink is barely dry on JPMorgan's agreement with regulators and it seems more regional banks are feeling the pain. PacWest and Western Alliance both saw their shares slide considerably on Tuesday, <a href="https://markets.businessinsider.com/news/stocks/pacwest-western-alliance-stock-regional-bank-crash-jpmorgan-jamie-dimon-2023-5">Insider's Morgan Chittum reports.</a>It's not just investors that are skittish. Customers of regional banks are starting to ask questions about how safe their local lender is, <a href="https://www.ft.com/content/32342f88-2d24-4198-90f1-89eb23bd1def" target="_blank" rel="noopener">the Financial Times reports.</a>And to be honest, I get it. While I might not agree with the sentiment, I understand why anyone banking with a regional player might start second-guessing that choice. Which begs the question: Will this crisis ever officially end?First Republic's failure and acquisition by JPMorgan could lead more American's to reconsider their banking relationship and <a href="https://www.businessinsider.com/how-jpmorgan-benefits-from-first-republic-fdic-2023-5">move money to a bigger bank.</a> That, in turn, will lead to another bank failing, which means even more American's will reconsider their banking relationship and move money to a bigger bank.And that'll lead to...well, you get the idea.<a href="https://markets.businessinsider.com/news/stocks/pacwest-western-alliance-stock-regional-bank-crash-jpmorgan-jamie-dimon-2023-5">Here's more on how regional banks are still getting slammed despite JPMorgan's Jamie Dimon calling an end to the bank crisis.</a>In other news:<a href="https://www.businessinsider.com/what-hollywood-writers-wga-strike-means-for-tv-shows-movies"></a><div type="image" title="Stefon Saturday Night Live" height="1430" width="1908" msid="99964694" hostid="261"></div>2. Fintech Finix wants to play with big dogs. The startup became a payments processor as it looks to compete with industry giants like FIS and Fiserv that dominate the space. <a href="https://www.businessinsider.com/fintech-finix-payments-processor-facilitator-richie-serna-2023-5">Read more on CEO Richie Serna's strategy.</a>3. Ain't no fun when the rabbit's got the gun. The king of corporate takeovers has some barbarians at his own gate. Short seller Hindenburg Research <a href="https://markets.businessinsider.com/news/stocks/short-seller-hindenburg-research-wall-street-legend-carl-icahn-enterprises-2023-5?_gl=1*tqano4*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4MzA1MzgyOS4xMTQuMS4xNjgzMDU2MjI2LjU1LjAuMA..">published a report on Carl Icahn's holding company</a>, Icahn Enterprises. Among the allegations: The firm has inflated asset valuations and runs like a Ponzi scheme. Icahn, for what it's worth, <a href="https://www.prnewswire.com/news-releases/icahn-enterprises-issues-statement-regarding-short-seller-report-301813690.html" target="_blank" rel="noopener">dismissed the report.</a> But that didn't stop an <a href="https://twitter.com/BillAckman/status/1653455633914396673">old Wall Street rival from getting his shots in.</a>4. Here's what some of the top execs in finance think about the Fed's plan for rates. With the Federal Reserve set to announce what it's going to do with interest rates, plenty of people have thoughts. <a href="https://www.businessinsider.com/milken-2023-federal-reserve-interest-rate-hike-outlook-preview-highlights-2023-5">Here's what five executives at the famous Milken Institute Global Conference had to say on Fed policy.</a>5. Betting big on media, entertainment, and gaming. Alignment Growth just raised $360 million with plans to invest in everything from live experiences to a video game developer. <a href="https://www.businessinsider.com/alignment-growth-bewkes-tsujihara-iosilevich-invest-360-million-media-sports-2023-5">More on why it's so bullish on the space.</a>6. These are all the CEOs saying AI is going to wipe out jobs at their companies. From IBM to Amazon, leaders at some of the biggest companies have hinted at the impact AI will have on their workforce. <a href="https://www.businessinsider.com/ai-tech-jobs-layoffs-ceos-chatgpt-ibm-2023-5">Here's what they've said so far on the topic.</a>7. Here's what could happen if the US defaults on its debt. There's been lots of talk about the US reaching its debt ceiling. So what does it all mean? If you're a masochist, <a href="https://www.businessinsider.com/what-happens-if-congress-doesnt-raise-debt-ceiling-jobs-retirement-2023-5">here's the worst-case scenario.</a>8. When the Airbnb you book is not where you think it is. Here's a wild story about a man whose home <a href="https://www.insider.com/airbnb-bait-switch-los-angeles-man-2023-2">was caught up in a bait-and-switch Airbnb scam.</a> And if you're considering booking an Airbnb for your next vacation, <a href="https://www.insider.com/airbnb-bait-and-switch-scam-how-to-get-money-back-2023-2">here's how to avoid some of the most common scams.</a>9. Put that wardrobe to use. Wondering what to do with those nice work clothes you never wear to the office anymore? (<a href="https://www.businessinsider.com/jpmorgan-new-in-office-policy-impacts-other-banks-2023-4">No offense, JPMorgan employees.</a>) You can make some serious cash renting them out. <a href="https://www.businessinsider.com/clothing-rental-business-how-make-money-2023-4">Here's how one woman made nearly $5,000 a month with the side hustle.</a>10. About the Hollywood writers' strike. Writers Guild of America members <a href="https://www.businessinsider.com/hollywood-writers-are-striking-over-pay-stopping-production-on-shows-2023-5">are officially on strike</a>. If you're wondering what that means for your favorite shows and movies, <a href="https://www.businessinsider.com/what-hollywood-writers-wga-strike-means-for-tv-shows-movies">here's a rundown.</a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=64513979c4cc6f2ceb729396&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

This is the banking crisis that doesn't end

<ul><li><keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>’s mobile and net banking services are down after the Reserve Bank of India limited withdrawals to ₹50,000.</li><li>The moratorium will stay in effect for a month and the RBI may increase the limitation on a case-by-case basis.</li><li>The apex bank points out that there is no reason for depositors to panic and that their interest will be fully protected.</li></ul>In a busy day for Yes Bank, withdrawals were capped at ₹50,000 in the evening today, March 5, by India’s top bank. Almost immediately after the mobile banking app and net banking website services were unavailable. 
 
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 “There has been no intimation to employees as well. Even after the notification there is no email or Whatsapp notification from the management,” an employee told Business Insider on the condition of anonymity. “I tried to withdraw cash at around 8:00 pm but couldn't. Then tried to net banking and that failed too. That is when I realised there is something wrong,” he added 
 
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 Sources told Business Insider that the downtime is likely temporary to make the requisite modifications to limit IMPS, NEFT, RTGS and fund transfers. Yes Bank is yet to respond to Business Insider’s request for comment as to why their online services are down. One month moratorium The moratorium will stay in effect for a month and the RBI may increase the limitation of ₹50,000 on a case-by-case basis, keeping room for unique facts and circumstances. The board of Yes Bank has also been superseded with immediate effect, according to the statement by the Reserve Bank of India (RBI). Former CFO of India’s largest public sector bank State Bank of India (SBI) has been appointed as the administrator. “The Reserve Bank came to the conclusion that in the absence of a credible revival plan — and in public interest, and the interest of bank’s depositors — it had no alternative but to apply to central government for imposing a moratorium,” said the RBI. The apex bank points out that there is no reason for depositors to panic and that their interest will be fully protected. Yes Bank’s race to raise $2 billion Today morning the bank’s share zoomed over 29% in the afternoon trade amid reports that the government has asked the State Bank of India (SBI) to lead a consortium to buy stake in the company. Sources told <a href="https://economictimes.indiatimes.com/markets/stocks/news/sbi-lic-to-acquire-half-of-yes-bank-at-rs-2-per-share/articleshow/74492835.cms?from=mdr">ET</a> that SBI and the Life Insurance Corporation of India (LIC) will acquire shares at ₹2 per share. The two state-run companies will acquire 49% stake for a total of ₹490 crore. 
 



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 Yes Bank had originally sought a 45-day extension in February after hitting the original 45-day deadline to furnish its quarterly results with the Securities and Exchange Board of India (SEBI). It said it required the extension to raise the required funds of $2 billion.

Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000

<ul><li>Finance minister Nirmala Sitharaman has asked the Reserve Bank of India (RBI) to identify the people who played a role in creating the <keyword id="8873513" type="UNKNOWN" weightage="20" keywordseo="yes-bank-crisis">Yes Bank crisis</keyword>.</li><li>She has also asked the RBI to assess the adequacy of regulatory and supervisory norms in India.</li><li>Sitharaman wants the crisis to be resolved under due process of law, but with a sense of urgency.</li></ul> Within a day after superseding Yes Bank’s board, the Reserve Bank of India (RBI) released a new scheme for the reconstructed bank. As per the RBI draft, the altered capital of Yes Bank stands at The Reserve Bank of India (RBI) released its new scheme for the reconstruction of Yes Bank. The plan alters Yes Bank’s capital to ₹5,000 crore and also said that a strategic investor will bring in 49% equity into it. 
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 As per the banking regulator, the strategic investor which could be the State Bank of India (SBI) and the Life Insurance Corporation (LIC), will not reduce holding below 26% before three years. In addition, Finance Minister Nirmala Sitharaman also provided assurance to depositors and employees, in a press conference. “Deposits and liabilities will continue unaffected as before. Employment and salary assured, at least for one year,” she said. FM asks RBI to ‘identify the role played by individuals’ Sitharaman also asked the RBI to find out which individuals are responsible for the Yes Bank’s troubles. “I’ve asked the RBI to go into assessing what has caused these difficulties for Yes Bank. Clearly identify the role played by individuals in creating the problem and not-so-comprehensively addressing the problem,” she told reporters at a press conference in Delhi after recapping the timeline of events that led to the private bank’s financial crisis. 
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 The RBI issued a moratorium last night capping withdrawals from Yes Bank at ₹50,000 for the coming month, which was a long time coming, according to Sitharaman. India’s top bank has reportedly been monitoring the activities of Yes Bank since 2017. In addition to finding the perpetrators, Sitharaman has also asked the RBI to analyse India’s current regulatory norms for loopholes. “I’ve also asked the RBI to tell me about the adequacy of the extent of the regulatory norms, supervisory norms. If found inadequate — where and why? I’ve asked them for a report on this,” she said. Assuring depositors’ that their interest is “completely safeguarded”, the finance minister said that the RBI will be addressing the problem as quickly as possible. “I want the RBI to ensure that the due process of law is set to roll with a sense of urgency so that we can find out who led to this problem of this size of magnitude in the Yes Bank,” she said. See also: <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-mobile-and-net-banking-down-after-rbi-limits-withdrawals-to-50000/articleshow/74499754.cms">Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000</a>

Finance Minister assures employment and salary at Yes Bank at least for one year

<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

<ul><li><keyword id="8883506" type="UNKNOWN" weightage="20" keywordseo="yes-bank-founder-rana-kapoor">Yes Bank founder Rana Kapoor</keyword> was arrested by the Enforcement Directorate (ED) early today, March 8.</li><li>He has been arrested under the provision of the <keyword id="6355007" type="UNKNOWN" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act">Prevention of Money Laundering Act</keyword> (PMLA).</li><li>Authorities claim he was not cooperating with the probe.</li></ul> The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. According to officials, Kapoor's wife Bindu and daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor -- are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. PTI NES AD 03080721 NNNN

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

<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

Mumbai, May 31 () Private sector lender Yes Bank on Sunday announced restructuring of salaries for senior leadership team, wherein nearly a third of their yearly compensation will be moved to the "variable pay" category. The move to allocate 30 per cent of the total cost to company as variable pay is applicable to the "leadership team" for FY21, an official statement from the bank said, without detailing who are part of the team. Generally variable pay to staff is linked to the commercial success of an entity or other specified milestones. The move comes at a time when there are widespread concerns on employment, with a lot of firms even retrenching workers. Within the banking industry, its larger rival Kotak Mahindra Bank has announced pay cuts for all the employees earning above Rs 25 lakh per annum. "COVID-19 situation has exacerbated the gradually slowing growth momentum in the global economy and the revival of the economy will, to a great extent, depend on the robustness of the financial services sector," the Yes Bank statement said. The bank is appreciative of the leadership team for their "unstinted support, demonstrating the highest level of ownership and commitment", it added. Earlier, the bank had contributed Rs 10 crore to the PM-CARES Fund. Its employees had also voluntarily contributed an amount equal to one day's salary to the fund to support ongoing relief efforts to combat COVID-19. AA BAL BAL

Yes Bank restructures salary of senior leadership team

<ul><li>Companies have faced significant resistance when they have asked employees to come back to the office. </li><li>The hybrid working model has gained widespread acceptance and is likely to stay. </li><li>Some of the organisations incentivising employees are offering discounted meals, commuting benefits, etc.</li></ul>Life after the pandemic has returned to normal, but for those who had got used to working from home, returning to office is not a preferred option – not yet. Added to that, there is a disparity between how leadership and employees perceive working from home. In June 2020, TCS announced that it will allow 75% employees to <keyword id="123591" type="General" weightage="80" keywordseo="work-from-home" source="Orion">work from home</keyword> even after the pandemic is over. However, they have now backtracked on that claim. TCS has been encouraging employees to get <keyword id="9081434" type="General" weightage="100" keywordseo="back-to-office" source="Orion">back to office</keyword> three days a week and has ruled out a scenario where employees can work 100% from home. Infosys founder Narayana Murthy has warned younger employees against moonlighting and asked them not to work from home. Wipro chairman Rishad Premji recently made a statement saying that more employees should work from the office rather than from their homes. And, it’s not just tech companies. As much as 71% of Indian business leaders said that they prefer their employees to work more frequently from the office as opposed to working from home according to C-Level Linkedin Research. fo However, post-Covid, returning to work is a mindset shift. A report by ADP Research Institute reveals that 76.07% of employees in India would prefer having control over their working hours and would take a pay cut to guarantee the flexibility of working remotely or have the opportunity to alternate between home and office. According to a global survey by ResumeBuilder.com, 66% of employers currently require employees to <keyword id="8954729" type="General" weightage="80" keywordseo="work-from-office" source="Orion">work from office</keyword>, 90% of companies will require employees to return to office in 2023, 21% of companies will fire workers who do not return to the office and 88% of companies are offering incentives to get employees to return, including catered meals, commuter benefits, and higher pay. <cmsannotation type="cmsannotation" annotationid="To work or not to work from the office" comment="subhead2" text="To work or not to work from the office">To work or not to work from the office</cmsannotation> Like companies across the world, Indian companies too are trying to adjust to the new normal. “Companies are aware that employee engagement is crucial to their performance. As a result, they have been willing to add some flexibility to the equation. Occasionally working from home for an office job is acceptable, but only with permission.,” says Mayur Taday, chief business officer, TeamLease Services, a staffing and HR firm. However, companies have faced resistance when asking their employees to come back to the office. “Like many other organizations, we encountered significant resistance from employees, particularly those who were working remotely from their hometowns. However, over time, the situation has evolved. A substantial percentage of our workforce attends the office five days a week, while others enjoy the hybrid approach. However, there is a small group of employees who still show resistance,” says Jayita Roy, VP - HR, Adecco India, a staffing and HR solutions company. Tadays says that businesses have been tolerant and non-obtrusive in permitting a gradual transition over the past nine months, but increased adherence is anticipated in the upcoming fiscal year. “Employees have largely adapted to the new normal as a result. However many who want a permanent WFH have looked for or changed jobs and landed WFH roles,” he adds. Organizations across sectors want their employees to come back to office, but each industry has its nuances. According to Pratik Vaidya, Founder &amp; MD, Karma Global, an HR and compliance organization, when it comes to BFSI, the principle is well settled. Even during pandemic times, the entire banking and financial sectors were working normally with all transactions going online. The need for physical presence of a customer in a bank was negligible and this trend continues even today. Hence the second and fourth Saturdaysh as holidays for banking and government offices are widely accepted and there is no likelihood of any change unless the Banking Associations’ demand for all Saturday offs is met by the government. However, in tech the situation is not as simple. “This is because the tech industry’ demographic holds the younger generation of people in the age group of 23 to 30. The vibrant lot seeks nourishing and nurturing of talent, career path and employee friendly workplace which they can consider as their second home,” says Vaidya. Also he says that the younger lot is more inclined towards work from home or a <keyword id="45402" type="General" weightage="20" keywordseo="hybrid-model" source="Orion">hybrid model</keyword>, a mix of both working from office and a few days at home. The mid-level workforce is fully inclined towards the hybrid model so that they are able to stay focussed on their career growth and balance days in remote working, where they can attend to family and personal demands. The senior level is more inclined towards work from office so that they can focus on organizational goals and drive the purpose and objective of the organization. The year 2023 will thus witness a lot of experimentation in organizations. Some will settle down faster, while others will take a little longer to settle, especially those organizations with multi locational units, multi job roles, multi grades and cadres, multi objectives and goals, as expectations will be huge. <cmsannotation type="cmsannotation" annotationid="Hybrid work could be the future" comment="subhead2" text="Hybrid work could be the future">Hybrid work could be the future</cmsannotation> Linkedin Research has also revealed that 82% Indian leaders believe that hybrid work is expected to stay here for the long term. “It is true that the hybrid working model has gained widespread acceptance and this will become the norm of the future,” says Vaidya. However he adds that it will totally depend on the suitability and needs of an organization. It cannot be a standard practice across. It will vary between industries and organizations. The hybrid model comes with 4 days a week, 3 days a week, 2 days a week, once a week, few times in a month or once in a month. So it will be idealistic for each organization to decide what suits them best taking into account their vision, mission, values, culture, goals and objectives, competition, product demand and penetration, delivery and ultimately customer satisfaction. “The hybrid work model presents an advantageous arrangement for employees, as it empowers them to structure their workweek to suit both their personal needs and the needs of their team,” says Roy. She adds that a substantial percentage of their workforce attends the office five days a week, while others enjoy the hybrid approach. “We don’t see a world where employees return to the office five days a week. For now, it’s one or two days with an emphasis on flexibility,” says Chad Herring, CHRO, Zoominfo, a software and data company. <cmsannotation type="cmsannotation" annotationid="The way ahead" comment="subhead2" text="The way ahead">The way ahead</cmsannotation> We were taught of this motivational theory of carrot and stick, during school days and it holds its relevance even today. In fact, fortune 500 companies CEOs even today use a combination of carrot and stick which helps them to achieve faster progress. An element of compulsion is necessary at the same time when carrot is being offered as an inducement. Some of the organizations incentivising employees are offering discounted meals, commuting benefits, offering a decent raise, improving office space with re-decor, casual dressing on Fridays, team events on weekends, child care facilities, learning training and development programmes, and so on. At Zoominfo, employees are regularly treated to free lunches at the office. There are also snacks and drinks available at all times. For many, the last few weeks marked the first time many employees met their colleagues in person since they were hired, so teams have planned group lunches and outings. It is accepted that the pandemic has changed the way individuals view their work life as the two years of ingrained family style of work at home, and it will take some time for the employees to come out from this cocoon or home shell. Therefore, it will be imperative to build employee centric and customized work plans depending on each organisation's needs and wants, maintaining a healthy balance between the two. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/yes-bank-shares-tank-over-12-as-3-year-shareholder-lock-in-period-ends/articleshow/98601576.cms">Yes Bank shares tank over 12% as 3-year shareholder lock-in period ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/how-does-the-oppo-find-n2-flip-stack-up-against-the-samsung-galaxy-z-flip-4/slidelist/98601155.cms">How does the Oppo Find N2 Flip stack up against the Samsung Galaxy Z Flip 4?</a>

Companies want their employees back to office, but it is turning out to be difficult

New Delhi, Mar 6 () <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> was the biggest lender to <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> defaulter travel firm <keyword id="44449" type="COMPANY" weightage="20" keywordseo="Cox-Kings">Cox &amp; Kings</keyword> with total claims of over Rs 2,285 crore, according to a list of financial creditors prepared by the resolution professional of the debt-ridden firm. Financial creditors have submitted a claim of over Rs 5,911 crore for debt they provided to Cox &amp; Kings, according to a regulatory filing by the company. Cox &amp; Kings is currently going through the corporate insolvency resolution process. The Mumbai bench of the National Company Law Tribunal in Mumbai has directed to initiate insolvency proceedings against Cox &amp; Kings in October last year over the plea filed by Rattan India Finance, claiming default on a loan of Rs 30 crore by the travel company. Axis Bank has submitted a claim of Rs 1,065 crore, State Bank of India Rs 635 crore, Indus Ind Bank Rs 270 crore, Abu Dhabi Commercial Bank Rs 218 crore, Bank of Baroda Rs 188 crore, Central Bank of India 157 crore, Kotak Mahindra Bank Rs 148 crore, UTI Trustee Company 128 crore, Andhra Bank Rs 103 crore, SBI cards and payment services Rs 102 crore to the RP of Cox &amp; Kings. Other banks have exposure below Rs 100 crore which includes SBI (UK). HDFC Bank, Indian Bank, and IDFC Bank, among others. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore. The company's auditors have noticed the use of "allegedly forged financial statements" in the accounts of its UK-based subsidiary Prometheon Enterprise. The auditors of Cox &amp; Kings have found that the audited consolidated financial statements of Prometheon Enterprise were not signed by Raffingers, the auditor of its UK-based arm. The company in an earlier filing had said that "the newly appointed statutory auditors, in the course of the performance of his duties as auditor, have a reason to believe that an offence of fraud involving Rs 1 crore or above (individual amount), is being or has been committed in the company by its officers or employees and accordingly correspondences to the Ministry of Corporate Affairs is in process.". PRS HRS

Yes Bank was the biggest lender to loan defaulter Cox & Kings

Mumbai, Mar 7 () The Enforcement Directorate on Saturday continued questioning Yes Bank founder Rana Kapoor in connection with a money laundering probe against him and others, officials said. They said Kapoor was brought to the agency's office in the Ballard Estate area Saturday afternoon. The ED had searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area on Friday night and had grilled him there too. The questioning of Kapoor is continuing, they said. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned non-performing assets (NPAs), they said. Action against Kapoor is being conducted under the Prevention of Money Laundering Act (PMLA) by the ED. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner, including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. NES SMNSMN

ED continues questioning Yes Bank founder Rana Kapoor

(Eds: Combining related stories) Mumbai, Mar 5 () In a rare move, capital-starved Yes Bank was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. 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. However, it will be able to pay salaries to its over 20,000 employees, the central bank said. The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI. The country's financial sector is already reeling under a spate of setbacks, starting with the high quantum of dud assets at over Rs 10 lakh crore, their slow-paced resolutions despite legal teeth through bankruptcy laws, scandals at non-bank lenders like IL&amp;FS and DHFL, and also fraud at cooperative lender PMC Bank. The last lender to be placed under a similar action was PMC Bank in September last year. While the withdrawal limits have been increased over time to Rs 1 lakh now, many PMC Bank depositors are still in the lurch. There is no provision to handle insolvencies of commercial banks, and the raft of actions come even as the government is working on the FRDI (financial resolution and deposit insurance) Bill. Just like PMC and DHFL, the RBI superseded the board of Yes Bank for a period of 30 days "owing to serious deterioration in the financial position of the bank". The government took the decision of placing the bank under moratorium on an application made by the RBI, a gazette notification signed by Amit Agarwal, joint secretary in the finance ministry, said. The RBI had appointed former deputy governor R Gandhi to the bank's board last year amid the leadership turmoil, caused by the central bank's August 2018 action asking co-founder and chief executive Rana Kapoor to step down by January 2019 on corporate governance concerns. The developments come exactly a year and four days after Ravneet Gill joined the lender, after leaving German bank Deutsche Bank's India operations. Immediately on joining, Gill identified hidden stress of over Rs 10,000 crore, providing for which eroded capital buffers. The bank has been struggling to execute a capital raising plan for the last six months and had been repeatedly assuring all that it sees some hope of funds flowing in. It had also named ace investor Rakesh Jhunjunwala, GMR Group and Citax Holdings as being interested in the bank. Yes Bank's core equity tier-I ratio had slipped to 8.7 per cent as of September. The bank had pushed its December quarter results announcement to March 14, citing hindrances it may pose to the capital raising plan. "The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank's depositors, it had no alternative but to apply to the Central Government for imposing a moratorium under section 45 of the Banking Regulation Act, 1949," an RBI statement said late Thursday evening. It said the bank management had indicated that it was in talks with various investors and was also engaged with a few private equity firms for exploring opportunities to infuse capital. "These investors did hold discussions with senior officials of the Reserve Bank but for various reasons eventually did not infuse any capital. "Since a bank and market-led revival is a preferred option over a regulatory restructuring, the Reserve Bank made all efforts to facilitate such a process and gave adequate opportunity to the bank's management to draw up a credible revival plan, which did not materialise," the central bank said. In the meantime, Yes Bank was facing regular outflow of liquidity, the apex bank said, justifying its actions. As part of the moratorium directions, 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, the RBI said. However, it will be able to pay salaries to its over 20,000 employees and also rents, it clarified. The actions come hours after reports of the government directing a consortium of largest lender SBI and life insurance behemoth LIC to bail out the bank emerged. If successful, this will be the first major instance in many years where a private sector lender will be bailed out using public money, with the first instance being Global Trust Bank's amalgamation with Oriental Bank of Commerce in 2003, which was followed with IDBI Bank's takeover of United Western Bank in 2010. The news of a bailout packaged had sent the Yes Bank stock soaring. It closed 25.77 per cent up at Rs 36.85 apiece on the BSE. However, brokerages were not enthused, and couple of them pegged the value of each stock at Re 1 if such a bailout were to happen. Terming it as a "quasi sovereign bailout", J P Morgan said, "we believe forced bailout investors will likely want the bank to be acquired at near zero value to account for risks associated with the stress book and likely loss of deposits". Earlier this year, SBI Chairman Rajnish Kumar had said the troubled bank will "not be allowed to fail". He had also suggested that rival Kotak Mahindra Bank is best suited to take over Yes Bank. AA BEN ABMABM

Yes Bank placed under moratorium; RBI supersedes board

Mumbai, Mar 6 () Even as the RBI and the government are assuring the public of their money being safe in Yes Bank, depositors continue to queue up outside branches of the troubled private lender.Several customers are now contemplating opening up new accounts in other banks.There were cases of heated exchange between bank staff and customers, who failed to withdraw money.On Thursday, the Reserve Bank of India (RBI) superseded the board of Yes Bank and imposed a 30-day moratorium after the Rana Kapoor-promoted bank failed to raise capital to address potential loan losses.The bank's depositors are allowed to withdraw cash up to Rs 50,000 from their accounts during the 30-day moratorium period, according to a government gazette.The withdrawal limit, however, can be relaxed up to Rs 5 lakh in case of medical emergencies, higher education and for expenses related to marriages, it said.The rush to withdraw money from the bank continued despite Finance Minister Nirmala Sitharaman, Chief Economic Advisor Krishnamurthy Subramanian and Reserve Bank Governor Shaktikanta Das trying to allay the fear among the depositors."Our salary gets credited on 21st of every month. I am a little worried about my upcoming salary as I have a salary account with Yes Bank. I am going to provide details of my other bank account to HR today so that my money doesn't get blocked," said an MNC employee who was standing in a queue at one of the branches in suburban Mulund.Pradeep Kumar, an engineer by profession, working with a large real estate developer, said, "I have some money right now but I have come to withdraw more since it is the beginning of the month and there are some payments lined up."Kumar had tried to withdraw money yesterday night but ATM went dry before his turn came. Yes Bank has 1,000 branches across the country.To streamline the withdrawal process, some of the branches are giving limited tokens to the customers."The branch manager has refused to give me a token since I reached late. They are giving tokens to up to 130 people," said a customer who was seen fighting with the manager of the branch in suburban Mumbai.Security was also tightened at the bank's headquarters, its branches and ATMs across the city. It's not just salaried customers, but entrepreneurs and small businessmen are also affected."We are a start-up having a current account with the bank. We recently raised money from investors which is lying in the account but we are unable to use it," said a customer who came to a branch in Powai to withdraw cash. He said the company gave salaries to employees two days back but there are payments to be made to vendors."Our clients make payments to us which get deposited into our current account with the bank. We are now sending out communications to our clients not to make payments to our present account," said a visibly disturbed customer who has an IT hardware business.Amidst all of this, she is also trying to get her current account open with other bank so that her clients can transfer the money.One customer at the Kharghar branch said he hopes the country's largest lender State Bank of India will not allow the bank to fail. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.The customers said even the mobile and internet banking are shutdown.There was a posse of security men outside the RBI headquarters at Mint Road, which has experienced protests by depositors during the PMC Bank crisis in the recent past.Diagonally opposite, at a Yes Bank branch, a huge stream of depositors could be seen queued up to withdraw their money.At a bank's branch in Colaba, there were similar scenes with a longish queue of depositors.Yes Bank's share tanked 56 per cent to end at Rs 16.20 apiece on the BSE on Friday.While talking to reporters in New Delhi, the Finance Minister said she was in continuous interaction with the RBI who are fully seized of the matter and has assured for a quick resolution."I want to assure every depositor that their money shall be safe. Their monies are safe," she said.The RBI Governor said the resolution of the bank will be done very swiftly."Thirty days which we have given is the outer limit. You will see a very swift action from RBI to put in place a scheme to revive Yes Bank," Das told reporters here.Chief Economic Advisor Krishnamurthy Subramanian also said all options are under consideration for restructuring Yes Bank and assured that depositors' money is safe.This situation reminds one of the plights of depositors of Punjab and Maharashtra Cooperative Bank six months ago.The customers of Mumbai-based urban cooperative bank also went through a similar hardships after the RBI, in September 2019, had superseded the board and the management of the bank.The central bank had put a six-month regulatory restriction on the cooperative bank after it found out certain financial irregularities, hiding and mis-reporting of loans given to real estate developer HDIL.The restriction included barring PMC Bank from lending and accepting fresh deposits. HV BEN AA DC MKJ

Assurances aside, Yes Bank customers queue up outside branches

New Delhi, Mar 6 () Finance Minister Nirmala Sitharaman on Friday said the government has asked the Reserve Bank to look into what went wrong at Yes Bank and fix individual responsibilities.Addressing a press conference after the RBI superseded the board of Yes Bank and placed withdrawal restrictions, she said the bank was being monitored 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, she said.On finding risky credit decisions, the RBI advised change in management, she said.These decisions were taken in the interest of the bank's health, and a new CEO was appointed in September 2018 and cleaning up of bank started, she said adding that investigative agencies too had found irregularities.She said the RBI has been asked to assess the causes of problems and identify the role played by individuals.The government, she said, wants the RBI to ensure that due process of law is followed with a sense of urgency.The restructuring scheme will be fully effective within 30 days, she said adding that State Bank of India has expressed willingness to invest in Yes Bank.The Finance Minister also said that employment and salary of Yes Bank employees has been assured for one year.She said Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.Finance Minister retorted back at senior Congress leader and former finance P Chidambaram saying United Western Bank collapsed in 2006 under the "self-appointed competent doctors." "We are ensuring customers interest are protected," she said. "We can assure all depositors that their money is safe." "I am closely monitoring every institution which requires that kind of monitoring along with RBI," she added. JD ANZ NKDMKJ

You Searched For "yes bank employees" and got 14 results

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

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Companies want their employees back to office, but it is turning out to be difficult

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Yes Bank was the biggest lender to loan defaulter Cox & Kings

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Yes Bank placed under moratorium; RBI supersedes board

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Assurances aside, Yes Bank customers queue up outside branches

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