YES Bank Refutes Rumours on its Financial Position
Private sector lender YES Bank Ltd on Monday has clarified that, contrary to certain reports, its financial position is sound and stable and is liquidity and operating performance continue to be robust.
 
In a regulatory filing, the lender, says, "Over the past few weeks, there has been a lot of unfounded speculation about YES Bank's board and management stability, asset portfolio, future growth prospects amongst other things. We strongly refute such speculations, which we suspect is a deliberate and malicious attempt to create instability in the institution by undermining investor and client confidence. We have apprised the authorities of these developments."
 
The board of YES Bank also decided to appoint Rajeev Uberoi as senior group president for governance and controls and Anurag Adlakha as senior group president and head for financial management and strategy.
 
YES Bank ended 5.56% higher on Monday at Rs93.10 on the BSE, while the 30-share Sensex closed 2% down at 38,720.
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COMMENTS

Arun Kumar Saha

1 week ago

It is a coincidence that during that time SBI chairperson was Ms Arundhati Bhattacharya who studied English Literature at Calcutta’s Lady Brabourne College and then at Jadavpur University (Wikipedia). How one can expect complex aspects of modern Finance, Risk management etc. from such person?

REPLY

Meenal Mamdani

In Reply to Arun Kumar Saha 1 week ago

I do not understand the gist of your question.
Are you implying that this lady official is incompetent because she studied English Literature? Or you think she is incompetent because of the quality of the institution?
She must have other academic credentials besides a BA in English Literature such as in banking and finance to be appointed chief of such a large institution. Are you saying that she has no credentials in either of these fields?

Arun Kumar Saha

In Reply to Meenal Mamdani 7 days ago

Exactly, for such a top job it is expected to have solid technical background backed by solid full-time academic training - isnt it? Would you go to a Doctor for yours/family's health treatment if she/he doesn't have even an MBBS degree regardless of his/her experience level e.g. how many patients he treated?

AAR

In Reply to Arun Kumar Saha 7 days ago

Bank officers clear Probationary Officers examination and then are trained in specific streams like Core Banking, Auditing, IT... They follow their streams for 20-25 years rising through the ranks before getting the top job. Similar to IAS in Government services.

Arun Kumar Saha

In Reply to AAR 6 days ago

This report from RBI itself talks about something wrong in such "Conveyor belt" approach

VIJAYAKUMAR SAMUEL

In Reply to Arun Kumar Saha 5 days ago

Managing a Bank that too PSU is not rocket science . The political interference makes it the most vulnerable.They keep lending to the same corporate even though they are fully aware that the company is sinking.They have no time for small borrowers who would honestly pay back the amount unlike the big corporates who borrow and borrow more to cover their lifestyle and kill the competition.Its high time SBI is broken down into small er units and individual managers be made more accountable

Ramesh Poapt

1 week ago

yes bank...NO bank!

Chintan

1 week ago

This is obvious! No bank would agree to reports and allegations. Wait for some time and see how it will unfold. DHFL did same. Even external auditors found nothing wrong. But today, company is on sale!!

PNB reports Rs 3,805 cr fraud by Bhushan Power & Steel
Another fraud, this time amounting to Rs 3,805.15 crore has been reported at the state-run Punjab National Bank (PNB), this time by the now-insolvent Bhushan Power and Steel Ltd (BPSL).
 
In February 2018, the Rs 13,500-crore scam involving diamantaires Nirav Modi and Mehul Choksi had come to light at the PNB.
 
In a regulatory filing on Saturday, PNB said that BPSL had misappropriated funds and manipulated books of accounts to raise funds from consortium lender banks.
 
"On the basis of forensic audit investigation findings and the CBI filing a suo motu FIR against the company and its directors alleging diversion of funds from banking system, a fraud of Rs 3,805.15 core is being reported by bank to the RBI (Reserve Bank of India)," said the statement.
 
The PNB noted that it has already made provisions amounting to Rs 1,932.47 crore in its company accounts, as per the prescribed prudential norms.
 
The Rs 3,805.15-crore in the NPA account of Bhushan Power & Steel Ltd, included domestic exposure of Rs 3,191.51 crore at the bank's large Corporate branch at Chandigarh, overseas exposure of $49.71 million (around Rs 345.74 crore) at its Dubai branch and $38.51 million (around Rs 267.90 crore) at the Hong Kong branch, PNB said.
 
It is one of the first 12 accounts identified by the RBI for insolvency proceedings. 
 
"At present, the case is in advance stage at the National Company Law Tribunal (NCLT) and the bank expects good recovery in the account," PNB said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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COMMENTS

Ramamohanrao gedela

6 days ago

There

Ramesh Poapt

1 week ago

once upon a time, it was the best strict/pure bank...
of Lalaji.

DRT orders Nirav Modi to pay Rs 7,200 cr to PNB, others
Giving relief to the Punjab National Bank, the Debt Recovery Tribunal (DRT), Pune has ordered absconding diamantaire and his group companies to pay Rs 7,200 crore to the PNB and others with interest, official sources said here on Saturday.
 
The DRT's final order came on a plea filed by the PNB in July 2018 seeking recovery of its dues of Rs 7,000 crores from Modi.
 
A consortium of banks, which had also lent Rs 200 crore to the diamantaire, subsequently filed a separate application.
 
After the DRT's order, the PNB's recovery officer can initiate proceedings to attach Modi's properties, if needed, though most of his assets are already attached by the Enforcement Directorate (ED).
 
The hearing took place in Pune where the DRT Tribunal presiding officer Deepak Thakker, who holds additional charge of Mumbai, passed the order.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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