Between , when it was launched, and , Yes Bank was one of the buzziest banks. In , UBS, a global financial services company, raised the first red flag about its asset quality. The UBS report stated that Yes Bank had loaned more than its net worth to companies that were unlikely to pay back. However, Yes Bank continued to extend loans to several big firms and became the fifth-largest private sector lender see Chart 1. But, the type of firms and sectors to which Yes Bank was lending resulted in the start of the crisis.
Yes Bank fraud case: HC grants bail to Kapil and Dheeraj Wadhawan
Why did Yes Bank collapse? Here are 6 main reasons
Jump to navigation. Yes Bank is a script that fits the bill for a super-hit Hollywood movie with a difference that all ends bad in loans. The Yes Bank story began in when three successful bankers came together to float a non-banking financial company. In an interview to the Economic Times , Harkirat Singh said he accepted Rana Kapoor as the third partner only after strong recommendation of Ashok Kapur.
Since its inception in , YES BANK has adopted international best practices, with the highest standards of service quality and operational excellence. It offers comprehensive banking and financial solutions to all its customers. By offering innovations such as mobile banking, two-factor authentication , radio-frequency identification and advanced speech-enabled interactive voice-response systems, YES BANK delivers a differentiated service to its commercial and retail customers.
In a rare case of Reserve Bank of India superseding the board of a commercial bank in recent history, the central bank has moved in to take charge of new generation private bank Yes Bank. Interestingly, the bank was set up by top-notch professionals. The last such move by the RBI to give a banking license to professional was when it gave a license to Global Trust Bank, which was eventually merged with Oriental Bank of Commerce over the bad governance issues. 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 bank was making losses and inadequate profits in the last four quarters.
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