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<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> has regained approval from the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>) to onboard new UPI users, marking a significant turnaround for the fintech giant. This development follows a setback earlier this year when <keyword id="20410154" type="General" weightage="20" keywordseo="Paytm-Payments-Bank-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Bank Limited" meta.hostid="261" meta.entityid="Paytm Payments Bank Limited">Paytm Payments Bank Limited</keyword> (PPBL), an associate company of Paytm, was barred from adding new users to its UPI platform due to regulatory concerns raised by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI). <h2>Paytm gets permission to onboard new UPI users </h2> In a regulatory filing on Tuesday evening, Paytm disclosed that NPCI granted permission for the company to resume onboarding UPI users, provided it complies with all procedural guidelines and circulars issued by the corporation. “We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the Company to on-board new UPI users, with adherence to all NPCI procedural guidelines and circulars,” Paytm said in the filing. This move is seen as a relief for the company, which has been under scrutiny following the RBI’s intervention in January. The NPCI, which had previously allowed Paytm to operate as a Third-Party Application Provider (TPAP) for UPI transactions, has now reinstated its ability to bring new users onto the platform, albeit with strict conditions. Paytm can continue UPI operations through its partnerships with major banking institutions, including SBI, HDFC Bank, Axis Bank, and YES Bank. The NPCI’s approval comes after a thorough review of Paytm’s compliance with procedural guidelines, including those pertaining to risk management, app branding, multi-bank participation, and data privacy. The fintech firm has been instructed to adhere to key regulatory frameworks, such as the Payments and Settlement Act of 2007 and the Digital Personal Data Protection Act of 2023. This approval follows a request by Paytm’s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords">One97 Communications</keyword> Ltd (OCL), in August, seeking permission to resume UPI onboarding. The NPCI’s decision also reflects that Paytm has addressed concerns raised in the RBI’s directive from earlier this year, which had highlighted persistent non-compliance issues with its banking subsidiary, PPBL. On a related note, Paytm reported a strong financial performance for the quarter ending September 2024. The company posted a net profit of ₹928.3 crore, a marked improvement from the ₹290.5 crore loss it recorded during the same period last year. <h2>What had happened? </h2> For the unversed, in January 2024, the Reserve Bank of India (RBI) told Paytm Payments Bank Limited (PPBL) to stop accepting deposits and processing UPI top-ups. This decision stemmed from ongoing concerns about the bank’s compliance and serious issues that needed addressing. As a result, Paytm found itself unable to onboard new UPI users, significantly disrupting its growing customer base and raising doubts about its future in the crowded <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> market. However, things took a turn for the better in March 2024 when the National Payments Corporation of India (NPCI) gave Paytm the green light to resume UPI transactions. The catch? Paytm could only operate as a Third-Party Application Provider (TPAP), meaning it had to partner with established banks like SBI, Axis Bank, HDFC Bank, and YES Bank for its UPI services. While this arrangement posed some limitations, it allowed Paytm to keep moving forward and adapt to the regulatory challenges it faced in India’s digital payment landscape. (with PTI inputs)

Paytm can onboard new UPI users again, receives NPCI nod months after RBI restrictions

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! New trailer alert! <a target="_blank" href="https://www.businessinsider.com/moviepass-moviecrash-trailer-hbo-2024-5">Check out a preview</a> of the upcoming HBO documentary "MoviePass, MovieCrash" which chronicles the rise and fall of movie-ticket subscription company MoviePass.In today's big story, we're looking at how Zyn nicotine pouches are becoming <a target="_blank" rel="noopener" href="https://www.businessinsider.com/zyn-nicotine-weight-loss-ozempic-health-risk-masculinity-2024-5">the new weight-loss quick fix</a>.What's on deck:<ul><li>Markets: Jamie Dimon thinks we're all <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-inflation-soft-landing-recession-outlook-china-interest-rates-2024-5">underestimating how bad inflation is</a>.</li><li>Tech: Disney just put Big Tech on notice: <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-app-store-fees-apple-google-roku-netflix-2024-5">Give us better app store deals</a>.</li><li>Business: More money leads to more problems for these <a target="_blank" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">high-income earners who can't quit their luxury spending</a>.</li></ul>But first, forget Ozempic, I'm on "O-zyn-pic."If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="d880a79f-5931-46c8-bf2d-5b920313f014">The big story</h3><h2 id="5005c389-5cc7-487d-ae6f-a33084d9ce5d">Zyn to get slim</h2><div type="image" title="Feet on a scale that reads &quot;Zyn.&quot;" height="1500" width="2000" msid="110214889" hostid="261" sizebytes="180404"></div>Pack a lip, and watch the weight drip.A new weight-loss quick fix is making the rounds just in time for summer's unofficial start (Memorial Day), but this one relies on a highly addictive drug.Zyn nicotine patches — a favorite among <a target="_blank" href="https://www.businessinsider.com/wall-streets-underground-drug-abuse-culture-cocaine-adderall-zyn-mushrooms-2024-1">finance bros</a> and <a target="_blank" href="https://www.businessinsider.com/chuck-schumer-nicotine-zyn-republican-right-wing-2024-1">Republican lawmakers</a> — are developing a new fan base among <a target="_blank" href="https://www.businessinsider.com/zyn-nicotine-weight-loss-ozempic-health-risk-masculinity-2024-5">people looking to drop weight fast</a>, writes Business Insider's Hilary Brueck and Mia de Graaf.Users are touting how the small pouches you tuck inside your lip have suppressed their appetites. However, one doctor Hilary spoke to has concerns about the effects of using nicotine to lose weight.Weight-loss drugs can be tricky in the best of circumstances.GLP-1 drugs like Ozempic have been effective in helping people with metabolic conditions. But they haven't been tested on people who don't need them. And with widespread shortages limiting access, using them to shed a couple of pounds fast isn't realistic for most.Using nicotine to lose weight is a tried (but maybe not true) practice. In the 1920s, cigarette companies marketed themselves as a way to "keep a slender figure."Nicotine pouches like Zyn don't contain some of the harmful ingredients you'd find in cigarettes or vapes, which is why they're considered by some <a target="_blank" href="https://www.businessinsider.com/zyn-pouches-become-popular-some-workers-2024-3">to be a healthy alternative</a>. But research suggests they increase blood pressure and heart rate.They're also still incredibly addictive, which comes with its own issues. Some friends I spoke to <a target="_blank" href="https://www.businessinsider.com/zyn-nicotine-pouches-office-culture-health-wall-street-republican-lawmakers-2024-3">found it harder it kick Zyns than tobacco products</a>.<div type="image" title="Paddleball and Pickleball" height="1000" width="2000" msid="110214891" hostid="261" sizebytes="163142"></div>Of course, you don't have to rely on a highly addictive drug to lose weight.Physical activity, for one, is usually a good bet. And with the weather getting nice, it might be time to try your hand at a racket sport that's growing in popularity.No, I'm not talking about pickleball.Padel might seem like pickleball's cousin with a trust fund, but there are plenty of differences. BI's Jordan Hart has a rundown on <a target="_blank" href="https://www.businessinsider.com/padel-isnt-just-rich-people-pickleball-heres-the-difference-2024-5#padel-is-a-blend-of-tennis-and-squash-1">everything you need to know about padel</a>.And yes, padel has definitely caught on with the elite. Since the sport requires a bit more infrastructure than pickleball, exclusive padel clubs have popped up, attracting financiers and former athletes.So not only will playing help you get in shape, you might land your next gig or investment.But if padel is a bit outside your budget, BI's Gabby Landsverk has done a ton of stories on <a target="_blank" href="https://www.businessinsider.com/workout-tip-for-quickly-building-stronger-abs-from-pro-dancer-2024-5">simple workouts</a> and <a target="_blank" href="https://www.businessinsider.com/mediterranean-diet-snacks-to-cut-back-on-processed-foods-dietitian-2024-4">diets</a> that can help you reach your fitness and weight-loss goals.<h2 id="8feba71e-d0c7-4647-8abb-a507d4157f08">3 things in markets</h2><div type="image" title="jamie dimon" height="500" width="1000" msid="110214892" hostid="261" sizebytes="31174"></div><ol><li>Jamie Dimon isn't feeling optimistic about inflation. The JPMorgan CEO sees a slew of factors — green-energy transition, infrastructure buildout, geopolitical remilitarization — <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-inflation-soft-landing-recession-outlook-china-interest-rates-2024-5">keeping prices high</a>. Someone else appears to agree with him, and he's pretty important: <a target="_blank" href="https://www.businessinsider.com/interest-rates-staying-higher-for-longer-no-cuts-powell-inflation-2024-5">Fed Chair Jerome Powell</a>.</li><li>How to tap into your retirement savings without getting knocked for it. If you're thinking about early retirement — lucky you — Rule72(t) <a target="_blank" href="https://www.businessinsider.com/how-to-withdraw-retirement-funds-early-without-penalty-401k-ira-2024-5">allows for penalty-free IRA withdrawals</a>. Pulling cash from your IRA should probably be a last resort, a certified retirement counselor told BI, but strategies like amortization or purchasing an annuity could be a fallback plan.</li><li>Redditors are questioning Roaring Kitty's comeback. This week, the meme stock aficionado posted on X for the first time in nearly three years, sparking a GameStop rally that later fizzled out. But <a target="_blank" href="https://markets.businessinsider.com/news/stocks/gamestop-keith-gill-roaring-kitty-memes-stocks-gme-reddit-2024-5">inactivity on his other accounts has raised suspicion among some Redditors</a>.</li></ol><h2 id="9e32cf0b-8e87-457d-88e3-9235ecef4560">3 things in tech</h2><div type="image" title="apple logo stepped on" height="1500" width="2000" msid="110214893" hostid="261" sizebytes="109686"></div><ol><li>Disney wants better app store deals. Disney CEO Bob Iger said he's giving too much money to the Big Tech app stores that distribute Disney-owned streamers like Hulu and Disney+. In other words: <a target="_blank" href="https://www.businessinsider.com/disney-bob-iger-app-store-fees-apple-google-roku-netflix-2024-5/">Apple and Google better watch out</a>.</li><li>Big Tech's spending on AI could surpass $1 trillion in the next five years. Despite cutting costs elsewhere, <a target="_blank" href="https://www.businessinsider.com/big-tech-ai-spend-capex-1-trillion-2024-5">tech companies will continue spending big money</a> on the GPUs and data centers needed to support their generative artificial intelligence ambitions, according to a Bernstein research note.</li><li>Microsoft is reportedly offering to relocate 800 workers based in China. The tech giant is <a target="_blank" href="https://www.businessinsider.com/microsoft-china-staff-told-consider-relocating-us-tensions-chips-2024-5">offering transfers to workers involved in machine learning or cloud computing</a> to countries like the US, Ireland, and Australia, sources told The Wall Street Journal.</li></ol><h2 id="6f0a2e1a-ddef-461d-bb56-4342f509eb7f">3 things in business</h2><div type="image" title="An illustration of golden handcuffs around a JP Morgan office building." height="1500" width="2000" msid="110214894" hostid="261" sizebytes="324022"></div><ol><li>Escaping JPMorgan's "golden handcuffs." After years working high-paying jobs at Citi and JPMorgan, <a target="_blank" href="https://www.businessinsider.com/quit-6-figure-jp-morgan-golden-handcuffs-job-money-2024-5">this writer quit the banking industry</a>. She said she enjoyed the prestige of banking, but the job felt like "golden handcuffs" — and she regained her sense of purpose after leaving.</li><li>New acronym just dropped: Meet the HIFIs. <a target="_blank" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">High-income, financially insecure individuals</a> want to exude wealth but are struggling to keep up with their lifestyle creep. They're predominantly made up of millennials and Gen Zers.</li><li>Career advice (Google's version). A director of engineering for the tech giant, writing for BI, shared <a target="_blank" href="https://www.businessinsider.com/5-things-to-avoid-for-successful-career-google-executive-2024-5">five things to avoid doing for a successful career</a>. Those aiming for success should avoid pushing for premature promotions and job-hopping, he said.</li></ol><h2 id="4597ac56-7d30-458b-8093-c2a79d4ad21f">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=cc53405847e847e18f4a2baf7c451949&amp;_e=2Ha5Kd9c-B3zX1SSnNmGHLnjsBoutDPPoebAYLIrxc8c9A7SL_NzdAnnLU3Lz6ZlrBSIp47RtdlADwx97hgndd7LeR0VpjLOBebDBjttdJ1s4XIcylREObv7KhoU_c9u48dxZdhrQbRKaV2CW5EzAFbLx1FhebPMAJatufg6hDWTHQXdHNV-y2uDmdW_1tYvaquWJVuhN_OeLinm9D1YX1PwnV4ypkR3sfHL92mjay__9jsrM_bws8xFgjtlcRfCWZk0NTe-tmVKyq8f34d2GxlX4TcCR_0qeBVrjx44PDWLu2sBbmjfih9vlZShnpqCVdbt2IZUA4bxadWWImsjFR-Yc5DXQH08UIKzog7tNueqfues-JQHN4flmYKOSfRFICvAvB4-4-qjdLz9YCrdJqN0C1ZhHU8ZieA0MdimLg3e-eV-vflU4YpP6acP9Vy95qnCzvQ37T0V7nUXeVrwawwMwHLMULFU7hYT8Zktd_Q%3D">China just unveiled the strongest remedies yet for its troubled housing market</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/inside-graza-olive-oil-influencer-marketing-strategy-2024-5">How viral olive-oil brand Graza tapped influencers for its largest product launch after slashing its marketing budget</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/jeffrey-epstein-little-black-book-contacts-auction-2024-5">Jeffrey Epstein's 'little black book' is now for sale</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/uber-eats-partners-costco-suburbs-expansion-deliveries-2024-5">Uber wants to conquer the suburbs and it's starting with Costco</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/donald-trumps-allies-tiptoe-around-gag-order-experts-analysis-2024-5">Donald Trump's allies are doing his dirty work while tiptoeing around his gag order</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/apple-imessage-down-almost-an-hour-facetime-2024-5">They were gonna text back. It's just that iMessage went down for almost an hour</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, senior editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

The newest weight-loss hack has people turning to a highly addictive drug 

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

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

<ul><li>Yes Bank reported a net loss of ₹3668.33 lakh during the fourth quarter. </li><li>Between 40% to 45% of its borrowers have opted to exercise the three-month moratorium on loan repayments issued by the Reserve Bank of India. </li><li>The bank expects deposits to erode further once the moratorium lifts and its customers withdraw their funds to pay off loans. </li><li>Over the last year, <keyword id="8876861" type="UNKNOWN" weightage="20" keywordseo="Yes-Bank-deposits">Yes Bank deposits</keyword> half shrunk to half their original size. </li></ul>Yes Bank posted a net loss of ₹3668.33 lakh in its fourth-quarter earnings amounting to a total loss of ₹16,418 crore for the financial year 2019-20. However, with the onset of the coronavirus pandemic and the ensuing lockdown, the bank is far from being out of the woods just yet. “The extent to which the COVID-19 pandemic will impact the bank's future results will depend on related developments, which remain highly uncertain,” it said in its earnings report. <div type="image" title="YES BANK" msid="75590776" hostid="261" caption="&amp;lt;p&amp;gt;Yes Bank share price over the last three months&amp;lt;/p&amp;gt;"></div> Within the span of a year, more than half of its deposits — worth ₹1.2 lakh crore — have vanished. Most of the erosion occurred in the past six months after details of Yes Bank founder Rana Kapoor’s scam and the bank’s bad loans came into the limelight. <div type="Article" hostid="261" msid="74547669" title="The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation" mstype="2" mssubtype="0"></div> <div type="image" title="snapshot-1588820341625" msid="75590811" hostid="261" caption="&amp;lt;p&amp;gt;Yes Bank&amp;#39;s term deposits over the last five quarters&amp;lt;/p&amp;gt;"></div> “Indicators of financial stress and actions taken by the RBI [Reserve Bank of India] resulted in a significant withdrawal of deposits,” auditors said. And, the bank expects deposits to fall further in the coming days once the moratorium ends and depositors need cash to make loan repayments. <div type="Article" hostid="261" msid="75570240" title="The downgrade of SBI, Bank of Baroda, and ICICI Bank is proof that the 'biggest nightmare' for India's financial sector is becoming real" mstype="2" mssubtype="0"></div> Currently, between 40% to 45% of Yes Bank’s retail borrowers opted to exercise the three-month moratorium, along with 35% to 40% of its micro, small and medium enterprise (MSME) businesses. “While the further reduction in deposits lost post moratorium may cast material uncertainty, particularly in the current COVID scenario, the Bank under the leadership of new management and Reconstituted Board is confident that it can tide over the current issues successfully,” said the bank. At the end the other end of the balance sheet, advances witnessed a decline of 29%. Resulting in borrowings — the gap between deposits and advances — at ₹1.13 lakh crore for the financial year 2019-20. After news of the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword> came to light, Prashant Kumar was appointed as the new managing director and CEO of the bank. Auditors hope that the change in leadership along with the investors from India’s biggest banks — including the State Bank of India (SBI), Axis Bank, ICICI Bank and others — worth ₹10,000 crore will be enough to turn things around. <div type="Article" hostid="261" msid="74667132" title="Yes Bank shares soar after Moody's upgrade and RBI's assurance" mstype="2" mssubtype="0"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Bank </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;">Subscription amount (cr) </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;">Shares (%) </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;">SBI </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;">₹ 6,050 </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;">48.2 </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;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,000 </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;">8 </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;">HDFC Ltd. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,000 </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;">8 </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;">Axis Bank </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;">₹ 600 </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;">4.8 </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;">Kotak Mahindra Bank </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;">₹ 500 </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;">3.6 </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;">Bandhan Bank </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;">₹ 300 </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;">2.4 </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;">Federal Bank </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;">₹ 300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.9 </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;">IDFC First Bank </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;">₹ 250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.7 </td></tr></tbody></table> See also: <a href="https://www.businessinsider.in/business/corporates/news/yes-bank-earnings-tomorrow-will-refresh-memories-of-turmoil-before-covid-19-hit-the-economy/articleshow/75554780.cms">Yes Bank's share price slips 5% ahead of earnings as COVID-19 uncertainty continues to loom after scam</a> <a href="https://www.businessinsider.in/finance/news/sbi-indusind-bank-bank-of-baroda-icici-bank-downgraded-as-paytms-paytms-vijay-shekhar-sharma-warned/articleshow/75570240.cms">The downgrade of SBI, Bank of Baroda, and ICICI Bank is proof that the 'biggest nightmare' for India's financial sector is becoming real</a> <a href="https://www.businessinsider.in/india/news/ed-files-charge-sheet-against-rana-kapoor-in-yes-bank-case/articleshow/75575749.cms">ED files charge sheet against Rana Kapoor in Yes Bank case</a>

Yes Bank fears more deposits may disappear when COVID-19 moratorium ends and people start repaying loans

<ul><li><keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>’s share price has nearly halved in the past one year, but analysts don’t recommend investors to ‘buy.’</li><li>Even at ₹13.55 per share, there’s a chance that the stock is overvalued.</li><li>Experts believe that Yes Bank may go for another round of funding in the near future to try and shore up its provisions as the second wave of pandemic bears down.</li></ul>When the <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> had to rescue Yes Bank from collapsing in March 2021⁠ — the same time the pandemic hit us all unexpectedly ⁠— the double blow had taken the wind out of the share price that hit a low of ₹23.95. . Today, it is at ₹13.55 — nearly half of what it was a year go. This, 14 months after the RBI placed Prashant Kumar, the former deputy managing director of the State Bank of India, to save Yes Bank from becoming rubble. At the same time, its peers have made money for their investors while those betting on Yes Bank, or finding a bargain any time in the last one year, have been left disappointed. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></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;">Bank </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;">Change in share price from 6 March 2020 to 6 May 2021 </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;">Yes Bank </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;">-16.1% </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;">ICICI Bank </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;">25.1% </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;">HDFC Bank </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;">23.4% </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;">Axis Bank </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;">8.8% </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;">Kotak Bank </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;">9.6% </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;">IndusInd Bank </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;">-8.9% </td></tr></tbody></table>Source: NSE The latest shock was a ₹3,788 crore net loss in Jan-March 2021 triggering a fresh bout of ‘sell’ calls. Some of those targets, set for any time in the following 12 months, have already been hit. That’s how fast the stock has been falling. Yet, even at this price, analysts aren’t gutsy enough to say ‘buy’. “The real value may be much lower, if you look at book value compared to other banks,” Vikram Sud, chairman and consultant at VSS Advisors and an independent director on the board of DBS Bank, told Business Insider. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></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;">Brokerage </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;">Target Price </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;">Recommendation </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;">ICICI Securities </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;">₹ 15 </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;">Sell </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;">Emkay Global </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><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;">Sell </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;">Nirmal Bang </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;">₹12 </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;">Sell </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;">Kotak Securities </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;">₹12 </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;">Sell </td></tr></tbody></table>Source: Respective reports A year earlier, between January and March 2020, people who had an inkling that the company — at the time run by Rana Kapoor who is currently lodged at Taloja Jail — was running on fumes, had already been withdrawing their money. The average depositor followed later. These small deposits, also called CASA (current account-savings account) ratio, are the cheapest source of funds for any bank to make money. There is no run on the bank anymore and so, this number has shown remarkable growth in the last three months. For every ₹10 that depositors had parked in the bank a year ago, there is now ₹15.2. "In the next3years, we continue to stay focused on doubling the deposit book and increasing the customer base to almost 3 times. And we also aim to improve our CASA ratio to 40% and double the cross-sell ratios," Kumar said during Yes Bank's fourth quarter earnings call. However, the street is suspicious of that number too. “If you ask, any customer would not be confident about putting their money in Yes Bank right now. I don’t know if they have enough transparency around what kind of customers are the ones who can give them these deposits,” an analyst from Emkay Global told Business Insider. <cmsannotation type="cmsannotation" annotationid="The depositors’ confidence, or the lack of it, is not the only fear about Yes Bank" comment="subhead" text="The depositors’ confidence, or the lack of it, is not the only fear about Yes Bank">The depositors’ confidence, or the lack of it, is not the only fear about Yes Bank</cmsannotation> The problem with Yes Bank was that, under Rana Kapoor, it had given a lot of loans that wouldn’t return and it kept brushing the bad loans under the carpet until there was a lot more than it could hide. The issue of the elusive borrowers may still persist. Even in the first three months of 2021, the lender had to write off a little more than ₹6 out of every ₹100 it gave out. The amount of such stressed loans, ones that are more likely to turn sour, is still high even though it is a fourth of what it was just three months earlier. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></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;">Yes Bank’s latest financials </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;">Jan-March 2021 </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;">Change </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;">Net interest income </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;">₹987 crore </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;">-22.5% (YoY) </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;">Net loss </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;">₹3,787.75 crore </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;">-244.1% (YoY) </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;">Provision for bad loans </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;">₹5240 crore </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;">138.3% (QoQ) </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;">Gross NPA </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;">15.41% </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;">6 bps (QoQ) </td></tr></tbody></table>Source: Yes Bank’s earnings report for Q4 2021 and Q4 2020 <cmsannotation type="cmsannotation" annotationid="Yes Bank CEO wanted to dump bad loans but couldn’t" comment="subhead" text="Yes Bank CEO wanted to dump bad loans but couldn’t">Yes Bank CEO wanted to dump bad loans but couldn’t</cmsannotation> The private bank’s plan was to get a licence from the Reserve Bank of India (RBI) to set up a separate asset reconstruction company (ARC). This ARC would buy the bank’s bad loans at a discount, help it clear the balance sheets, and start growing from there. According to the bank’s chief executive, Prashant Kumar, Yes Bank was hoping to deposit nearly ₹50,000 crore of bad loans to the ARC. However, the RBI turned down that request in March <a href="https://www.livemint.com/industry/banking/rbi-rejects-yes-bank-s-proposal-to-set-up-arc-11615722649056.html">citing</a> a conflict of interest. “Once the stock climbed back up [last year], they [Yes Bank] told investors they would want to apply for a separate ARC and they were confident of getting permission from the RBI, where they would basically park all the bad assets. But that didn’t happen,” said Emkay Global. However, according to Kumar, the option of setting up an ARC is still on the table. "That option is still alive and we would be waiting for more clarification to come from regulator after the report of the expert committee which they have made would come out," he said. Meanwhile, experts believe that Yes Bank may go for another round of funding in the near future to try and shore up its provisions as the second wave of pandemic bears down. “Market discounts all the knowledge that is known as of today. If new information comes out tomorrow, then the stock will react accordingly,” said an analyst on the condition of anonymity. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/good-news-for-tata-steel-jsw-steel-sail-hindalco-and-other-indian-steel-companies/articleshow/82451127.cms">China has broken another emissions record ⁠— and it is good news for some Indian companies</a> <a href="https://www.businessinsider.in/science/space/news/telescope-spots-the-chinese-long-march-5b-rocket-currently-in-an-unstable-orbit-around-earth/articleshow/82450870.cms">Telescope spots the Chinese Long March 5B rocket that is currently in an unstable orbit around Earth</a> <a href="https://www.businessinsider.in/business/startups/news/heres-why-zomato-is-reportedly-cutting-a-300-million-cheque-for-grofers/articleshow/82450062.cms">Here’s why Zomato is reportedly cutting a $300 million cheque for Grofers</a>

Yes Bank shares are cheaper than what they were a year ago — and what could revive the investment, if at all

Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories.<h3>On the agenda today:</h3><ul><li>High turnover and mounting losses are plaguing <a href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">Goldman Sachs' Marcus consumer-banking unit</a>.</li><li>A Facebook contractor describes <a href="https://www.businessinsider.com/facebook-contractor-austin-job-cuts-accenture-break-time-tracked">the "messy" end of their job</a>.</li><li>This 22-year-old is said to be behind <a href="https://www.businessinsider.com/olympusdao-founder-zeus-real-name-lawsuit-says-2022-8">one of crypto's most notorious projects</a>.</li><li>Leaked Oracle org charts show <a href="https://www.businessinsider.com/leaked-oracle-org-charts-show-cloud-tech-leaders-after-reorg-2022-8">the 30 people running its cloud and tech teams</a>.</li></ul>Before we get to that — in late February, Insider launched an industry first: The Refresh from Insider, a <a href="http://link.chtbl.com/therefresh">podcast that's updated in real time throughout the day with the latest news</a>. The hosts Rebeca Ibarra and Dave Smith have a quick word on how it's going so far.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-weekly">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<h3><a href="http://link.chtbl.com/therefresh">A chat between the hosts of The Refresh from Insider</a></h3><a href="https://link.chtbl.com/therefresh"></a>Dave Smith: Rebeca, can you believe our show has been running for almost six months now?Rebeca Ibarra: Six months, six years — what even is time?!Dave: What do you mean, 2022 has been such a snooze!Rebeca: Bahaha. Our show literally launched four days after Russia invaded Ukraine. Remember your <a href="https://podcasts.apple.com/us/podcast/the-refresh-from-insider/id1609502876?i=1000553472567">beautiful interview with a Ukrainian couple</a>, where the woman fled to Greece and the husband stayed behind? What other stories have stuck with you?Dave: Well, I just had a great talk with Matt Weinberger, deputy editor on Insider's tech team, about <a href="https://podcasts.apple.com/us/podcast/the-refresh-from-insider/id1609502876?i=1000575733848">the race between Apple and Meta</a> to build and dominate the metaverse. It's basically a rerun of the Mac-versus-PC wars.Rebeca: Making a comeback like low-rise jeans and Bennifer!Dave: Yes... Yes, just like that. [Looks around, seeking help.]Dave: Also, let's <a href="https://podcasts.apple.com/us/podcast/the-refresh-from-insider/id1609502876?i=1000555009881">not forget our very important, seminal take on goblin mode</a>, when we learned that in the pandemic you used one bowl for everything from coffee to mac and cheese.Rebeca: And on that note — off to lunch.Dave: <a href="http://link.chtbl.com/therefresh">Listen to The Refresh from Insider here!</a><h3><a href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">Inside the tumult at Goldman Sachs' Marcus</a></h3><a href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8"></a><div type="image" title="Goldman Sachs Marcus" height="1000" width="1333" msid="93558628" hostid="261" sizebytes="171396"></div>More than five years after launching its first product, Goldman's digital bank, Marcus, is burning cash with no signs of turning a profit. Executives reportedly expect it to lose another $1.2 billion this year.Roughly a dozen former execs, junior employees, consultants, and others familiar with Marcus told Insider the unit's dysfunction extends deeper than its expenses — and includes tension between execs and high turnover.<a href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">What insiders are saying about Marcus</a>.<h3><a href="https://www.businessinsider.com/facebook-contractor-austin-job-cuts-accenture-break-time-tracked">A "messy" end to a Facebook contractor's job</a></h3><a href="https://www.businessinsider.com/facebook-contractor-austin-job-cuts-accenture-break-time-tracked"></a><div type="image" title="Mark Zuckerberg, Facebook/Meta CEO, in Congress" height="2088" width="2785" msid="93558630" hostid="261" sizebytes="327136"></div>Late last month, people contracted through Accenture to work for Facebook were laid off without severance. The layoffs affected workers in Austin, Texas, one of Facebook's relatively new hubs.Workers said that before the cuts they saw their perks evaporate and their work habits monitored more intensely, and in some cases were put on more performance-improvement plans.<a href="https://www.businessinsider.com/facebook-contractor-austin-job-cuts-accenture-break-time-tracked">What we know about the cuts</a>.<h3><a href="https://www.businessinsider.com/olympusdao-founder-zeus-real-name-lawsuit-says-2022-8">Lawsuit claims to unveil crypto founder "Zeus"</a></h3><a href="https://www.businessinsider.com/olympusdao-founder-zeus-real-name-lawsuit-says-2022-8"></a><div type="image" title="Photo illustration of a man with his face obscured by cryptocurrency, and with a large Omega symbol in the background." height="900" width="1200" msid="93558632" hostid="261" sizebytes="76812"></div>There's a lot of money sloshing around tony Weston, Connecticut. And a new lawsuit suggests the founders of a notorious crypto project that once held $800 million live there, too.The identity of one of OlympusDAO's founders, known only as Zeus, has been a subject of speculation. Jayson Liang, who filed the lawsuit, says he was an early backer of OlympusDAO who was cheated out of millions by the organization and its founders — and his lawyers claim to have found Zeus.<a href="https://www.businessinsider.com/olympusdao-founder-zeus-real-name-lawsuit-says-2022-8">Here's what the lawsuit says</a>.<h3><a href="https://www.businessinsider.com/leaked-oracle-org-charts-show-cloud-tech-leaders-after-reorg-2022-8">The who's who of Oracle's cloud leadership</a></h3><a href="https://www.businessinsider.com/leaked-oracle-org-charts-show-cloud-tech-leaders-after-reorg-2022-8"></a><div type="image" title="Larry Ellison" height="2062" width="2755" msid="93558635" hostid="261" sizebytes="219110"></div>Oracle recently began layoffs that could affect thousands of employees globally, primarily in its marketing, advertising, and customer-experience units. But insiders said Oracle Cloud Infrastructure had been virtually unaffected.Leaked org charts show Oracle's cloud leaders after major organizational changes at the company. The chart features the people who report up to Larry Ellison as well as Don Johnson, Oracle's cloud and AI leader.<a href="https://www.businessinsider.com/leaked-oracle-org-charts-show-cloud-tech-leaders-after-reorg-2022-8">Check out the Oracle cloud org chart</a>.Plus, for more of our latest coverage of Oracle:<ul><li><a href="https://www.businessinsider.com/inside-oracle-marketing-mass-layoffs-ariel-kelman-chaos-2022-8">Oracle insiders describe the 'complete chaos' from layoffs and restructuring while employees brace for more</a></li><li><a href="https://www.businessinsider.com/oracle-cmo-ariel-kelman-out-after-safra-catz-fight-budget-2022-8">The top marketing exec Oracle poached from AWS has left. Insiders say he argued with CEO Safra Catz over budgets.</a></li><li><a href="https://www.businessinsider.com/oracle-top-exec-leaves-stripe-oci-cloud-reorg-2022-8">Oracle's all-important cloud business has reorganized and a top exec is leaving, leaked documents show</a></li></ul><h3>This week's quote:</h3>"There are certain things that I would probably not do again. But I don't apologize for things I've done in my life."— Paul Manafort, in an <a href="https://www.businessinsider.com/paul-manafort-exclusive-interview-trump-2024-january-6-russian-oligarchs-2022-8">exclusive interview with Insider.</a><h3>More of this week's top reads:</h3><ul><li>Americans are heading across the Atlantic to start <a href="https://www.businessinsider.com/americans-moving-to-europe-cheaper-homes-2022-8">more affordable lives in Italy or France</a>.</li><li>Self-made millionaires share 12 books <a href="https://www.businessinsider.com/top-money-personal-finance-book-recommendations-from-successful-wealthy-people-2022-8">that have helped them build wealth</a>.</li><li>Amazon is going on a shopping spree. <a href="https://www.businessinsider.com/amazon-acquisitions-irobot-roomba-one-medical-2022-8">Here are the seven companies it could acquire.</a></li><li>From a clothing line to an NFT company, we take you <a href="https://www.businessinsider.com/tom-brady-nfl-retirement-career-plans-business-breakdown-2022-8">inside Tom Brady's business empire</a>.</li><li>In cities like Phoenix and Boise, the housing market <a href="https://www.businessinsider.com/rapidly-cooling-housing-market-caught-biggest-buyers-off-guard-2022-8">is cooling off fast</a>.</li><li>Y Combinator's head of admissions shares <a href="https://www.businessinsider.com/how-to-apply-y-combinator-application-down-market-successful-2022-8">what she's looking for in an application</a>.</li><li>An evicted couple prepare <a href="https://www.insider.com/homeless-living-tent-maine-working-poor-afford-rent-2022-08">to face Maine's winter in a tent</a>.</li></ul>Curated by Matt Turner. Edited by Jordan Parker Erb, Sarah Belle Lin, and Lisa Ryan. <a href="https://www.businessinsider.com/subscription/newsletter">Sign up for more Insider newsletters here</a>.

High turnover and mounting losses are plaguing Goldman Sachs' Marcus consumer-banking unit

<ul><li>Yes Bank’s stock slipped by a massive 11.6% in early trade today, after it beat street expectations and posted profits. </li><li>Yes Bank posted as much as ₹114 crore in net profits for the first quarter of 2019-20, as compared to ₹1,265 crore in the same quarter last year. </li><li>The stock had been volatile for the last few days. It slipped 5% yesterday, but went up by 11.4%, the day before. </li></ul> Yes Bank’s stock slipped by a massive 11.6% in early trade today, even as it beat street expectations and posted profits. Though its net profit dropped by 91%, analysts and brokerages have been expecting it to post massive losses, like it did in the last quarter. The stock was trading at ₹87.4, at 9:40 am. The stock had been volatile for the last few days. In anticipation of a quarterly loss, it slipped 5% yesterday, but the day before it rallied 11% on rumours that it struck a deal with private equity investors to sell stake, which the bank denied later. Brokerages however are not rushing into change their stance on the stock. Credit Suisse and J P Morgan maintained their ‘neutral’ rating, while Morgan Stanley maintains an underweight on account on ‘slippages’ during the quarter. Only CLSA was confident of its performance, on expectations that will be able to raise capital. “Management expects a capital raise in the second quarter, and expect 60% of stressed book to slip; retail push is key,” the brokerage said. Yesterday, Yes Bank posted as much as ₹114 crore in net profits for the first quarter of 2019-20, as compared to ₹1,265 crore in the same quarter last year. Last quarter which is the fourth quarter of 2018-19, it posted massive losses to the tune of ₹1,508 crore. The bank’s net interest income grew 2.8% y-o-y to ₹2,281 crore during the quarter. This is in spite of absorbing an impact of ₹223 crores of interest reversals on account of slippages during the quarter, the bank said. Heavy Provisions The quarterly report has a lot of cause for worry. Its provisions which is the amount a bank sets aside in case a loan goes bad, is at a massive ₹1,785 crore, which ballooned from ₹625 crore in the same quarter last year. As per the bank’s earnings report, its non-performing assets or loans that have turned bad, stood at ₹6,883 crore. An NPA account with an exposure of ₹411 crore was sold to an asset restructuring company during the quarter, the bank had said. The bank management is however confident that it will grow from hereon. “This was a ‘Quarter of Consolidation’ in which the bank has demonstrated strong resilience in revenues and asset quality. We believe that earnings trajectory should strengthen significantly from hereon,” the bank said in a press release.

Yes Bank's share price is not celebrating the surprise profit because it has a capital problem

<ul><li> The Mumbai-based bank posted a loss of ₹600 crore for the three months ended September 2019.</li><li>Yes Bank's share price has lost over 60% of its since the start of this year due to mounting cash crunch and the investors' anxiety with bank's earlier management.</li><li>Gross NPA, a measure of bad loans, spiked to 7.39% in the latest quarter, more than double compared to the first three months of 2019.</li></ul>The Mumbai-based Yes Bank posted a shocking loss of ₹600 crore for the three months ended September 2019. While the revenue fell 20%, costs rose during the quarter squeezing the operating profit by 40%. This is largely due to a sharp spike in bad loans. Gross NPA, a measure of bad loans, jumped to 7.39%— more than doubled compared to the level at the which the number was in the first three months of 2019. Gross NPA rose to ₹17,100 crore— nearly two and a half times more compared to three months ago. The amount of loans that turned sour during the quarter was over ₹5,945 crore. Making matters worse, Yes Bank had to take a one-time tax hit of ₹709 crore. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 In the last quarter ending June 2019, Yes Bank posted as much as ₹114 crore in net profit, 91% less compared to the same period a year earlier. However, it was way better than street predictions that it would post heavy losses. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 “This was a ‘Quarter of Consolidation’ in which the bank has demonstrated strong resilience in revenues and asset quality. We believe that earnings trajectory should strengthen significantly from hereon,” the bank said in a press release three months ago. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The brokerages have also been worried ever since the stock has been taking a beating since March this year. Over 60% of the bank’s share value has been shaved off since the start of this year. The stock of yes Bank even hit a ten-year low a few days ago, but since then it has doubled. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Hope floats that there will be a white knight who will bring in the money to help the bank to tide over the current cash crunch. Also read: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 “YES Bank’s exposure in Anil Dhirubhai Ambani Group stands at around 2.9% of loan book as per recent Ministry of Corporate Affairs (MCA) filings. Apart from this, the bank’s exposure to the DHFL, Indiabulls and Essel groups combined exceeds around 4% of gross loan book,” said a report by Elara Securities on June 26. SEE ALSO: <a href="https://www.businessinsider.in/yes-bank-plans-to-grow-25-by-2020/articleshow/71105078.cms" data-type="tilCustomLink" target="_blank">YES Bank wants to customize branches, ramp up digitize customer acquisition to grow at a breakneck speed of 25%</a> <a href="https://www.businessinsider.in/yes-bank-stock-spikes-11-6-in-early-trade-as-it-stays-clear-of-losses/articleshow/70271361.cms">Yes Bank's share price is not celebrating the surprise profit because it has a capital problem</a> <a href="https://www.businessinsider.in/yes-bank-q1-earnings-report-yes-bank-share-price-q1-earnings-repor/articleshow/70261380.cms">Yes Bank profits dropped 91%-- but it was still way better than expectations</a>

Bad loans take the wind out of Yes Bank— swings to a loss in the second quarter

<ul><li>Yes Bank is expected to<a href="https://economictimes.indiatimes.com/markets/stocks/earnings/yes-bank-q1-results-on-wednesday-will-it-be-a-second-straight-loss-for-the-bank/articleshow/70239656.cms"> post as much</a> as ₹500 crore loss tomorrow according to a Kotak Equities report.</li><li>Since March this year, as much as 50% of the bank’s value was shaved off. This was after the banking regulator insisted that its founder Rana Kapoor step down.</li><li>YES Bank’s exposure in Anil Ambani Group companies stands at around 2.9% of its loan book.</li><li>Its exposure to the DHFL, Indiabulls and Essel groups combined exceeds around 4% of the gross loan book.</li></ul> Yes Bank is expected to<a href="https://economictimes.indiatimes.com/markets/stocks/earnings/yes-bank-q1-results-on-wednesday-will-it-be-a-second-straight-loss-for-the-bank/articleshow/70239656.cms"> post as much</a> as ₹578 crore loss tomorrow according to a Kotak Institutional Equities report, as it declares it quarterly earnings. In spite of this, today its stock rallied by 11.4% on rumours that it has received an offer from an international private equity investor. This is light at the end of the tunnel. Since March this year, as much as 50% of the bank’s value has been shaved off. This was after the banking regulator insisted that its founder Rana Kapoor step down over allegations that it has not been disclosing the bad loans on its books accurately. Understandably, brokerages have all but given up hope. “YES has dug itself into a hole. Its stock price has breached levels we would not have previously anticipated in any rational or logical assumptions, and now trades materially below our last published downside price,” said a report by Jeffries equity report. 
 
 
 
 
 
 
 
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 Toxic Exposure Oil baron Paul Getty once famously said that, “If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem”. And, Yes Bank has a lot of problems from a lot of groups who are slipping down a slippery slope. Some of their notorious creditors include housing finance company Dewan Housing Finance Limited (DHFL), which has declared recently that it might not be<a href="https://www.businessinsider.in/dhfl-stock-crashes-9-93-in-early-trade-to-61/articleshow/70222831.cms"> able to survive</a> as a going concern. Yes Bank also has a lot of exposure to Anil Dhirubhai Ambani Group (ADAG), many of whose companies like Reliance Capital and Reliance Home Finance have gone through rating downgrades aside from auditors pointing out problems with the books of Reliance Infrastructure and 
 
 
 
 
 
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. Around half of Yes Bank’s loans to the construction sector are with ADAG projects, linking its fate with the troubled group. “YES Bank’s exposure in ADAG group stands at around 2.9% of loan book as per recent Ministry of Corporate Affairs (MCA) filings. Apart from this, the bank’s exposure to the DHFL, Indiabulls and Essel groups combined exceeds around 4% of gross loan book,” said a report by Elara Securities. Repairing the bank Like many top banks including SBI, changing the management is expected to do the trick. The new management led by Ravneet Gill has been working towards bringing in new investors. However, the bank management refuted rumours of a possible deal reported in the media today. “The bank in its ordinary course of its business continues to explore various means to raise capital, funds through issuance of securities to diverse set of investors, in order to meet its business, regulatory requirements,” the bank told the stock exchanges. According to Elara, a stake sale would instill confidence. They are also watching how the bank can grow, as ‘repair work’ is in progress, as there would be less room for credit growth as its books are cleaned. But new capital coming into the bank can change that. And, brokerages expect the management to walk the talk. “Not surprisingly, management assurances have helped little. Upside rationale, if any, completely hinges on the bank's ability to raise capital. Clearly there's more than meets the eye, perhaps a limited clean up of asset quality issues, something we had alluded to in our earnings assessment, keeps the street on the edge,” said Jeffries.

Yes Bank’s investors are desperate for a buyer amid fears of a massive quarterly loss

Mumbai, Mar 14 () Crisis-hit Yes Bank reported on Saturday a loss of Rs 18,564 crore for the December quarter. The bank, which has been put under moratorium by the government last week, had reported a net profit of Rs 1,000 crore in the year-ago period and a loss of Rs 629 crore in the preceding September quarter. The share of the gross non performing assets in the overall loans bloated to 18.87 per cent as against 7.39 per cent in the preceding quarter, while the capital buffers also plummeted. The overall provisions of Rs 24,765 crore hurt the profitability the most as the same number had stood at Rs 1,336 crore in the quarter-ago period. The capital adequacy ratio has fallen to 4.2 per cent, which is nearly a fourth of the 16.3 per cent it had reported at the end of the September quarter, and much below regulatory requirements. An inability to raise capital had resulted in the bank being put under moratorium last Thursday, which is set to be lifted next week. The RBI has appointed Prashant Kumar as the administrator, under whose supervision the results have been declared. Kumar is set to be the chief executive and managing director of the bank under the reconstruction plan approved by the Union cabinet on Friday. AAHMB

Yes Bank reports Rs 18,564-cr loss for Dec quarter

Mumbai, Mar 6 () The Sensex plunged 894 points while the Nifty crashed below the key 11,000-mark on Friday as regulatory curbs on Yes Bank triggered a crisis of confidence among domestic investors. A heavy sell-off in global markets on coronavirus concerns took a further toll on risk sentiment, traders said. After nosediving over 1,459 points during the day, the 30-share BSE Sensex settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the broader NSE Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45. Banking counters wilted under selling pressure, with Yes Bank plummeting over 55 per cent, after the RBI placed the lender under a moratorium, capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. The unusual move late Thursday evening came hours after finance ministry sources confirmed that State Bank of India (SBI) was directed to bail out the troubled lender, once a Dalal Street darling. Tata Steel was the top laggard in the Sensex pack, cracking 6.51 per cent, followed by SBI, IndusInd Bank, HDFC, ICICI Bank and ONGC. Bajaj Auto, Maruti and Asian Paints were the only gainers. During the week, Sensex plunged 720.67 points or 1.88 per cent, while Nifty sank 212.30 points or 1.89 per cent. According to analysts, investors took the Yes Bank episode very negatively, raising questions on the stability of the overall Indian financial system. "Another bank bites the dust. This time its Yes Bank - one of the large private sector banks. RBI has stepped in and leading state-owned institutions are patching up a bailout plan for the bank and more importantly, safeguard the interest of depositors. However, the already weak sentiments have been dented further. "The series of accidents in the Indian financial sector sends out a very poor message to the foreign investors. The negative bias is expected would sustain in the near term," said Gaurav Dua, Senior VP, Head - Capital Market Strategy &amp; Investments, Sharekhan by BNP Paribas. Meanwhile, Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das on Friday assured Yes Bank depositors that their money is safe and all steps will be taken to ensure stability in the financial sector. All BSE sectoral indices ended in the red, with metal plunging 4.40 per cent, followed by bankex, finance, energy, realty, oil and gas, power and industrials. The broader BSE midcap and smallcap indices too skidded up to 2.36 per cent. World markets sank deeper into red as the coronavirus outbreak stoked fears of a global recession. Bourses in Shanghai, Hong Kong, Seoul and Tokyo sank over 2 per cent. European benchmarks were also trading significantly lower in their morning sessions. Brent crude oil futures fell 2.54 per cent to USD 48.72 per barrel. On the currency front, the Indian rupee depreciated 32 paise to 73.24 per US dollar (intra-day). ANS ABMABM

Benchmarks bleed on global sell-off, Yes Bank crisis; post weekly losses

<ul><li>The SGX Nifty was trading 0.23% higher at 7:55 am, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global markets, the Indian equities are likely to open higher on Monday. The SGX Nifty was trading 0.23% higher at 7:55 am, indicating a positive opening for Nifty50. These are the stocks to watch out for during the trading session on October 26: Future Retail and RIL The Singapore arbitration court ruled in favour of American e-commerce giant Amazon with regard to the Future-RIL deal. The court has directed Kishore Biyani’s led Future Group to not proceed with Mukesh Ambani’s Reliance Retail deal until the outcome of the arbitration process. The shares of Future Retail and RIL ended 4% and 0.24% higher, respectively, on Friday. DHFL According to PTI reports, the committee of creditors (CoC) of debt-ridden DHFL is scheduled to meet today to take a call on four bids received as part of the resolution process for the beleaguered firm. The four bidders include Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy. The shares of DHFL ended 5% lower on Friday. IndusInd Bank and Kotak Mahindra Bank The Mauritius-based, IndusInd Bank promoter, IndusInd International Holdings Ltd (IIHL) refuted <a href="https://www.cnbctv18.com/finance/indusind-bank-says-report-on-merger-with-kotak-mahindra-bank-is-untrue-and-malicious-7297331.htm">media reports claiming that</a> Kotak Mahindra Bank may take over the bank. The shares of IndusInd Bank and Kotak Mahindra Bank ended 0.3% and 0.5% lower, respectively, on Friday. ICICI Bank The Indian multinational Bank, ICICI Bank has shut its operations in Sri Lanka after getting approval from the Sri Lankan monetary authority. The shares of ICICI Bank ended 0.84% higher on Friday. Vedanta Vedanta on Saturday said its board has approved the first interim dividend of ₹9.50 per share amounting to ₹35 billion. The shares of Vedanta ended flat on Friday. Tata Motors Tata Motors on Friday told investors that it has bagged an order for 6,413 vehicles from Andhra Pradesh State Civil Supplies Corporation. The company said it emerged as the top bidder under the terms and conditions set by the government. The shares of Tata Motors ended 3% higher on Friday. Tech Mahindra Tech Mahindra<a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-q2-maring-expansion-and-acquisitions/articleshow/78827612.cms"> reported a 5% year-on-year drop in its profit to ₹1,065 cror</a>e for the quarter ended September 30. Although the profit was up 9.5% compared to the sequential quarter. The company generated revenue of ₹9,372 crore, up 3.3% year-on-year. The shares of Tech Mahindra ended 1% higher on Friday. Yes Bank The private sector lender, Yes Bank is back in the black after reporting a net profit of ₹129 crore for the second quarter ended September 30. The bank had posted a net loss of ₹600 crore in the corresponding quarter last year. However, the bad loans in Yes Bank’s portfolio remained elevated. The shares of Yes Bank ended 5% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-first-satellite-with-ai-onboard-is-now-in-orbit-and-its-tech-could-completely-change-how-we-respond-to-wildfires/articleshow/78858333.cms" data-type="tilCustomLink">The first satellite with AI onboard is now in orbit, and its tech could completely change how we respond to wildfires</a> <a href="https://www.businessinsider.in/stock-market/news/the-stock-market-has-historically-performed-better-when-the-incumbent-president-wins-reelection-according-to-one-analysis/articleshow/78858968.cms" data-type="tilCustomLink">The stock market has historically performed better when the incumbent president wins reelection, according to one analysis</a>

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