Tag: Yes Bank

PayNearby onboards 10,000 women business correspondents, BFSI News, ET BFSI

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The branchless banking and digital payments network, PayNearby will be onboarding 10,000 women BC Sakhis from Self Help Groups (SHGs) to offer banking services to various Gram Panchayats in Uttar Pradesh.

The company aims to digitize transactions worth ₹1000 crores through the Self Help Group (SHG) ecosystem across Uttar Pradesh, while enabling BC Sakhis to earn additional revenue. PayNearby has entered into a partnership with YES Bank to onboard BC Sakhis across 9 districts in the state across Uttar Pradesh, viz. Badaun, Sitapur, Etah, Ballia, Ghazipur, Behraich, Balrampur, Gonda and Azamgarh.

The business processes and transactions that happen through SHGs are mostly cash-based. As of March 2019, an estimated ₹1,00,000 crore has been transacted within the SHG ecosystem, the bulk of it being in cash. Under the Uttar Pradesh State Rural Livelihood Mission (UPSRLM) program, the Government of Uttar Pradesh (GoUP) has decided to appoint one Business Correspondent (BC) – Sakhi (BC-Sakhi) from the members of the SHGs in each of its 58,000 Gram Panchayats.

The project is aimed at improving banking access in rural UP and enhancing the household income of these women and empowering them. Post the onboarding, PayNearby said it will work on upskilling BC Sakhis on the usage of the digital ecosystem while also providing them digital solutions to further the cause of financial inclusion across the state and bring many to the formal banking fold.

Anand Kumar Bajaj, Founder MD & CEO said, “Our country is going through a digital revolution and it is therefore important that we empower our women to lead this change. While the Business Correspondent model ensures low-cost delivery of accessible banking services to every section of the society, the SHG platform has proven to be pivotal in this task, owing to its comprehensive reach and influence at the community level.”

“The UPSRLM program is an excellent initiative by the government of Uttar Pradesh and PayNearby is extremely honoured to be a facilitator of this program and drive empowerment.” he added.



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Bay Tree India Holdings sells over 2% stake in Yes Bank

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Anchor investor Bay Tree India Holdings I LLC has sold over a 2 per cent stake in private sector lender Yes Bank through open market transactions.

According to a regulatory filing, Bay Tree India Holdings I LLC, which held a 5.40 per cent stake in Yes Bank earlier, sold 52.09 crore shares representing 2.08 per cent of the equity stake in multiple tranches between May 7 and June 11, 2021.

Post the sale, the stake of Bay Tree India Holdings I LLC in Yes Bank stands at 3.32 per cent.

Also read: YES Bank receives board approval to raise ₹10,000 crore through debt securities

Last month, Bay Tree India Holdings I LLC had informed that it sold 52.15 crore shares, representing 2.08 per cent of the equity stake in multiple tranches between January 6 and May 6, 2021.

In July 2020, Yes Bank garnered ₹4,098 crore from anchor investors, a day ahead of its follow-on public offering.

Bay Tree India Holdings I, owned by Tilden Park, was the largest anchor investor, investing ₹2,250 crore in Yes Bank for an allocation of 1,87,50,00,000 (7.48 per cent) shares.

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YES Bank shifts to new Santacruz HQ, BFSI News, ET BFSI

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Mumbai: The Yes Bank management and other executives on Tuesday relocated to the bank’s new headquarters at Santacruz in suburban Mumbai, which earlier housed Anil Dhirubhai Ambani Group’s headquarters. The bank has begun the process of vacating 10 floors of its rented premises in Indiabulls Finance Centre and shifting to the new premises, which is now called Yes Bank House.

“We are vacating the premises floor by floor and the complete transition will happen over a period of two months,” said Yes Bank MD & CEO Prashant Kumar. He said every month the bank will bring down its rental costs. Last week, the bank’s board approved the shifting of the registered office within the city.

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Yes Bank to raise Rs 10,000 crore via debt securities, BFSI News, ET BFSI

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Mumbai: The board of directors at private sector lender Yes Bank has approved seeking shareholders’ nod for raising up to Rs 10,000 crore in Indian or foreign currency by issuing debt securities, including but not limited to non-convertible debentures, bonds and medium-term notes.

In the January to March quarter, the crisis-hit lender reported a standalone net loss of Rs 3,788 crore as against a net loss of Rs 3,668 crore in the year-ago period.

On the asset front, the bank’s gross non-performing assets (NPAs) as of March 31 stood at 15.41 per cent of gross advances, marginally down from 16.8 per cent in the year-ago period. However, net NPAs rose to 5.88 per cent from 5.03 per cent.

For the full 2020-21 fiscal, the bank narrowed its net loss to Rs 3,462 crore from a loss of Rs 16,418 crore in the previous year.

At the end of March quarter, the lender had a capital adequacy ratio of 17.5 per cent compared to 19.6 per cent as of December 31 with common equity tier-1 ratio of 11.2 per cent at the end of the last fiscal (FY21) as compared with 13.1 per cent in Q3 FY21.

On March 5 last year, the Reserve Bank of India (RBI) had placed Yes Bank under a moratorium and appointed Prashant Kumar as the new CEO and Managing Director.

According to RBI-backed rescue plan, the State Bank of India acquired up to 49 per cent stake in Yes Bank. HDFC and ICICI Bank infused Rs 1,000 crore each, Axis Bank Rs 600 crore and Kotak Mahindra Bank Rs 500 crore.



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YES Bank receives board approval to raise ₹10,000 crore through debt securities

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Private sector lender Yes Bank has received approval from its board of directors to raise ₹10,000 crore through debt securities.

“The board of directors of the bank, in its meeting held on June 10, 2021, have considered and approved seeking shareholders’ approval for borrowing or raising funds in Indian or foreign currency up to an amount of ₹10,000 crore by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN),” it said in a regulatory filing on Thursday.

The bank’s capital adequacy ratio was 17.5 per cent as on March 31, 2021, while its CET1 ratio was 17.5 per cent.

Prashant Kumar, Managing Director and CEO, Yes Bank had told BusinessLine that the lender may consider fund raising if there is a lot of improvement in the economy, and credit growth takes place.

“All approvals are in place. Depending on the situation, we will take a call. We had taken an overarching approval of ₹10,000 crore but the requirement will not be so much,” he had said after the fourth quarter results of the bank.

Shifting its registered office

Meanwhile, the board also approved a proposal to move the bank’s registered office to Santacruz (East), Mumbai from ONE International Centre, Elphinstone (W), Mumbai. “This is with effect from June 14,” it said in a separate filing.

Significantly, its new office is the old headquarters of Reliance Anil Dhirubhai Ambani Group. The erstwhile Reliance Centre is spread over a 21,432.28 square metre plot.

Reliance Infrastructure Limited had sold off the property to Yes Bank for ₹1,200 crore in April this year. “Entire proceeds from sale of Reliance Centre, Santacruz is utilised only to repay the debt of YES Bank,” Reliance Infra had said in a statement.

Last year, Yes Bank had said that it was taking possession of the properties under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, and comes for non-payment of loans amounting to ₹2,892 crore.

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CBI files cases against Delhi based private firms, directors, BFSI News, ET BFSI

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The Central Bureau of Investigation (CBI) registered a case against two Delhi-based private firms, including their directors or promoters, for allegedly defrauding Yes Bank of Rs 466.51 crore.

Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, their companies Oyster Buildwell Pvt Ltd and Avantha Realty Pvt Ltd, and officials of Jhabua Power Ltd have also been booked by the CBI for allegedly defrauding Yes Bank of over Rs 466 crore in 2017-19.

The CBI alleged that the accused engaged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public funds to the tune of ₹466.15 crore.

After filing a FIR against Gautam Thapar, Avantha Realty, and others for alleged diversion of over ₹466 crore from Yes Bank, the investigating agency conducted searches in 14 places including Delhi-NCR, Secunderabad, and Kolkata.

The agency alleged that a loan of ₹400 crore was sanctioned to Avantha Realty in March 2016 for 10 years despite its poor financial condition.



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YES Bank implements TransUnion’s onboarding solution

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Private sector lender YES Bank on Tuesday announced the implementation of TransUnion’s onboarding solution, which will enable it to onboard its credit card customers seamlessly.

“The solution has been uniquely designed to enable a digital, streamlined onboarding process that delivers the experience consumers prefer such as fewer customer information fields to input, no physical paperwork, and comparatively lesser time required for completing the credit card application,” Yes Bank said in a statement.

An in-person interaction with customers for physical documentation and processing is now replaced with a digital process wherein a digital application link is sent to the customer, which the customer can complete along with a video KYC, it further said.

The solution also reduces the integration time and effort for the bank, while encompassing credit and risk decision workflow for digital end-to-end on-boarding.

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Yes Bank digitises onboarding of credit card customers, BFSI News, ET BFSI

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YES BANK announced the implementation of TransUnion’s onboarding solution. This solution will enable YES BANK to onboard its credit card customers seamlessly, efficiently, and quickly.

The solution enables a digital, streamlined onboarding process that provides customers with the experience they want, such as fewer customer information fields to fill out, no physical paperwork, and a shorter time to complete the credit card application. Processing is now replaced with a completely digital process wherein a digital application link is sent to the customer.

Rajanish Prabhu, Business Head – Credit Cards & Merchant Acquisition, YES BANK, said, “YES BANK remains steadfast in its endeavour to provide customers differentiated and convenient banking experience – the implementation of TransUnion’s seamless onboarding solution reaffirms our commitment. This is in line with our focus on delivering the convenience of digital experiences that technologically savvy customers demand.”

Shaleen Srivastava, Executive Vice President and Head of Fraud, Solutions and Alternate Data at TransUnion in India, said: “TransUnion’s seamless onboarding delivers a full range of identity, fraud, decisioning and credit solutions through a single platform and API calls to make integration easy and convenient for the lender. Its flexible orchestration and plug-and-play offering enables customization to meet evolving business needs and will provide a competitive edge to the credit card customer onboarding process at YES BANK.”



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Yes Bank enables reward point redemption to refill oxygen cylinders for Covid-19 patients

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Private sector lender Yes Bank has enabled its customers to use their banking and credit card reward points to contribute towards medical oxygen for Covid-19 patients, in partnership with GiveIndia.

“Customers can now redeem their existing reward points to refill oxygen cylinders of 1,500 litre and 6,000 litre, respectively. The reward points redeemed towards oxygen refill will be channelled through GiveIndia and used to replenish medical oxygen at charitable hospitals in Mumbai, Bengaluru and Delhi,” Yes Bank said in a statement on Wednesday.

All donations made either through reward points or using debit or credit card are 50 per cent tax exempted under Section 80G, it further said.

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Bay Tree Holdings cuts stake in Yes Bank by more than 2%

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In the March quarter of FY21, Yes Bank reported a net loss of Rs 3,787.75 crore. It saw fresh slippages worth Rs 11,800 crore during Q4, with Rs 8,000 crore coming from the moratorium book

Bay Tree India Holdings , owned by Tilden Park, reduced its stake in Yes Bank by 2.08%, representing nearly a third of its holding in the lender. According to regulatory filings, Bay Tree now holds a 5.4% stake in Yes Bank.

The stake reduction was carried out through open market sales in multiple tranches between January 6 and May 6. Bay Tree was an anchor investor in Yes Bank’s July 2020 further public offer (FPO) of Rs 15,000 crore.

Yes Bank was resuscitated through a long process after the Reserve Bank of India imposed a moratorium on it in March 2020 and superceded its board. The rescue involved a number of institutions from the financial sector coming together to infuse equity into the capital-starved bank.

Over the past one year, most of those investors have pared their stakes. Between March 2020 and March 2021, State Bank of India’s stake has fallen to 30% from 48.21%, ICICI Bank’s to 3.99% from 7.97%, Axis Bank’s to 1.96% from 4.78%, IDFC First Bank’s to 1.15% from 1.67%, Bandhan Bank’s to 1.2% from 2.39%, Housing Development Finance Corp’s to 3.99% from 7.97% and Kotak Mahindra Bank’s to 1.52% from 3.61%.

In the March quarter of FY21, Yes Bank reported a net loss of Rs 3,787.75 crore. It saw fresh slippages worth Rs 11,800 crore during Q4, with Rs 8,000 crore coming from the moratorium book. The bank’s capital adequacy ratio as per Basel III stood at 17.5% as on March 31. The common equity Tier-I (CET-I) ratio was at 11.2% at the end of March.

Yes Bank’s shares on the BSE ended 0.23% higher than their previous close at Rs 13.16 on Tuesday.

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