Yes Bank (stylised as YES BANK) is an Indian private sector bank, headquartered in Mumbai, catering to retail customers, MSMEs, and corporate clients.[4] Its network is spread across 300 districts in India and comprises 1,255 branches, 235 BCBOs and 1,331+ ATMs.[5][6]
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Company type | Public |
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BSE: 532648 NSE: YESBANK | |
ISIN | INE528G01035 |
Industry | Banking, Financial services[1] |
Founded | 2004 |
Founders | Rana Kapoor Ashok Kapur |
Headquarters | Mumbai, Maharashtra, India |
Key people |
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Products | |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 28,690 (2025) |
Capital ratio | 15.60%[2] |
Website | www |
Among the bank’s major shareholders are the State Bank of India, the country’s largest scheduled commercial bank; two global investors viz affiliate of The Carlyle Group and Advent International, among others.[7]
History
editIn 1997–98, three Mumbai-based bankers–Rana Kapoor, Ashok Kapur and Harkirat Singh–co-founded Rabo India Finance in partnership with Rabobank of the Netherlands.[8] In early 2003, the three bankers started Yes Bank with proceeds from selling their stakes in Rabo India Finance.[9] Harkirat Singh resigned in April 2003 citing concerns over Rabobank's influence in appointing a leader for Yes Bank.[10][11]
Yes Bank was listed on the stock exchanges of India after its IPO in June 2005 at a face value of ₹10 and an issue price of ₹35.[12]
In May 2004, Yes Bank obtained banking license from the Reserve Bank of India (RBI).[13] Initially, Rana Kapoor and Ashok Kapur each held 26% in the bank, Rabobank owned 20%, newly-appointed directors were allocated 3% and private equity firms held the remaining 25%.[14] The bank opened its first branch in August 2004.[10]
Yes Bank was listed on the stock exchanges of India after its IPO in June 2005 at a face value of ₹10 and an issue price of ₹35.[15][16]
In November 2008, co-founder and non-executive chairman Ashok Kapur was killed at the Trident Hotel during the 26/11 terrorist attacks in Mumbai.[17]
In September 2016, Yes Bank scrapped its proposed $1 billion share sale due to market conditions.[18][19] The company subsequently attempted to relaunch its failed capital raising exercise after appointing a new set of bankers.[20][21]
By early 2020, the financial position of Yes Bank had deteriorated as it had been unable to raise capital. This had resulted in potential loan losses, which in turn led to downgrades and prompted investors to invoke bond covenants, and a withdrawal of deposits by customers.[22][23]
On 5 March 2020, the RBI took over Yes Bank in a bailout provision. RBI reconstructed Yes Bank's board, naming Prashant Kumar, former chief financial officer and deputy managing director of State Bank of India, as its MD & CEO, along with Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non-executive chairman.[24][25][26][27] Under the RBI's mandate, State Bank of India, HDFC Bank, ICICI Bank, Axis Bank and other financial institutions infused funds to help Yes Bank through a reconstruction scheme.[28][29]
In July 2020, Yes Bank completed its follow-on public offer (FPO).[30]
In April 2021, India's market regulator Securities and Exchange Board of India (SEBI) proposed a fine of ₹25 crore (US$3.38 million) on Yes Bank, stating that it had fraudulently sold certain risky bonds without the necessary warnings and risk assessments.[31][32] In May 2021, the Securities Appellate Tribunal (SAT) imposed an interim stay on SEBI's order.[33]
On 21 February 2023, it issued 2,13,650 equity shares to its employees under the company ESOP plan.[34][35]
Ownership Structure
editThe State Bank of India (SBI), the largest scheduled commercial bank in India, is the largest shareholder in Yes Bank, holding 23.99% of the shares.[36] Yes Bank has also received investments from international private equity firms, namely Advent International and The Carlyle Group.[37][38]
It has garnered substantial investments from notable international private equity firms, including Advent International and The Carlyle Group. These firms have fortified bank’s capital base, bolstering its long-term strategic goals. Their participation commenced with one of the most substantial private capital-raising initiatives by an Indian private sector bank in 2022, establishing them as important stakeholders in YES BANK.[39]
Moreover, it possesses a substantial retail shareholder base, featuring the highest number of retail shareholders in the Indian capital market. With around 6.30 million shareholders, this extensive base signifies considerable confidence and trust in the Bank's mission and performance.[40]
- Largest shareholders
Shareholder | Percentage |
---|---|
State Bank of India | 23.99% |
Verventa Holdings (Advent) | 9.2% |
CA Basque Investments (Carlyle) | 6.84% |
Life Insurance Corporation of India | 3.96% |
HDFC Bank | 2.75% |
ICICI Bank | 2.39% |
Kotak Mahindra Bank | 1.21% |
Axis Bank | 1.01% |
Operations
editYes Bank operates in Retail, MSME and Corporate banking sectors from 1,192 branches and 1,301 ATMs and Cash recyclers in over 700 Cities. It offers wide range of differentiated products for corporate and retail customers through retail banking and asset management services.[41] There were too many bad loans for the bank to handle, so on March 5, 2020, the RBI took over to keep it from failing. RBI later reconstructed the board and named Prashant Kumar, former chief financial officer and deputy managing director of State Bank of India, as MD & CEO of Yes Bank, along with Sunil Mehta, former non-executive chairman of Punjab National Bank, as Yes Bank's non-executive chairman.[24][25][42][43]
In October 2017, the bank launched a digital wallet known as Yes Pay, integrating with BHIM and UPI.[44] On 3 November 2017, Yes Bank signed a MoU with the government to provide ₹1,000 crore (equivalent to ₹14 billion or US$170 million in 2023) financing for food processing projects.[45]
As of September 2018, Yes Bank had taken syndicated loans from eight large international entities including ADB, OPIC, European investment bank, banks in Taiwan and Japan for amounts ranging from US$30 million to US$410 million.[46][47]
It also partnered with the US government-based OPIC and with Wells Fargo to support women entrepreneurs.[48]
Yes Bank provides (UPI) Unified Payments Interface facility to allow customers to easily and securely perform various financial transactions from their mobile devices via third-party app providers like PhonePe and Yuva Pay.[49][50]
According to the data shared by NPCI (National Payments Corporation of India), Yes Bank processed 25.94 million transactions amounting to ₹148.11 billion (US$1.8 billion) through its own UPI app in July 2021.[51][52]
Yes Bank acquired over 24.19% stake in Dish TV, India's largest direct-to-home (DTH) company in terms of subscribers, on 30 May 2020.[53]
On Mar 18 2024, YES Bank became the Official Banking Partner for Team India at the Paris Olympics 2024, launching the 'Milkar Jitayengey' campaign and the 'YES Glory Debit Card' for athletes.[54]
On May 7, 2024, Yes Bank partnered with Ebanx - a fintech focused on cross-border e-commerce payments to enable payments from India.[55]
Subsidiaries
editIt has three subsidiaries – YES Securities (India) Limited,[56] YES Trustee Limited and YES Asset Management (India) Limited.[57]
YES Securities
editYES Securities (India) Limited (YSIL), which was founded in 2013, is a fully owned subsidiary of YES Bank. It provides personalized financial services to Retail, HNI/UHNI, and Institutional clients, such as Wealth Broking, Institutional Equity Sales and Trading Research.[58][59]
In the past ten years, YSIL has grown into a major player in the financial services industry. Its goal is to give future generations the tools they need to make smart investments in a safe and easy way. YSIL is a stockbroker that is registered with the Securities and Exchange Board of India (SEBI). It is also listed on major stock markets, including National Stock Exchange of India and Bombay Stock Exchange.[60][61]
With a focus on new ideas and putting the customer first, YSIL uses the strong infrastructure and network of its parent bank to give its customers better services and goods, living up to its slogan "Choice of the Wize."[62]
Moratorium
editOn 5 March 2020, the Reserve Bank of India (RBI) announced that, in the interest of its customers and depositors, it would suspend and supersede Yes Bank's board and impose a 30-day moratorium on its operations.[63] The RBI cited Yes Bank's failures to raise new funding to cover its non-performing assets, inaccurate statements of confidence in its ability to receive new funding, and its underreporting of its non-performing assets, among other factors, as the reasons for the moratorium.[64]
During this period, Yes Bank customers could withdraw only up to ₹50,000 (US$590) from their accounts for the following one month, except in certain situations like medical treatment, emergencies, higher education costs and obligatory expenses for ceremonies such as weddings (subject to RBI's approval).[65]
RBI governor Shaktikanta Das stated that the matter would be resolved swiftly; Ministry of Finance under Finance Minister, Nirmala Sitharaman announced a proposed turnaround plan under which the State Bank of India would take a 49% stake in Yes Bank and introduce a new board.[66][64][65][67]
The moratorium disrupted multiple e-commerce services whose users were struggling to make online transactions or use popular payment services like UPI.[68][69][70]
Almost two weeks later (12 days), the bank came out of the moratorium and resumed full-fledged banking operations from 18 March 2020. This came after a consortium of eight public and private banks, led by State Bank of India, agreed to infuse capital into Yes Bank. And barely nine months after the imposition of the moratorium, Yes Bank was on the road to recovery. The bank's operating profits and recoveries were sufficient to provide for credit costs and it would not need to consume capital for further operations.[71][72]
On 13 March 2020, the Union Cabinet approved the reconstruction scheme for Yes Bank, stating that within three days of the notification of the scheme, the moratorium would be lifted.[73] During this reconstruction, seven investors infused ₹12,000 crore (equivalent to ₹140 billion or US$1.7 billion in 2023) in Yes bank and Prashant Kumar was proposed as new CEO of the bank. These investors include State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Rakesh Jhunjhunwala, Radhakishan Damani and Azim Premji trust.[74]
On 6 March 2020, ICRA downgraded the rating of Yes Bank's ₹52,600 crore (equivalent to ₹620 billion or US$7.3 billion in 2023) in core bonds to a "D" rating, while Moody's downgraded them to "Caa3".[75][76][77]
In April 2021, India's market regulator SEBI (Securities and Exchange Board of India) proposed a fine of ₹25 crore (equivalent to ₹28 crore or US$3.3 million in 2023) on Yes Bank Ltd., stating it had fraudulently sold certain risky bonds without the necessary warnings and risk assessments.[78][79] In May 2021, the Securities Appellate Tribunal (SAT) imposed an interim stay on SEBI's order.[80]
Listings
editYes Bank has equities listed on the Bombay Stock Exchange and the National Stock Exchange of India and bonds listed on the London stock exchange. Yes Bank was listed on the stock exchanges of India after its IPO in June 2005 at a face value of ₹10 and an issue price of ₹35.[81][82]
Reconstruction
editUnder the new management, Yes Bank has managed to overhaul its risk and governance frameworks while saving itself from reputational risks. The liquidity profile of the bank is well above the required regulatory norms.[83]
In June 2021, the board approved ₹100 billion (US$1.2 billion) of fundraising by issuance of debt securities.[84]
In financial year 2020–21, Yes Bank saw a marked rise in deposits at 55% and operating profits at 42% year on year. The recapitalization drive at the bank generated ₹150 billion (US$1.8 billion) via follow-on public offers in July 2020.[85] Yes Bank continues to focus on digital payments, concentrating on its market share in UPI and IMPS transactions while it plans to disburse ₹100 billion (US$1.2 billion) in retail and MSME loans in Q3 of FY21.[86]
In September 2016, Yes Bank scrapped its proposed $1 billion share sale due to market conditions.[87][88] The company subsequently attempted to relaunch its failed capital raising exercise after appointing a new set of bankers.[89][90]
Ratings Upgrade
editICRA raised its ratings on securities issued by Yes Bank Ltd in September 2020, taking into account a number of good changes in the bank's financial situation.[91] Low-level Basel II bonds and infrastructure bonds were raised to "BBB" from "BB+." Tier II bonds that are in line with Basel III were raised from "BB" to "BBB-." Tier I and higher tier II bonds that were compliant with Basel II were raised from a default rating to a "BB" rating.[92]
Moody's also had added a notch to Yes Bank's long term issuer rating from Caa1 to B3 in August 2020.[93] In November 2020, CARE Ratings revised its rating on the YES Bank's infrastructure bonds to 'CARE BBB' from the previous 'CARE B'.[94] It also revised its outlook to 'Stable' from the previous ‘Under credit watch with developing implications’ on the above-mentioned instruments. Yes Bank's Upper Tier II Bonds and Perpetual Bonds (Basel II) received a revised rating of 'CARE BB+' from previous 'CARE D'.[95]
See also
editFurther reading
edit- Moharkan, Furquan (2021). The Banker Who Crushed His Diamonds: The Yes Bank Story. Penguin Random House. ISBN 9788195084395.
- Akhtar, Shakeb; Alam, Mahfooz; Khan, Mohd Mohsin (14 December 2021). "YES Bank Fiasco: Arrogance or Negligence". Emerging Economies Cases Journal. 3 (2). doi:10.1177/25166042211061003 – via Sage Journals.
- Gupta, Salil (23 July 2024). "India: Yes Bank Restructuring, 2020". Journal of Financial Crises. 6 (2): 43–71 – via Yale School of Management.
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