PMC Bank crisis: RBI extends regulatory restrictions by 3 months

The Reserve Bank of India (RBI) announced on Saturday that it had extended regulatory restrictions on the Punjab and Maharashtra Cooperative (PMC) Bank by three months until June 22, 2020. The RBI had imposed a six-month regulatory restriction on the bank on September 23, 2019, after discovering certain financial irregularities, cover-up and misrepresentation of loans made to property developer HDIL. …

YES Banking crisis: the court sends Rana Kapoor in judicial detention until April 2

The Sessional Court in Mumbai on Friday sent Rana Kapoor, former Managing Director (MD) and Managing Director (CEO) of YES Bank, into judicial custody until April 2. no longer needs Kapoor’s custody. The Central Bureau of Investigation (CBI) also issued a production warrant to arrest Kapoor. The CBI had filed a complaint against Kapoor for allegedly obtaining an illegal gratuity …

ED says 97 companies were embezzling funds

MUMBAI: Rana Kapoor, co-founder of Yes Bank, and her family allegedly used 97 companies to embezzle money for personal gain, the Enforcement Directorate told a special court on Friday. Kapoor and his family have reportedly received bribes from high-value borrowers. The ED had previously told the court that Kapoor and his family were linked to 78 companies allegedly used to …

How will this affect MSMEs and small traders?

Earlier this week, YES Bank, a mid-sized private sector bank with assets worth over $ 40 billion, effectively imploded. The bank has been put under moratorium by the RBI and some of its senior executives are under investigation by police. Because YES Bank is the fourth largest private sector bank in India, its collapse had a major impact on millions …

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