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Was Rana Kapoor’s extravagant lifestyle responsible for Yes Bank crisis?

by NEWS DESK
March 9, 2020
in BUSINESS
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Was Rana Kapoor's extravagant lifestyle responsible for Yes Bank crisis?

rana kapoor, yes bank, yes bank crisis, rana kapoor latest news, rana kapoor lifestyle, yes bank fou

Yes Bank founder Rana Kapoor/File

Yes Bank founder Rana Kapoor is known for his flamboyant lifestyle and extravagant ways, and that is probably a reason why the Yes Bank has a deep hole of Rs 54,000 crore in its pocket. According to a report in Mint, Rana Kapoor used to reward his bank's top performers with "Golden-Pin Awards". He hosted lavish parties for them at his sea-facing residence in an upscale Mumbai neighbourhood, the report mentioned.

Kapoor was known as the banker who would never say "No", the report said, adding that Yes Bank also lent money to corporates who had been refused by other lenders. The bank grew 26 times in size. As per the Mint report, all this led to a hole of Rs 54,000 crore in Yes Bank's balance sheet.

Kapoor was nabbed by the Enforcement Directorate on March 7. On March 8, CBI booked Kapoor, DoIT Urban Ventures, a company allegedly held by his family members, and DHFL promoter-director Kapil Wadhawan for alleged criminal conspiracy, cheating and corruption. The probe agency said that Kapoor entered into a criminal conpiracy with Wadhawan for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them.

According to the CBI FIR, the scam started taking shape between April to June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL).

In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said.

The Reserve Bank of India (RBI) on Thursday had imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

ALSO READ | Yes Bank founder Rana Kapoor's daughter stopped from leaving country at Mumbai Airport

ALSO READ | Who is Rana Kapoor, founder of now crisis-ridden Yes Bank?

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