YesBank Headlines used to pay more interest on savings

YesBank

New Delhi:- Due to strict measures recently taken by the banking regulator RBI regarding YesBank, this bank is at the center of discussion everywhere today. The central bank on Friday introduced a plan to restructure this bank. On the other hand, the board of the country’s largest bank SBI has given in-principle approval for the acquisition of 49 percent stake in YesBank.

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In the last two days, from the Union Finance Minister to the RBI Governor to the SBI Chairman, efforts have been made to assure the customers of the bank that their hard earned money is completely safe and will not be lost. Despite this, long queues are being seen outside the YesBank ATM across the country. In such a situation, it is important to know the full story of this bank, after all, after tasting the tremendous success of this bank, what are the reasons for difficulty today.

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First branch in 2004 YesBank

The first branch of this bank opened in 2004, around 15-16 years ago. It was founded by two relatives Rana Kapoor and Ashok Kapoor. The shares of bank were listed on the Indian stock exchanges in 2005. YesBank introduced a wide range of products related to personal banking, business banking and corporate banking and became the fastest growing private sector bank.

Bank earned a lot of name on the savings account with an attractive interest rate of up to six percent. He did a tremendous job on technology and the bank was a leader in many services ranging from UPI. The bank introduced savings account schemes according to the needs of the people.

First blow in 2008

In 2008, there was a painful terrorist attack in Mumbai. More than 160 Indians were killed in this, but do you know that one of the founders of this bank, Ashok Kapoor, was also killed in this attack. His stake in the bank was 12% at that time. After this, in 2013, Madhu Kapoor, wife of Ashok Kapoor, wife of Ashok Kapoor, reached the court seeking franchise to nominate a director on the company’s board.

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This case lasted for about two years. After this, bank goes under the leadership of Rana Kapoor, allegedly started disbursing loans to industrialists and companies with poor credit scores. The bank kept such loans hidden in its balance sheet and the RBI did not even know about it at that time.

The irregularities in thi Bank came to the fore in September 2018, when the RBI refused to allow Rana Kapoor to continue as the Managing Director and CEO of the bank after January 31, 2019, citing three reasons. gave. The central bank cited slackness and poor governance as the main reason for the decision the following the rules. Due to RBI’s toughness, Kapoor had to step down and Ravneet Gill became the new head of the bank.

Meanwhile, there were allegations of insider trading against the bank. However, there was no improvement in the health of the bank and RBI has taken control as per the Banking Act.

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The maximum withdrawal limit for this bank account holders has been fixed at Rs 50,000. The RBI governor has assured the investors and customers of the bank that a permanent solution will be found in 30 days. At the same time, SBI Chairman Rajnish Kumar said in a press conference on Saturday that SBI is keen to acquire 49% stake in YesBank facing crisis.

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