|Industry||Banking, Financial services|
|Headquarters||Mumbai, Maharashtra, India|
|Revenue||₹10,769 crore (US$1.5 billion) (2021)|
|₹4,977 crore (US$700 million) (2021)|
|₹−3,462 crore (US$−490 million) (2021)|
|Total assets||₹273,543 crore (US$38 billion) (2021)|
|Total equity||₹19,184.87 crore (US$2.7 billion) (2020)|
|Owner||State Bank of India (30%)|
Number of employees
|Capital ratio||17.0% |
Yes Bank Limited is an Indian private sector bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapur in 2004. It offers wide range of banking and financial products for corporate and retail customers through retail banking and asset management services. On 5 March 2020 in an attempt to avoid the collapse of the bank, which had an excessive amount of bad loans, the Reserve Bank of India (RBI) took control of it. RBI later reconstructed the board and named Prashant Kumar, former Chief financial officer of SBI, as new MD & CEO at Yes Bank. Yes Bank is owned by State Bank of India who has a 30% stake in the company as of 28 July 2020.[needs update]
As of September 2018, Yes Bank had taken syndicated loans from eight large international entities including ADB, OPIC, European investment bank, banks in Taiwan and Japan for amounts ranging from US$30 million to US$410 million, which it in turn lend to small and medium scale enterprises as well as large corporates. It has also both taken as well as given short term loans to a number of retail and corporate banks in Taiwan, Japan, the United States, and Europe. It has partnered with the US government based OPIC and with Wells Fargo to support women entrepreneurs.
Yes Bank provides Unified Payments Interface (UPI) services for a number of major companies, such as Airtel, Cleartrip, RedBus, and PhonePe among others. In January 2020, it was responsible for handling 514 million UPI transactions out of the 1.31 billion made that month. Yes bank has acquired over 24 percent of stake in dish TV India on 30 May 2020.
Yes Bank has equities listed on the Bombay Stock Exchange and the National Stock Exchange of India and has bonds listed on London stock exchange. Yes Bank was listed in the stock exchanges of India post its IPO in May 2005 at an issue price of ₹45.
As of March 2018, as per its annual shareholder's report, the three largest shareholders of Yes Bank limited were foreign portfolio investors (43%), insurance companies (14%), and mutual funds including UTI (10%).
Smaller (less than 5%) shareholdings were owned by its three promoters [Rana Kapoor (4%), Yes Capital (India) Pvt. Ltd. (3%), and Morgan Credits Pvt. Ltd. (3%)] and other investors including Madhu Kapur (8%), Mags Finvest Pvt. Ltd. (2%), and LIC India under its various schemes (10%). Yes Bank limited operates under three distinct entities – Yes Bank, Yes Capital and Yes Asset Management.
In September 2016, Yes Bank scrapped its proposed $1 billion share sale due to market conditions. The company subsequently attempted to relaunch its failed capital raising exercise after appointing a new set of bankers.
In October 2017, the bank launched a digital wallet known as Yes Pay, integrating with BHIM and UPI. On 3 November 2017, Yes Bank signed a MoU with the government to provide ₹1,000 crore (equivalent to ₹11 billion or US$160 million in 2019) financing for food processing projects.
On 5 March 2020, the Reserve Bank of India (RBI) announced that, in the interest of its customers and depositors, it would suspend and supersede Yes Bank's board and impose a 30-day moratorium on its operations. The RBI cited Yes Bank's failures to raise new funding to cover its non-performing assets, inaccurate statements of confidence in its ability to receive new funding, and its underreporting of its non-performing assets, among other factors, as the impetus for this moratorium. Customers are being limited from withdrawing more than ₹50,000 (US$700) from their accounts, except in certain exceptional circumstances (such as to cover medical care, emergencies, higher education, and "obligatory expenses" for ceremonies such as weddings). RBI governor Shaktikanta Das stated that the matter would be resolved "swiftly"; Finance Minister Nirmala Sitharaman announced a proposed turnaround plan, under which the State Bank of India would take a 49% stake in Yes Bank and introduce a new board.
On 6 March 2020, ICRA downgraded the rating of Yes Bank's ₹52,600 crore (US$7.4 billion) in core bonds to a "D" rating, while Moody's downgraded them to "Caa3". On 8 March 2020, Yes Bank founder Rana Kapoor was arrested by the Enforcement Directorate under charges of money laundering.
The moratorium caused major disruptions to e-commerce in India, due to a number of prominent services and online stores having used Yes Bank as its payment provider for UPI. Some services using Yes Bank in tandem with other payment providers have seen fewer disruptions.
On 13 March 2020, the Union Cabinet approved the reconstruction scheme for Yes Bank and that within three days of the notification of the scheme the moratorium would be lifted. During this reconstruction, seven investors infused ₹12,000 crore (US$1.7 billion) in Yes bank and Prashant Kumar was proposed as new CEO of the bank. These investors include State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Rakesh Jhunjhunwala, Radhakishan Damani and Azim Premji trust.
In April 2021, Yes Bank was fined ₹25 crore (US$3.5 million) for fraudulently selling risky bonds without the necessary warnings and risk assessments.
Presented content of the Wikipedia article was extracted in 2021-06-12 based on https://en.wikipedia.org/?curid=25290172