Month: August 2021

Top 5 Private Sector Banks Promising Best Interest Rates On FD In 2021

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Yes Bank Fixed Deposit

With a minimum investment of Rs 10,000 and a term ranging from 7 days to 10 years, one can open a fixed deposit account in Yes Bank. Yes Bank is presently providing the following interest rates on fixed deposits of less than Rs 2 crore, effective June 3, 2021.

Tenure Regular FD Rates Senior Citizen FD Rates
7 to 14 days 3.25% 3.75%
15 to 45 days 3.50% 4.00%
46 to 90 days 4.00% 4.50%
3 months to less than 6 months 4.50% 5.00%
6 months to less than 9 months 5.00% 5.50%
9 months to less than 1 Year 5.25% 5.75%
1 year less than 3 years 6.00% 6.50%
3 years to less than 5 years 6.25% 7.00%
5 years to less than equal to 10 years 6.50% 7.25%
Source: Bank Website

RBL Bank Fixed Deposit

RBL Bank Fixed Deposit

Fixed Deposit interest rates for Domestic, NRO, NRE, and Flexi Fixed Deposits as of July 02, 2021 are listed below.

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 3.25% 3.75%
15 days to 45 days 3.75% 4.25%
46 days to 90 days 4.00% 4.50%
91 days to 180 days 4.50% 5.00%
181 days to 240 days 5.00% 5.50%
241 days to 364 days 5.40% 5.90%
12 months to less than 24 months 6.10% 6.60%
24 months to less than 36 months 6.10% 6.60%
36 months to less than 60 months 6.30% 6.80%
60 months to 60 months 1 day 6.50% 7.00%
60 months 2 days to less than 120 months 6.00% 6.50%
120 months to 240 months 6.00% 6.50%
Tax Savings Fixed Deposit (60 months) 6.50% 7.00%
Source: Bank Website

DCB Bank Fixed Deposi

DCB Bank Fixed Deposi

With effect from 15 May 2021, DCB Bank is offering the following interest rates to both regular and senior citizens.

Tenure Regular FD Rates Senior Citizen FD Rates
7 days to 14 days 4.55% 5.05%
15 days to 45 days 4.55% 5.05%
46 days to 90 days 4.50% 5.00%
91 days to less than 6 months 5.25% 5.75%
6 months to less than 12 months 5.70% 6.20%
12 months to less than 15 months 5.80% 6.30%
15 months to less than 18 months 6.00% 6.50%
18 months to less than 700 days 6.00% 6.50%
700 days 6.40% 6.90%
More than 700 days to less than 36 months 6.00% 6.50%
36 months 6.50% 7.00%
More than 36 months to 60 months 6.50% 7.00%
More than 60 months to 120 months 6.50% 7.00%
Source: Bank Website

IndusInd Bank Fixed Deposit

IndusInd Bank Fixed Deposit

On deposits of less than Rs 2 crore, IndusInd Bank is offering the following interest rates as of July 23, 2021.

Tenure Regular FD Rates In % Senior Citizen FD Rates In %
7 days to 14 days 2.50 3.00
15 days to 30 days 2.75 3.25
31 days to 45 days 3.00 3.50
46 days to 60 days 3.25 3.75
61 days to 90 days 3.40 3.90
91 days to 120 days 3.75 4.25
121 days to 180 days 4.25 4.75
181 days to 210 days 4.60 5.10
211 days to 269 days 4.75 5.25
270 days to 354 days 5.50 6.00
355 days to 364 days 5.50 6.00
1 year to below 1 Year 6 Months 6.00 6.50
1 Year 6 Months to below 1 Year 7 Months 6.00 6.50
1 Year 7 Months to below 2 Years 6.00 6.50
2 years to below 2 years 6 Months 6.00 6.50
2 years 6 months to below 2 years 9 Months 6.00 6.50
2 years 9 months upto 3 years 6.00 6.50
Above 3 years upto 61 months 6.00 6.50
61 months and above 5.50 6.00
Indus Tax Saver Scheme (5 years) 6.00 6.50
Source: Bank Website

IDFC First Bank Fixed Deposit

IDFC First Bank Fixed Deposit

IDFC First Bank is now offering the following card rates for domestic, NRE, and NRO deposits of less than INR 2 crores.

Tenure Regular FD Rates Senior Citizen FD Rates
7 – 14 days 2.75% 3.25%
15 – 29 days 3.00% 3.50%
30 – 45 days 3.50% 4.00%
46 – 90 days 4.00% 4.50%
91 – 180 days 4.50% 5.00%
181 days – less than 1 year 5.25% 5.75%
1 year – 2 years 5.50% 6.00%
2 years 1 day – 3 years 5.75% 6.25%
3 years 1 day – 5 years 6.00% 6.50%
5 years 1 day – 10 years 5.75% 6.25%
Tax Saver Deposit (5 Years) 5.75% 6.25%
Source: Bank Website



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IOB asks Union Bank to buy its stake in Malaysian bank, BFSI News, ET BFSI

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Indian Overseas Bank (IOB) has asked the Union Bank of India to buy its 35 per cent holding in India International Bank, Malaysia, a top IOB official said on Tuesday.

The India International Bank was originally a three-way joint venture between the Bank of Baroda (40 per cent stake), the IOB (35 per cent) and Andhra Bank (25 per cent). The Andhra Bank was taken over by the Union Bank of India as a part of the megabank merger scheme last year.

“We have asked Union Bank of India to buy our stakes. The valuation exercise is going on,” IOB Managing Director & CEO Partha Pratim Sengupta told reporters.

According to him, the IOB had decided to exit the Malaysian joint venture as part of its plan to come out of the Reserve Bank of India‘s (RBI) Prompt and Corrective Action (PCA) fold.

Though Sengupta said the IOB is expecting to be out of the PCA fold as it fulfills the RBI’s conditions, the decision to exit the India International Bank continues to hold.

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Indian Overseas Bank profit doubles to Rs 327 cr in Q1, BFSI News, ET BFSI

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New Delhi: State-owned Indian Overseas Bank on Tuesday reported over two-fold jump in its net profit to Rs 327 crore for the quarter ending June as provisions for bad loans declined. The bank had posted a net profit of Rs 121 crore in the year-ago quarter.

Total income during Q1FY22, however, was down at Rs 5,155 crore as against Rs 5,234 crore in Q1FY21, Indian Overseas Bank said in a regulatory filing.

The interest income was down by 5.6 per cent at Rs 4,063 crore during the quarter. The non-interest income rose by 17.2 per cent at Rs 1,092 crore due to increase in other income, the bank said.

The Chennai-headquartered lender said it reduced non-performing assets (NAPs) worth Rs 1,616 crore during the quarter, as against Rs 1,969 crore in June 2020 quarter.

Bank’s gross NPAs (bad loans) fell to 11.48 per cent of the gross advances as of June 30, 2021, against 13.90 per cent in the year-ago period.

In terms of value, the gross NPAs were worth Rs 15,952 crore, down from Rs 18,291 crore. Net NPAs fell to 3.15 per cent (Rs 3,998 crore) from 5.10 per cent (Rs 6,081 crore).

Provisions for bad loans and contingencies for the quarter fell to Rs 868 crore from Rs 969.52 crore a year ago.

“The bank plans to come out of prompt corrective action (PCA) by focussing on recovery, low-cost deposits and less capital consuming advances,” it said.

The provision coverage ratio recorded at 91.56 per cent, it added.

Shares of the bank traded 2.7 per cent down at Rs 23.40 apiece on BSE. PTI KPM MR MR



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3 Stocks To Buy With Strong Potential Upside Over 17% Suggests ICICI Direct

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Buy Gokaldas Exports with a 39% upside

ICICI Direct has a buy on the stock of Gokaldas Exports, with a solid price target of 39% from the current level. Gokaldas Exports (GEL) is one of India’s largest garment exporters, with a 30-million-piece yearly capacity.

The broking firms see an impressive clientele of well-known multinational brands, with GAP and H&M contributing significantly to sales. 65 percent of sales are generated in the United States.

According to the brokerage firm, revenue fell 35% quarter-on-quarter to Rs 241.0 crore, but EBITDA margins were steady at 7.4%, with absolute EBITDA falling 35% to Rs 17.9 crore.

Current Market Price Rs 202
Target Price Rs 280
Upside Potential 39%

Why buy the shares of Gokaldas Exports?

Why buy the shares of Gokaldas Exports?

“Since our initiation report, the stock price has appreciated ~3.4x (from Rs 60 in September 2020 to | 202 in August 2021). We like GEL as a structural long term story to play the apparel export space. We maintain our BUY recommendation on the stock Target Price and Valuation: We value GEL at Rs 280 i.e. 15x FY23E EPS,” the brokerage has said.

Production is running at maximum capacity, with a strong order book for the next six months. Demand from the US apparel sector (a key market for GEL) continues to be strong (trading ahead of pre-Covid levels). Capex of Rs 120 crore is planned over the next two years, with the potential to create additional revenue of Rs 450 crore. With a net debt/equity ratio of 0.6x, B/s strength remains constant.

Buy Kansai Nerolac Paints: ICICI Direct

Buy Kansai Nerolac Paints: ICICI Direct

Brokerage firm, ICICI Direct also has a buy on the stock of Kansai Nerolac Paints. According to the brokerage firm, a favorable base and strong demand for decorative paints helped drive revenue up by 118% YoY to Rs 1301 crore, supported by a favorable base and strong topline growth.

Given the shorter repainting cycle, greater urbanisation, and increased distribution reach of organised players, ICICI Direct expects decorative paint will continue to rise at a rate of 2x GDP. A recovery in 45 percent of KNL’s revenue portfolio would be aided by a rebound in passenger car sales and strong demand momentum in industrial paints.

Current Market Price Rs 630
Target Price Rs 750
Upside Potential 19%

Why buy the shares of Kansai Nerolac Paints?

Why buy the shares of Kansai Nerolac Paints?

“Kansai’s share price has grown by ~2x over the past five years (from Rs 370 in July 2016 to Rs 630 levels in August 2021). We maintain our BUY rating on the stock Target Price and Valuation: We value Kansai at | 750 i.e. 48x P/E on FY23E EPS.

Demand for decorative and industrial paints was driven by a favorable base and increasing demand following the lifting of lockdown limitations. As a result, revenue increased by 118 percent year over year to Rs 1301 crore. When compared to pre-Covid sales, however, the recovery was 87 percent, owing primarily to a delayed rebound in industrial paints,” the brokerage has said.

Buy JK Lakshmi Cement: ICICI Direct

Buy JK Lakshmi Cement: ICICI Direct

With a total capacity of 13.3 MT, JK Lakshmi primarily serves the north, west, and eastern markets (including subsidiary).

Broking firm, ICICI Direct in its recent research report has recommended the stock of JK Lakshmi Cement

According to the broking firm, JK Lakshmi Cement has 105 MW power plant that fulfills 75% of its total power requirement. The company is now adding 2.5 MT cement capacity through its subsidiary unit UCWL at a cost of Rs 1400 crore.

Current Market Price Rs 678
Target Price Rs 800
Upside Potential 18%

JK Lakshmi Cement: Buy the stock for a target of Rs 800

JK Lakshmi Cement: Buy the stock for a target of Rs 800

“JK Lakshmi’s share price has grown by ~2.5x over the past three years (from Rs 331 in August 2018 to Rs 816 in July 2021). We remain positive on the company and maintain our BUY rating Target Price and Valuation: We value the stock at Rs 800 i.e. 9.5x FY23E EV/EBITDA,” the brokerage firm has said.

ICICI Direct believes that with expected utilization of 94%+ for FY22E, we expect operating leverage benefit to continue led by fixed cost rationalization. WHRS of 10 MW to get commissioned by Q3FY22. This should help contain the power cost. B/s strength to remain strong despite newly announced capex of Rs 1400 crore for its subsidiary unit UCWL.

Disclaimer

Disclaimer

The above stocks are based on the report of ICICI Direct. Investing in stocks is risky and investors should do their own research. The author, the brokerage firms or Greynium Information Technologies are not responsible for any losses incurred due to a decision based on the above article. Investors should hence exercise due caution as are at record peaks. Please consult a professional advisor.



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Chinese crypto addresses sent $2.2 billion to scams, darknets in 2019-2021 -report, BFSI News, ET BFSI

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NEW YORK – Chinese cryptocurrency addresses sent more than $2.2 billion worth of digital tokens to addresses tied to illegal activity such as scams and darknet operations between April 2019 and June 2021, according to a report from blockchain data platform Chainalysis released on Tuesday.

These addresses received $2 billion in cryptocurrency from illicit sources as well, making China a large player in digital-currency related crime, it added. The report analyzes China’s cryptocurrency activity amid government crackdowns.

However, China’s transaction volume with illicit addresses has fallen drastically over the two-year period in terms of absolute value and relative to other countries, Chainalysis said. The big reason is the absence of large-scale Ponzi schemes such as the 2019 scam involving crypto wallet and exchange PlusToken that originated in China, it noted.

Users and customers lost an estimated $3 billion to $4 billion from the PlusToken scam.

The vast majority of China’s illegal fund movements in crypto has been related to scams, although that has declined as well, the Chainalysis report said.

“This is most likely because of both the awareness raised by PlusToken, as well as the crackdowns in the area,” said Gurvais Grigg, global public sector chief technology officer at Chainalysis, in an email to Reuters.

The report also cited trafficking out of China in fentanyl, a very potent narcotic pain medication prescribed for severe pain or pain after surgery.

Chainalysis described China as the hub of the global fentanyl trade, with many Chinese producers of the drug using cryptocurrency to carry out transactions.

Money laundering is another notable form of crypto-based crime disproportionately carried out in China, Chainalysis said.

Most cryptocurrency-based money laundering involves mainstream digital currency exchanges, often through over-the-counter desks whose businesses are built on top of these platforms.

Chainalysis noted that China appears to be taking action against businesses and individuals facilitating this activity.

It cited Zhao Dong, founder of several Chinese OTC businesses, pleading guilty in May to money laundering charges after being arrested last year.



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PNB expects recovery of Rs 14,000 cr in 3 qtrs; Rs 4-6K cr profit in FY22, BFSI News, ET BFSI

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New Delhi, Aug 3 (PTI) State-owned Punjab National Bank (PNB) on Tuesday said it expects a recovery of Rs 14,000 crore from bad loans during the three quarters and earn a profit of Rs 4,000-6,000 crore in 2021-22 aided by rationalisation of expenses along with robust recovery. Controlling the expenditure has got multiple dimensions, one of them is rationalisation of branches, PNB managing director S S Mallikarjuna Rao told reporters.

“We have succeeded in rationalising more than 500 branches. We are expecting to rationalise 1,000 branches by March 2022, which will give huge amount of reduction in the operational expenditure,” he said.

Currently, the bank has about 10,641 branches across the country.

On the recovery side, he said, the bank expects Rs 5,000-5,200 crore from NCLT cases by March 2022. This will help reduce bad debt or non-performing assets by about Rs 12,000 crore.

“In normal recovery we generally get around Rs 3,000 crore per quarter. So, another Rs 9,000-10,000 crore we are expecting in normal recovery,” he said.

Rao exuded the confidence that the bank should earn annual profit between Rs 4,000 crore and Rs 6,000 crore aided by strong recovery and cost rationalisation during the current financial year.

“Guidance for 2021-22 would be Rs 4,000-6,000 crore…at the balancesheet level the cost of deposits have been reduced drastically, cost to income ratio has been reduced, yield on advances has come down,” he said.

Besides, recoveries from NPAs where provision coverage ratio is 80 per cent, these will be write back, he said.

“So 50 per cent of profit will be contributed by the write back during the year. So profit would come from mix of cost rationalisation and write back,” he said.

With regard to further capital raising, he said, if you look at the capital adequacy ratio, it is 15.19 which is adequate to take care of 8-10 per cent credit growth.

“However, PNB, being a big bank, in order to insulate itself from the capital requirement for future and not to depend on the government, we will definitely look at discuss about it one month or so and take a call on that,” he said.

This exercise would be with a view to generating buffers not for meeting business requirement, he said. Currently, the government holds 73.1 per cent in the bank.

On the perceived threat on the telecom sector due to the AGR order of the Supreme Court, he said all the telecom players are requesting the government to look at it. “So the developments in the last few days are areas of concern for the banking industry,” he said.

PNB’s exposure is not very high that is going to impact the balance sheet, he said, adding “however, we will be definitely discussing with other bankers to see what kind of action we need to take going forward considering the statement of K M Birla only yesterday.”

The Supreme Court last month said it would pass orders on applications filed by telecom majors-Vodafone Idea, Bharti Airtel and Tata Tele Services Ltd-raising the issue of alleged errors in calculation in the figure of adjusted gross revenue (AGR)-related dues.

The apex court in September last year had given 10 years time to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.

Rao also said PNB will divest its stake in Canara HSBC OBC Life Insurance Company in the next 12 months.

The city-headquartered state-owned bank had acquired a stake in the life insurer post amalgamation of the erstwhile Oriental Bank of Commerce (OBC) into itself last fiscal year. The erstwhile OBC held 23 per cent stake in the life insurer, which by virtue of amalgamation has come to PNB.

Canara Bank owns 51 per cent stake, while HSBC Insurance (Asia Pacific) Holdings Ltd as a foreign partner owns 26 per cent.

It is also a promoter of another insurer PNB Metlife Insurance, owning the highest stake of 30 per cent. The company was set up in 2001, in which other shareholders include US-based Metlife with 26 per cent, Elpro (21 per cent) and M Pallonji & Company (18 per cent).

As per extant insurance guidelines of Insurance Regulatory and Development Authority of India (Irdai), one promoter cannot hold more than 10 per cent stake in two insurance ventures. PTI DP MR MR



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Bitcoin in bank account? How banks can partner crypto firms, BFSI News, ET BFSI

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Can’t beat them, join them.

After stonewalling cryptocurrencies and firms, banks are now coming around to the cryptocurrencies.

Indian bankers, which are not ready to touch crypto even with a barge pole following the regulator’s reluctance over cryptos, can parse the American Bankers’ Association’s (ABA) report on how lenders can partner from the new-age currency.

The ABA report

The American Bankers’ Association (ABA) has issued a new report that suggests banks consider partnerships with crypto firms based on the increased profitability of the sector and client interest. The ABA further suggests crypto use cases for banks with revenue models and regulatory issues for each use case.

“Cryptocurrency markets are rapidly evolving, and there is currently a diverse and complex ecosystem of companies offering access to digital asset products. The digital and programmable nature of these products means they can be used to facilitate many kinds of financial activities that increasingly mirror the products and services offered by traditional financial institutions, ” it said.

The use case for banks

n payments the blockchain-powered payment networks have the potential to allow for faster and more efficient payments, especially in cross-border transactions.

In lending blockchain technology can allow for cheaper, more secure, and more efficient lending processes while in settlements, distributed ledgers can provide cheaper and faster transactions between financial institutions.

Custody/Wallets provides independent/secure storage for users to hold and invest in crypto assets, while KYC/AML helps banks track the flow of funds and identify the parties involved in digital asset transactions

Digital identity distributed ledgers can provide the necessary record of information needed for authentication and verification purposes while given the proposed reporting structure for crypto transactions, the distributed ledger transactions can be easily found and reported in an efficient and timely manner.

Banks can offer business banking services to crypto companies such as corporate accounts, USD/fiat custodial accounts.

The customer can lend his or her crypto for interest and a bank could earn a fee or percentage of the crypto earned.

Banks could also charge fees for these services similar to a debit or credit card transaction and can provide crypto lending to borrowers for a fee.

Banks can look into revenue models that include charging transaction fees, listing charges for adding crypto to a platform, and deposit fees.

They can look at revenue from collecting the spread on transactions for crypto assets that are classified as securities.

The asset management use case for banks would enable a fee for service on a crypto portfolio.

In India, this will need the regulatory haze to fade first.



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Voda Idea lenders fret over ‘too big to fail’ telco giant, BFSI News, ET BFSI

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Mumbai: A day after Kumar Mangalam Birla’s letter warning that Vodafone Idea (VIL) may reach an “irretrievable point of collapse” became public, banks are worried about the fate of the telecom major which, they say, is “too big to fail”.

Lenders, both Indian and global, have an exposure of Rs 1.8 lakh crore. A large part of this is in the form of guarantees. Some private lenders with a funded exposure have already started making provisions. However, the bulk of the exposure is to public sector banks.

If VIL fails to repay its dues to the government and these guarantees are invoked, it would immediately turn into debt and would soon be classified as a non-performing asset. The hit on public sector banks will not be as large as their exposure because in recent years, lenders have been demanding a substantially higher cash margin from Vodafone for their guarantees. IDBI Bank is understood to have up to 40% margins for the guarantees it has extended. But even then it will be large enough to wipe out profits for many.

For banks, recovery of debt is contingent on VIL remaining operational and retaining customers. While the company continues to have close to a fourth of the Indian market, its situation could change overnight if there is a default. According to bankers, the insolvency process can work only when there are buyers. In the case of VIL, the Rs 53,000-crore AGR (adjusted gross revenue) dues to the Centre are a deterrent. This is despite Birla being willing to write down his entire equity.

The government dues cannot be avoided as the Centre cannot make an exception for one company. Even in insolvency cases, the telecom department has claimed its dues to be that of a financial creditor although there have been attempts to mark them as operational creditors. The uncertainty over telecom department’s claims, which is already being experienced by lenders in the Reliance Communication insolvency case, would makes telecom resolutions a challenge. Lenders do not want to risk insolvency as this would result in the exit of customers which was the case with RCom.

Lenders say besides the company’s debt obligations being equal to 1.5% of the banking sector’s credit, VIL is a large telecom infrastructure provider. Several business applications run on their networks and the company is one of the largest providers of “internet of things” service. A bank executive said insolvency would be a worst-case scenario as there is a risk of customers migrating.



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Sebi allows payments banks to act as investment bankers, BFSI News, ET BFSI

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NEW DELHI: To provide easy access to investors to participate in public and rights issues by using various payment avenues, markets regulator Sebi on Tuesday allowed payments banks to carry out the activities of investment bankers.

Non-scheduled payments banks, which have prior approval from the Reserve Bank of India (RBI), will be eligible to act as a banker to an issue (BTI), Sebi said in a circular.

This is subject to fulfilment of the conditions stipulated in the BTI rules.

Further, payments banks registered as a BTI will also be permitted to act as self-certified syndicate banks, subject to the fulfilment of the criteria laid down by the Sebi in this regard from time to time.

“The blocking/movement of funds from the investor to issuer shall only be made through the savings account of the investor held with the payments bank,” Sebi said.

In a notification dated July 30, the regulator amended the Bankers to an Issue rules, thereby permitting such other banking company, as may be specified by the Sebi, from time to time, to carry out the activities of Bankers to an Issue (BTI), in addition to the scheduled banks.

Bankers to an issue mean a scheduled bank or such other banking company as may be specified by Sebi carrying activities, including acceptance of application money, acceptance of allotment or call money, refund of application money and payment of dividend or interest warrants.



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ED arrests Gautam Thapar of Avantha Group, BFSI News, ET BFSI

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The Enforcement Directorate (ED) on Tuesday late evening arrested Gautam Thapar, promoter Avantha Group of Companies under the Prevention of Money Laundering Act (PMLA).

He will be produced before a local Court on Wednesday where ED will seek his custodial interrogation. As per available information, ED had raided premises of Gautam Thapar on Tuesday.

The federal agency had launched a money laundering probe on the basis of an FIR registered by the Central Bureau of Investigation (CBI) against Gautam Thapar and others for allegedly defrauding Yes Bank.

The CBI had booked Thapar and others including their Directors/Promoters and unknown persons of private companies/bank officials for causing an alleged loss of Rs. 466.51 crore (approx) to Yes Bank.

Those booked by the CBI included M/s Oyster Buildwell Pvt. Limited, Gurugram and its holding company M/s Avantha Realty Ltd., its Directos/promoters viz. Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, Gautam Thapar and unknown officials of private companies/bank.

It was alleged that Avantha Realty had availed a term loan facility of Rs. 515 crore (approx) from Yes Bank Limited in December, 2017. The loan amount was declared as NPA on October 30, 2019.

Further, the borrower was allegedly declared ‘Red Flagged Account’ on March 6, 2020 on the basis of Early Warning Signals (EWS). It was also alleged that the accused including said private company & its Holding Company, its Directors/promoters and others committed breach of trust, cheating, criminal conspiracy, forgery for diversion/misappropriation of the public money during the period from 2017 to 2019, thereby causing loss to the tune of Rs. 466.51 crore (approx) to Yes Bank, as per CBI’s FIR.

It might be mentioned here that last year the CBI had registered an FIR against Gautam Thapar and Avantha Group. The said FIR, registered in March last year, alleged criminal conspiracy, cheating, and obtaining illegal gratification against Rana Kapoor, former Managing Director of YES Bank and his kin.

“It was alleged that Rana Kapoor conspired with the others named in the FIR to obtain illegal gratification in the form of a bunglow at Amrita Shergill Marg, New Delhi, by paying only Rs 378 crore (approximately) through Bliss Abode Private Limited, where Rana’s wife was one of the two directors,” said the CBI FIR registered last year.

“This property was immediately thereafter mortgaged to India Bulls Housing Finance Limited for a loan of ?685 crore (approximately). It was further alleged that much less consideration than the market value was paid to Avantha Realty Ltd for relaxation in other existing loans of Avantha Group of companies and for advancing new/additional loans to Avantha Group of companies,” the FIR added.



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