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All banking services to resume from evening; ATMs have cash: YES Bank
Posted on 18th March 2020
YES Bank, on which the Reserve Bank of India (RBI) had imposed a moratorium, will resume normal operations from 6 pm on Wednesday.

On Tuesday, administrator of the troubled private sector lender, Prashant Kumar, said that YES Bank will resume normal operations from 6 pm on March 18 and it has no liquidity problem.

Yes bank crisis: ED summons Reliance Group chairman Anil Ambani
Posted on 16th March 2020
The Enforcement Directorate (ED) on Monday summoned Reliance Group chairman Anil Ambani in connection with its money laundering prove against the founder of crisis-hit Yes Bank Rana Kapoor.

Ambani has been asked to depose at the ED office in Mumbai as the Reliance Group companies are among the entities whole loans went bad borrowed from the bank.

YES Bank records sharpest ever intra-day rally, surges 58% in a weak market
Posted on 16th March 2020
Shares of YES Bank recorded their sharpest intra-day gain -- 58 per cent -- to Rs 40.40 on the BSE on Monday in an otherwise weak market after the Union Cabinet approved the reconstruction of the crisis-hit private sector lender as per the scheme proposed by Reserve Bank of India (RBI).

At 10:34 am, YES Bank was trading at Rs 38.85, up 52 per cent against its previous day’s close of Rs 25.55 on the BSE. In comparison, the S&P BSE Sensex was down 4.8 per cent at 32,483 points. The counter has seen huge trading volumes with a combined 106 million shares changing hands on the NSE and BSE so far.

Govt notifies YES Bank rescue scheme; moratorium to be lifted on March 18
Posted on 14th March 2020
The union government on Saturday notified the YES Bank reconstruction scheme. In line with the scheme, the moratorium on the private lender will be lifted on March 18.

The government has also constituted a four-member board wherein Prashant Kumar, the current administrator of the bank, has been appointed as the managing director and the chief executive officer (MD&CEO) of the bank. Sunil Mehta, the former non-executive chairman of Punjab National Bank, has been appointed the non-executive chairman.

LIC to buy 1.35 billion shares of YES Bank at Rs 10 apiece: TV reports
Posted on 13th March 2020

As part of the YES Bank restructuring plan, Life Insurance Corporation of India (LIC) would buy around 1.35 billion shares at a price of Rs 10 apiece, according to a report by business channel CNBC-TV18.

On Thursday, State Bank of India (SBI) had said it would infuse Rs 7,250 crore into ailing YES Bank to pick up to 49 per cent equity as part of the Reserve Bank of India-mandated bailout plan.

SBI to invest Rs 7,250 cr in crisis-hit YES Bank as part of RBI rescue plan
Posted on 13th March 2020

State Bank of India (SBI) on Thursday said it would infuse Rs 7,250 crore into ailing YES Bank to pick up to 49 per cent equity as part of the Reserve Bank of India-mandated bailout plan.

SBI will pick 7,250 million shares at Rs 10 each, and its shareholding will remain within 49 per cent of the paid-up capital of the private sector lender.

Moratorium on YES Bank could impact most corporates briefly: India-Ratings
Posted on 12th March 2020

The moratorium on Yes Bank could have a transitory impact on most corporates exposed to the bank, and delays in resuming normal services may impact the near-term liquidity of some of its customers, rating agency Ind-Ra said.

India Ratings and Research (Ind-Ra) has carried out a first-cut assessment of the impact of the recently imposed moratorium on Yes Bank's...withdrawals till April 3, 2020. The disruption could be transitory for most corporates exposed to the bank, given the administrator's statement of resuming the full operational status by next week, the rating agency said.

YES Bank gains over 30% for second straight day, up 424% from Friday's low
Posted on 11th March 2020

Shares of YES Bank rallied over 30 per cent for the second straight day and surged 39 per cent to Rs 29.60 on the National Stock Exchange (NSE) on Wednesday.

YES Bank's stock price has surged a mammoth 424 per cent from Friday’s low of Rs 5.65, after the government-owned State Bank of India (SBI) said it will pick a 49 per cent stake in the troubled private lender as part of a revival scheme framed by the Reserve Bank of India (RBI).

Legal team working on YES Bank's rescue, depositors' money safe: SBI Chief
Posted on 7th March 2020

State Bank of India chairman Rajnish Kumar on Saturday said that the bank had received the draft scheme for the reconstruction for crisis-hit Yes Bank and a legal team was doing its due diligence on it. He said the bank would go to the Reserve Bank of India by March 9.

Speaking at a press conference, Rajnish Kumar said that SBI had been approached by many investors, who saw an opportunity in YES Bank.

Yes Bank founder Rana Kapoor's Mumbai house raided by ED
Posted on 7th March 2020

A day after the Reserve Bank of India imposed a moratorium on Yes Bank and superseded its Board of Directors, the Enforcement Directorate on Friday raided the Mumbai residence of its founder Rana Kapoor.

The raids were conducted in connection with a money-laundering probe against him, officials said.

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