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Yes Bank’s wounds are far from healed. But the Band-Aid of rehabilitation is coming apart and is a critical lesson for the larger banking sector.
Kapoor, currently in judicial custody, was arrested in March by the ED in connection with an alleged multi-crore case, also involving scam-hit Dewan Housing Finance Limited.
The share offering will be from 15 to 17 July, according to a stock exchange filing. Shares of Yes Bank climbed as much as 5.6% on Thursday morning.
CBI has alleged that companies controlled by Kapoor and his family members got undue benefits in return for investment in DHFL debentures by Yes Bank.
Enforcement Directorate searches premises of top Cox & Kings Group officials under PMLA, in connection with the Rs 3,642-crore Yes Bank fraud case.
Rajnish Kumar, Chairman, State Bank of India was the guest at ThePrint's digital ‘Off the Cuff’. Kumar said a lifting of the lockdown could see a resumption in economic activity and this could translate into demand for bank credit. With both banks and borrowers preferring prudence, banks have been flush with liquidity, he said, pointing out that SBI does not really need fixed deposits at present. Kumar, who is also the chairman of the Indian Banks' Association, warned that indiscriminate credit growth like that seen post 2008 could lead to a fresh wave of non-performing assets or NPA. Kumar admitted that SBI's investment in Yes Bank was not purely a commercial decision and pointed out that it was a decision made to preserve financial stability. He also said there is no hope for finding any buyers for Jet Airways. Kumar added that only 15-20 percent of SBI's customers had opted for the 3-month...
At Off The Cuff, SBI chief Rajnish Kumar said depositor confidence is returning in Yes Bank, and it could stabilise over the next one year.
Yes Bank will focus on adding low-cost, stable retail savings, a departure from its previous practice of depending on cash from companies.
The duo was arrested Sunday from a Mahabaleshwar-based quarantine facility, nearly 50 days after they were booked in the case also involving Yes Bank CEO Rana Kapoor.
Those who worked with principal secretary (special) Amitabh Gupta describe him as an efficient, non-controversial and honest officer.