Yes Bank Limited is an Indian public bank headquartered in Mumbai, Indiaand was founded by Rana Kapoor and Ashok Kapur in 2004.
The bank also has a widespread branch network of over 331 branches across 200 cities, with over 420 ATM`s and 2 National Operating Centres in Mumbai and Gurgaon.The business areas of the bank include corporate and institutional banking, business banking, corporate finance, retail banking and investment banking.
Yes bank has three subsidiaries – Yes Bank, Yes Capital and Yes Asset Management Services.
The financial position of Yes Bank has undergone a steady decline over the last few years because of its inability to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits.
The Central Bureau of Investigation (CBI) charged the co-founder Rana Kapoor and his family members in a bribery and money-laundering case linked to Yes Bank.
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.
On 13 March 2020, the Indian government approved the reconstruction of Yes Bank and within three days of the notification of the scheme the moratorium would be lifted.
The Reserve Bank of India assured Yes Bank depositors that their interest will be fully protected and that there is no need to panic.
During this reconstruction the new seven investors namely, State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Rakesh Jhunjhunwala, Radhakishan Damani and Azim Premji trustinfused 12,000 crores in Yes bank.
Former chief financial officer of SBI, Prashant Kumar has been proposed as new CEO of the bank.
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