Yes Bank
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** Yes Bank YESB.NS rises 2.4%, Axis Bank AXBK.NS climbs 2.1%, Punjab National Bank PNBK.NS gains 2.05% and Bank of Baroda BOB.NS up 0.9%
** IndusInd Bank INBK.NS falls 0.3%
** Brokerages see India's new 0.4% MDR fee on select UPI merchant transactions benefit mid-tier banks better than others
** Citi sees Yes Bank as standout beneficiary
** Estimates UPI fee framework could add 5%-10% to its profit before provisions, helped by outsized UPI volumes
** Also sees ~2% PBT benefit for other mid-tier and state-run banks
** Expects less than 1% benefit for HDFC Bank, ICICI Bank, Kotak Mahindra Bank and AU Small Finance Bank
** JPMorgan estimates banks could receive about 117 billion rupees of a potential 170-billion-rupee annual revenue pool
** Commercial banks seeing up to 2.1% boost to FY26 net profit, brokerage says
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
** Yes Bank YESB.NS rises 2.4%, Axis Bank AXBK.NS climbs 2.1%, Punjab National Bank PNBK.NS gains 2.05% and Bank of Baroda BOB.NS up 0.9%
** IndusInd Bank INBK.NS falls 0.3%
** Brokerages see India's new 0.4% MDR fee on select UPI merchant transactions benefit mid-tier banks better than others
** Citi sees Yes Bank as standout beneficiary
** Estimates UPI fee framework could add 5%-10% to its profit before provisions, helped by outsized UPI volumes
** Also sees ~2% PBT benefit for other mid-tier and state-run banks
** Expects less than 1% benefit for HDFC Bank, ICICI Bank, Kotak Mahindra Bank and AU Small Finance Bank
** JPMorgan estimates banks could receive about 117 billion rupees of a potential 170-billion-rupee annual revenue pool
** Commercial banks seeing up to 2.1% boost to FY26 net profit, brokerage says
(Reporting by Surbhi Misra in Bengaluru)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Sept 8 (Reuters) - Yes Bank Limited YESB.NS:
YES BANK - PENALTY DEMAND REDUCED TO 23.3 MILLION RUPEES BY ORDER-IN-APPEAL
YES BANK - ORDER RELATES TO TAX DEMAND
Source text: ID:nBSE2bbl3T
Further company coverage: YESB.NS
(([email protected];))
Sept 8 (Reuters) - Yes Bank Limited YESB.NS:
YES BANK - PENALTY DEMAND REDUCED TO 23.3 MILLION RUPEES BY ORDER-IN-APPEAL
YES BANK - ORDER RELATES TO TAX DEMAND
Source text: ID:nBSE2bbl3T
Further company coverage: YESB.NS
(([email protected];))
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Aug 25 (Reuters) - India's Yes Bank YESB.NS has withdrawn a plan to raise U.S. dollar debt after investors demanded higher yields amid a wave of supply from Indian lenders, three merchant bankers said on Tuesday.
Yes Bank, which is 24.9% owned by Japan's Sumitomo Mitsui Banking Corp, had planned to raise around $500 million through three-year dollar bonds, and had appointed bankers for the issue last week.
"After the central bank advanced the closure of the dollar deposit window, there has been a sudden rush, prompting investors to seek yields 30-40 basis points higher than normal," one of the bankers said.
The bankers requested anonymity as they are not authorised to speak to the media. Yes Bank did not reply to a Reuters email seeking clarification.
Banks have been scrambling to complete their dollar bond sales, with most of the proceeds expected to be used to provide leverage to customers who will deposit them under the Reserve Bank of India's discounted dollar deposit scheme. The window for hedging such deposits closes on August 31.
Market intelligence firm CreditSights had placed fair value for the proposed notes at a spread of 170-180 bps over U.S. Treasuries, implying a yield of about 6.0350%-6.1350%.
"From a fundamental perspective, related to Indian private sector banks, we see Axis Bank as the closest competitor and see fair value for YES Bank at a spread of 75 bps," it said in a note.
Investors were demanding yields at a spread of 200 bps above Treasuries, bankers added.
The lender had last tapped the dollar debt market in 2018, when it had raised $600 million through five-year securities, while it had written off perpetual bonds worth more than 84 billion rupees ($878.75 million) in the domestic market, denting investor confidence.
PEERS HIT PAUSE
Two other mid-sized private lenders, Federal Bank FED.NS and RBL Bank RATB.NS, have also shelved their planned dollar bond issuances, the bankers added.
Both lenders were considering a benchmark $500 million debt issue, they added.
"Banks do not have enough time for disclosures for the public route, and private placement has become very expensive, so it makes sense to hold borrowings for now," another banker said.
Neither lender replied to Reuters emails seeking comment.
($1 = 95.5900 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)
(([email protected];))
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Aug 25 (Reuters) - India's Yes Bank YESB.NS has withdrawn a plan to raise U.S. dollar debt after investors demanded higher yields amid a wave of supply from Indian lenders, three merchant bankers said on Tuesday.
Yes Bank, which is 24.9% owned by Japan's Sumitomo Mitsui Banking Corp, had planned to raise around $500 million through three-year dollar bonds, and had appointed bankers for the issue last week.
"After the central bank advanced the closure of the dollar deposit window, there has been a sudden rush, prompting investors to seek yields 30-40 basis points higher than normal," one of the bankers said.
The bankers requested anonymity as they are not authorised to speak to the media. Yes Bank did not reply to a Reuters email seeking clarification.
Banks have been scrambling to complete their dollar bond sales, with most of the proceeds expected to be used to provide leverage to customers who will deposit them under the Reserve Bank of India's discounted dollar deposit scheme. The window for hedging such deposits closes on August 31.
Market intelligence firm CreditSights had placed fair value for the proposed notes at a spread of 170-180 bps over U.S. Treasuries, implying a yield of about 6.0350%-6.1350%.
"From a fundamental perspective, related to Indian private sector banks, we see Axis Bank as the closest competitor and see fair value for YES Bank at a spread of 75 bps," it said in a note.
Investors were demanding yields at a spread of 200 bps above Treasuries, bankers added.
The lender had last tapped the dollar debt market in 2018, when it had raised $600 million through five-year securities, while it had written off perpetual bonds worth more than 84 billion rupees ($878.75 million) in the domestic market, denting investor confidence.
PEERS HIT PAUSE
Two other mid-sized private lenders, Federal Bank FED.NS and RBL Bank RATB.NS, have also shelved their planned dollar bond issuances, the bankers added.
Both lenders were considering a benchmark $500 million debt issue, they added.
"Banks do not have enough time for disclosures for the public route, and private placement has become very expensive, so it makes sense to hold borrowings for now," another banker said.
Neither lender replied to Reuters emails seeking comment.
($1 = 95.5900 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 18 (Reuters) - Four Indian private lenders have fast-tracked plans to raise dollar bonds before the end of August, seeking to take advantage of a central bank swap facility before its early closure, after larger peers ICICI Bank ICBK.NS and Axis Bank AXBK.NS raised more than $1 billion.
Kotak Mahindra Bank KTKM.NS, YES Bank YESB.NS, IDFC First Bank IDFB.NS and Federal Bank FED.NS are together aiming to raise $1.85 billion through bond sales with maturities of up to five years, the bankers added.
Lenders are rushing to raise funds after the Reserve Bank of India last week said it would close a swap facility for FX deposits from non-resident Indians on August 31, a month earlier than planned.
Kotak Bank is leading the race as it has set its final price guidance at 108 basis points above U.S. Treasuries, 22 bps narrower than its initial guidance.
"Kotak Bank should be finalised before the end of this week, leaving the other three lenders scrambling for funds in the last week of August," one of the bankers said.
They all requested anonymity as they are not authorised to speak to the media. None of the banks responded to Reuters emails seeking comment.
YES Bank has appointed merchant bankers for a three-year bond offering, with investor calls scheduled for this week, the bankers said.
This will be the first time the private financier taps the offshore market after defaulting on its perpetual additional tier-1 bonds in 2020.
Federal Bank and IDFC First Bank, which are relatively smaller and are looking to debut in the dollar bond market, have just started scouting the market for investors, the bankers added.
The development comes after ICICI Bank raised $750 million through five-year bonds, 105 bps above Treasuries, while Axis Bank raised $300 million through three-year and three-month dollar bonds at a spread of 95 bps over Treasuries.
Indian banks have collectively raised $6.3 billion since the scheme was implemented on June 5, up from $850 million earlier this year, data from Cbonds showed, notching a record high for any calendar year.
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 18 (Reuters) - Four Indian private lenders have fast-tracked plans to raise dollar bonds before the end of August, seeking to take advantage of a central bank swap facility before its early closure, after larger peers ICICI Bank ICBK.NS and Axis Bank AXBK.NS raised more than $1 billion.
Kotak Mahindra Bank KTKM.NS, YES Bank YESB.NS, IDFC First Bank IDFB.NS and Federal Bank FED.NS are together aiming to raise $1.85 billion through bond sales with maturities of up to five years, the bankers added.
Lenders are rushing to raise funds after the Reserve Bank of India last week said it would close a swap facility for FX deposits from non-resident Indians on August 31, a month earlier than planned.
Kotak Bank is leading the race as it has set its final price guidance at 108 basis points above U.S. Treasuries, 22 bps narrower than its initial guidance.
"Kotak Bank should be finalised before the end of this week, leaving the other three lenders scrambling for funds in the last week of August," one of the bankers said.
They all requested anonymity as they are not authorised to speak to the media. None of the banks responded to Reuters emails seeking comment.
YES Bank has appointed merchant bankers for a three-year bond offering, with investor calls scheduled for this week, the bankers said.
This will be the first time the private financier taps the offshore market after defaulting on its perpetual additional tier-1 bonds in 2020.
Federal Bank and IDFC First Bank, which are relatively smaller and are looking to debut in the dollar bond market, have just started scouting the market for investors, the bankers added.
The development comes after ICICI Bank raised $750 million through five-year bonds, 105 bps above Treasuries, while Axis Bank raised $300 million through three-year and three-month dollar bonds at a spread of 95 bps over Treasuries.
Indian banks have collectively raised $6.3 billion since the scheme was implemented on June 5, up from $850 million earlier this year, data from Cbonds showed, notching a record high for any calendar year.
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Aug 17 (Reuters) - Indian lenders are rushing dollar loan and bond issues over the next two weeks after the central bank unexpectedly advanced the end date for an FX swap facility that banks were using for hedging exposure to deposits raised from diaspora.
As part of a raft of measures to boost inflows, lenders were permitted to use these overseas borrowings to offer loans to non-resident Indians. Banks' overseas fundraising had also been subsidised.
Now, with the Reserve Bank of India announcing the closure of the forex swap window for August 31, a month earlier than initially planned, Indian private and state-run banks are on track to raise at least $5 billion through a combination of bonds and loans, four bankers said.
"Some of the fund raising plans have been brought forward to utilize the last few days," Akshay Naik, India head of debt capital markets at Citi, said.
"We will have one of the busiest windows for the next 6-8 days from India. Few institutions who are not ready may need to drop their plan if it was solely meant for FCNR leverage."
Large private-sector lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS are in talks to raise about $1.5 billion each via dollar bonds and loans, while peers including Axis Bank AXBK.NS, YES Bank YESB.NS, RBL Bank RATB.NS and Kotak Mahindra Bank KTKM.NS are planning to raise at least $500 million each through overseas debt markets, bankers said.
State-run lenders State Bank of India SBI.NS, Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS, Union Bank of India UNBK.NS, Bank of India BOI.NS and Central Bank of India CBI.NS are targeting dollar raises of $250 million to $500 million each, with the larger banks likely to target bigger issues, the bankers said.
None of the lenders replied to Reuters emails seeking comment.
All the bankers declined to be named as the discussions are private.
BANKS ON TRACK FOR RECORD DOLLAR FUNDRAISING
Indian lenders have raised a combined $5.93 billion through dollar bond sales and loans so far this year, according to LSEG data through August 11.
The tally has climbed by another $1.2 billion, following debt sales by two large state-run lenders last week.
Over the last 15 years, banks' annual foreign borrowing topped $6 billion on three occasions, including in 2013, when the RBI had opened a swap window.
"Would expect $5-7 billion of additional bond and loan issuances for the remainder of year," Naik said.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Aug 17 (Reuters) - Indian lenders are rushing dollar loan and bond issues over the next two weeks after the central bank unexpectedly advanced the end date for an FX swap facility that banks were using for hedging exposure to deposits raised from diaspora.
As part of a raft of measures to boost inflows, lenders were permitted to use these overseas borrowings to offer loans to non-resident Indians. Banks' overseas fundraising had also been subsidised.
Now, with the Reserve Bank of India announcing the closure of the forex swap window for August 31, a month earlier than initially planned, Indian private and state-run banks are on track to raise at least $5 billion through a combination of bonds and loans, four bankers said.
"Some of the fund raising plans have been brought forward to utilize the last few days," Akshay Naik, India head of debt capital markets at Citi, said.
"We will have one of the busiest windows for the next 6-8 days from India. Few institutions who are not ready may need to drop their plan if it was solely meant for FCNR leverage."
Large private-sector lenders such as ICICI Bank ICBK.NS and HDFC Bank HDBK.NS are in talks to raise about $1.5 billion each via dollar bonds and loans, while peers including Axis Bank AXBK.NS, YES Bank YESB.NS, RBL Bank RATB.NS and Kotak Mahindra Bank KTKM.NS are planning to raise at least $500 million each through overseas debt markets, bankers said.
State-run lenders State Bank of India SBI.NS, Bank of Baroda BOB.NS, Punjab National Bank PNBK.NS, Canara Bank CNBK.NS, Union Bank of India UNBK.NS, Bank of India BOI.NS and Central Bank of India CBI.NS are targeting dollar raises of $250 million to $500 million each, with the larger banks likely to target bigger issues, the bankers said.
None of the lenders replied to Reuters emails seeking comment.
All the bankers declined to be named as the discussions are private.
BANKS ON TRACK FOR RECORD DOLLAR FUNDRAISING
Indian lenders have raised a combined $5.93 billion through dollar bond sales and loans so far this year, according to LSEG data through August 11.
The tally has climbed by another $1.2 billion, following debt sales by two large state-run lenders last week.
Over the last 15 years, banks' annual foreign borrowing topped $6 billion on three occasions, including in 2013, when the RBI had opened a swap window.
"Would expect $5-7 billion of additional bond and loan issuances for the remainder of year," Naik said.
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
YES Bank's outstanding bank guarantees totalling ₹281.44 crore were invoked by the Department of Telecommunications on 14 August 2026. The guarantees had been issued in 2018 for a borrower's deferred annual spectrum-payment obligations, and the borrower was under a corporate insolvency resolution process managed by a resolution professional. YES Bank's claim for the amount had been admitted in those proceedings, while the bank evaluated its legal options after the invocation. Standalone Q1 FY27 net profit was ₹1,071 crore, with gross and net non-performing assets at 1.3% and 0.2%, respectively.
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YES Bank's outstanding bank guarantees totalling ₹281.44 crore were invoked by the Department of Telecommunications on 14 August 2026. The guarantees had been issued in 2018 for a borrower's deferred annual spectrum-payment obligations, and the borrower was under a corporate insolvency resolution process managed by a resolution professional. YES Bank's claim for the amount had been admitted in those proceedings, while the bank evaluated its legal options after the invocation. Standalone Q1 FY27 net profit was ₹1,071 crore, with gross and net non-performing assets at 1.3% and 0.2%, respectively.
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** Shares of Yes Bank YESB.NS down about 2% to 23.17 rupees--lowest since June 12
** Co, on July 18, reported 34% jump in Q1 profit to 10.7 billion rupees ($110.93 million)
** Net interest margin sequentially flat at 2.7%, Q1 return on assets at 0.9% vs 0.8% year ago
** Citi notes bank's return on assets nearing 1% is "encouraging", but what is critical is to sustain and expand core RoA--stripping out security receipts (SR) tailwinds
** Lower SR recoveries pushed normalised credit costs above 0.5% - brokerage
** Citi adds that retail slippages, or new loans turning non-performing, increased across both secured and unsecured products
** Brokerage maintains "Sell" rating; TP raised to 22 rupees from 19.50 rupees
** YTD, stock up 7.4%
($1 = 96.4550 Indian rupees)
(Reporting by Saikeerthi in Bengaluru)
(([email protected]; (+91) 8296756080))
** Shares of Yes Bank YESB.NS down about 2% to 23.17 rupees--lowest since June 12
** Co, on July 18, reported 34% jump in Q1 profit to 10.7 billion rupees ($110.93 million)
** Net interest margin sequentially flat at 2.7%, Q1 return on assets at 0.9% vs 0.8% year ago
** Citi notes bank's return on assets nearing 1% is "encouraging", but what is critical is to sustain and expand core RoA--stripping out security receipts (SR) tailwinds
** Lower SR recoveries pushed normalised credit costs above 0.5% - brokerage
** Citi adds that retail slippages, or new loans turning non-performing, increased across both secured and unsecured products
** Brokerage maintains "Sell" rating; TP raised to 22 rupees from 19.50 rupees
** YTD, stock up 7.4%
($1 = 96.4550 Indian rupees)
(Reporting by Saikeerthi in Bengaluru)
(([email protected]; (+91) 8296756080))
BENGALURU, July 18 (Reuters) - India's Yes Bank YESB.NS reported 34% jump in first-quarter profit on Saturday, helped by strong loan growth.
The lender posted a net profit of 10.7 billion rupees ($111.13 million) for the three months ended June 30, up from 8 billion rupees a year earlier.
Credit growth in India extended its momentum into the first quarter of fiscal year 2027 after accelerating in the second half of the previous fiscal year, helped by rising corporate borrowing and resilient demand for personal loans, loans against gold and credit from small businesses.
Yes Bank's net interest income rose 17.5% to 27.9 billion rupees, aided by an 18.3% rise in loans. Its deposits grew 14.3% during the reported quarter.
Net interest margin, a key measure of the bank's profitability, stood at 2.7%, compared to 2.5% a year earlier.
Asset quality remained stable, with gross bad loans as a percentage of total loans at 1.3% at the end of June.
Funds kept aside for potential bad loans and other losses rose 110% sequentially to 3.9 billion rupees.
($1 = 96.2800 Indian rupees)
(Reporting by Nishit Navin; Editing by Rashmi Aich)
(([email protected];))
BENGALURU, July 18 (Reuters) - India's Yes Bank YESB.NS reported 34% jump in first-quarter profit on Saturday, helped by strong loan growth.
The lender posted a net profit of 10.7 billion rupees ($111.13 million) for the three months ended June 30, up from 8 billion rupees a year earlier.
Credit growth in India extended its momentum into the first quarter of fiscal year 2027 after accelerating in the second half of the previous fiscal year, helped by rising corporate borrowing and resilient demand for personal loans, loans against gold and credit from small businesses.
Yes Bank's net interest income rose 17.5% to 27.9 billion rupees, aided by an 18.3% rise in loans. Its deposits grew 14.3% during the reported quarter.
Net interest margin, a key measure of the bank's profitability, stood at 2.7%, compared to 2.5% a year earlier.
Asset quality remained stable, with gross bad loans as a percentage of total loans at 1.3% at the end of June.
Funds kept aside for potential bad loans and other losses rose 110% sequentially to 3.9 billion rupees.
($1 = 96.2800 Indian rupees)
(Reporting by Nishit Navin; Editing by Rashmi Aich)
(([email protected];))
July 9 (Reuters) -
S&P: YES BANK LTD. ASSIGNED 'BB+/B' RATINGS; OUTLOOK STABLE
S&P: EXPECTS YES BANKS INTERNAL CAPITAL GENERATION, CAPITAL RAISING TO SUPPORT LOAN GROWTH OVER NEXT TWO YEARS
S&P: EXPECT YES BANK TO GRADUALLY IMPROVE ITS PROFITABILITY, ASSET QUALITY, AND FUNDING AND GAIN MARKET SHARE OVER NEXT ONE TO TWO YEARS
S&P: YES BANK'S CREDIT GROWTH TO BE 14%-15% IN FISCAL 2027-2028, UP FROM 11% IN FISCAL 2026
Further company coverage: YESB.NS
(([email protected];))
July 9 (Reuters) -
S&P: YES BANK LTD. ASSIGNED 'BB+/B' RATINGS; OUTLOOK STABLE
S&P: EXPECTS YES BANKS INTERNAL CAPITAL GENERATION, CAPITAL RAISING TO SUPPORT LOAN GROWTH OVER NEXT TWO YEARS
S&P: EXPECT YES BANK TO GRADUALLY IMPROVE ITS PROFITABILITY, ASSET QUALITY, AND FUNDING AND GAIN MARKET SHARE OVER NEXT ONE TO TWO YEARS
S&P: YES BANK'S CREDIT GROWTH TO BE 14%-15% IN FISCAL 2027-2028, UP FROM 11% IN FISCAL 2026
Further company coverage: YESB.NS
(([email protected];))
India, Japan also sign first defence co-development project pact
Two sides adopt three documents on economic security, energy resilience and AI
Takaichi arrived with large business delegation
Japan, India will leverage each other's strengths to grow strong together, she said
Adds Takaichi quote, Indian foreign ministry statement, details in paragrpahs 1-4, 6-7, 9
NEW DELHI, July 2 (Reuters) - India and Japan agreed on Thursday to boost cooperation in artificial intelligence, metals, energy and defence as well as prepare a joint roadmap for economic security, as the Asian nations sought to further strengthen their ties.
The agreements were signed after talks between Indian Prime Minister Narendra Modi and his Japanese counterpart Sanae Takaichi, who is on a three-day visit to New Delhi.
"Japan and India will leverage each other's strengths to grow strong and prosperous together," Takaichi told reporters after the talks. "Amid a turbulent international landscape, building such a mutually complementary cooperative relationship has become increasingly important."
Her visit follows a trip by Modi to Tokyo last year, when Japan pledged to more than double its investment in India to more than $61 billion over the next decade, highlighting deepening economic ties.
Bilateral trade between the two countries reached $27.5 billion in fiscal year 2025/26, while Japanese investment in India was $3.2 billion between April and December 2025, according to Indian government data.
FIRST DEFENCE CO-DEVELOPMENT PACT
The two leaders held "wide-ranging talks on the full spectrum of India-Japan ties, including trade and investment, economic security, energy, emerging technologies, defence and people-to-people exchanges", the Indian foreign ministry said.
Both sides adopted three "landmark" documents on economic security, energy resilience and AI, it added.
"The convergence of Japan's precision technology and India's software capabilities will give a new momentum and strength to global AI development," Modi told reporters.
Neither prime minister took questions.
Modi said the two countries, which are also members of the Quad grouping, signed an agreement on their first co-development project in the defence sector. Australia and the U.S. are the other two members of the Quad grouping, which is widely seen as a bloc formed to counter China's rising influence in the Indo-Pacific region.
Japan is among India's largest investors, backing major infrastructure projects including a high-speed rail corridor between the cities of Mumbai and Ahmedabad. Japanese firms have also increased investments in Indian companies, including a recent $1.6 billion deal for a 20% stake in Yes Bank.
Takaichi is accompanied by a large business delegation and is due to speak at a business conference later on Thursday.
(Reporting by Tanvi Mehta, Saurabh Sharma and Hritam Mukherjee; Writing by YP Rajesh; Editing by Raju Gopalakrishnan)
(([email protected]; @MukherjeeHritam;))
India, Japan also sign first defence co-development project pact
Two sides adopt three documents on economic security, energy resilience and AI
Takaichi arrived with large business delegation
Japan, India will leverage each other's strengths to grow strong together, she said
Adds Takaichi quote, Indian foreign ministry statement, details in paragrpahs 1-4, 6-7, 9
NEW DELHI, July 2 (Reuters) - India and Japan agreed on Thursday to boost cooperation in artificial intelligence, metals, energy and defence as well as prepare a joint roadmap for economic security, as the Asian nations sought to further strengthen their ties.
The agreements were signed after talks between Indian Prime Minister Narendra Modi and his Japanese counterpart Sanae Takaichi, who is on a three-day visit to New Delhi.
"Japan and India will leverage each other's strengths to grow strong and prosperous together," Takaichi told reporters after the talks. "Amid a turbulent international landscape, building such a mutually complementary cooperative relationship has become increasingly important."
Her visit follows a trip by Modi to Tokyo last year, when Japan pledged to more than double its investment in India to more than $61 billion over the next decade, highlighting deepening economic ties.
Bilateral trade between the two countries reached $27.5 billion in fiscal year 2025/26, while Japanese investment in India was $3.2 billion between April and December 2025, according to Indian government data.
FIRST DEFENCE CO-DEVELOPMENT PACT
The two leaders held "wide-ranging talks on the full spectrum of India-Japan ties, including trade and investment, economic security, energy, emerging technologies, defence and people-to-people exchanges", the Indian foreign ministry said.
Both sides adopted three "landmark" documents on economic security, energy resilience and AI, it added.
"The convergence of Japan's precision technology and India's software capabilities will give a new momentum and strength to global AI development," Modi told reporters.
Neither prime minister took questions.
Modi said the two countries, which are also members of the Quad grouping, signed an agreement on their first co-development project in the defence sector. Australia and the U.S. are the other two members of the Quad grouping, which is widely seen as a bloc formed to counter China's rising influence in the Indo-Pacific region.
Japan is among India's largest investors, backing major infrastructure projects including a high-speed rail corridor between the cities of Mumbai and Ahmedabad. Japanese firms have also increased investments in Indian companies, including a recent $1.6 billion deal for a 20% stake in Yes Bank.
Takaichi is accompanied by a large business delegation and is due to speak at a business conference later on Thursday.
(Reporting by Tanvi Mehta, Saurabh Sharma and Hritam Mukherjee; Writing by YP Rajesh; Editing by Raju Gopalakrishnan)
(([email protected]; @MukherjeeHritam;))
Yes Bank has received a ₹879 crore income-tax refund from the Jurisdictional Assessing Officer following favourable orders from the first-level appellate authority, the bank said on June 30, 2026. The refund is the outcome of appeals against earlier assessment and reassessment orders for assessment year 2018-19, which had originally resulted in tax demands including an additional ₹112.81 crore. With the appellate orders in the bank's favour, the consolidated refund includes interest income and the tax benefit of a particular expense claimed in the return. Yes Bank stated that the cumulative quantum of the interest and tax benefit exceeds the materiality threshold of about ₹120 crore prescribed under the listing regulations. The bank had disclosed the original demands in March 2024 and the appellate orders in October and December 2025.
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Yes Bank has received a ₹879 crore income-tax refund from the Jurisdictional Assessing Officer following favourable orders from the first-level appellate authority, the bank said on June 30, 2026. The refund is the outcome of appeals against earlier assessment and reassessment orders for assessment year 2018-19, which had originally resulted in tax demands including an additional ₹112.81 crore. With the appellate orders in the bank's favour, the consolidated refund includes interest income and the tax benefit of a particular expense claimed in the return. Yes Bank stated that the cumulative quantum of the interest and tax benefit exceeds the materiality threshold of about ₹120 crore prescribed under the listing regulations. The bank had disclosed the original demands in March 2024 and the appellate orders in October and December 2025.
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Yes Bank's board on June 29, 2026, approved enabling resolutions to raise up to INR 7,500 crore through equity and up to INR 8,500 crore through debt securities, the lender said in an exchange filing. The equity raise would be done through various permissible routes such as a qualified institutions placement or preferential issue, while the debt could be in rupees or foreign currency. The board capped aggregate dilution from the equity raise and any convertible debt at 10% of the expanded share capital. Both resolutions are subject to shareholder approval at the annual general meeting scheduled for August 19, 2026, and other regulatory clearances.
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Yes Bank's board on June 29, 2026, approved enabling resolutions to raise up to INR 7,500 crore through equity and up to INR 8,500 crore through debt securities, the lender said in an exchange filing. The equity raise would be done through various permissible routes such as a qualified institutions placement or preferential issue, while the debt could be in rupees or foreign currency. The board capped aggregate dilution from the equity raise and any convertible debt at 10% of the expanded share capital. Both resolutions are subject to shareholder approval at the annual general meeting scheduled for August 19, 2026, and other regulatory clearances.
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Adds details throughout
June 29 (Reuters) - India's Yes Bank YESB.NS will raise up to 160 billion rupees ($1.69 billion) via a mix of equity and debt issue, the lender said on Monday.
The bank's board approved an equity issuance of up to 75 billion rupees and a debt issuance of up to 85 billion rupees.
It did not disclose the fundraising instruments.
Yes Bank said the fundraising would not result in more than 10% dilution of existing shareholders' stake.
The lender's capital adequacy ratio stood at 15.3% at the end of March, compared with 15.6% a year earlier. The regulatory minimum is 9%.
($1 = 94.5400 Indian rupees)
(Reporting by Nishit Navin; Editing by Shreya Biswas)
(([email protected];))
Adds details throughout
June 29 (Reuters) - India's Yes Bank YESB.NS will raise up to 160 billion rupees ($1.69 billion) via a mix of equity and debt issue, the lender said on Monday.
The bank's board approved an equity issuance of up to 75 billion rupees and a debt issuance of up to 85 billion rupees.
It did not disclose the fundraising instruments.
Yes Bank said the fundraising would not result in more than 10% dilution of existing shareholders' stake.
The lender's capital adequacy ratio stood at 15.3% at the end of March, compared with 15.6% a year earlier. The regulatory minimum is 9%.
($1 = 94.5400 Indian rupees)
(Reporting by Nishit Navin; Editing by Shreya Biswas)
(([email protected];))
June 15 (Reuters) - Northern ARC Capital Ltd NORR.NS:
NORTHERN ARC CAPITAL - NACL ENTERS MOU WITH YES BANK TO FACILITATE CREDIT DEPLOYMENT
Source text: ID:nBSE8CDT1
Further company coverage: NORR.NS
(([email protected];;))
June 15 (Reuters) - Northern ARC Capital Ltd NORR.NS:
NORTHERN ARC CAPITAL - NACL ENTERS MOU WITH YES BANK TO FACILITATE CREDIT DEPLOYMENT
Source text: ID:nBSE8CDT1
Further company coverage: NORR.NS
(([email protected];;))
June 11 (Reuters) - Yes Bank Ltd YESB.NS:
INDIA'S YES BANK- RAISES FOREIGN CURRENCY DEPOSIT RATE TO 6.5-6.6% FOR 3-5 YEAR TENURES
Source text: [ID:]
Further company coverage: YESB.NS
(([email protected];;))
June 11 (Reuters) - Yes Bank Ltd YESB.NS:
INDIA'S YES BANK- RAISES FOREIGN CURRENCY DEPOSIT RATE TO 6.5-6.6% FOR 3-5 YEAR TENURES
Source text: [ID:]
Further company coverage: YESB.NS
(([email protected];;))
Added details about SBI's rate hike
By Gopika Gopakumar
MUMBAI, June 10 (Reuters) - Some banks raised rates on foreign currency deposits for non-resident Indians by as much as 300 basis points on Wednesday, in a likely bid to attract dollar inflows after the central bank eased regulatory restrictions last week.
The Reserve Bank of India will bear the full hedging cost for three- to five-year non-resident deposits, it said on Friday, as part of a broader set of measures to encourage overseas flows and curb weakness in the rupee.
The unit is Asia's second-worst-performing currency this year, down 6% so far, and slipping to record lows in May.
HDFC Bank HDBK.NS, India's largest private sector lender, hiked rates by 235-265 basis points to 6% on three- to five-year deposits.
State Bank of India, the country's largest bank, raised rates by as much as 300 basis points across three- to five- year deposits. For deposits up to $1 million, it will now offer between 5.25% to 5.75% on of three- to five-year tenures. For deposits above $1 million, the bank will offer between 5.5% and 6% on tenures of three to five years.
AU Small Finance Bank AUFI.NS increased rates by 195 bps, offering 7.1% on three-year deposits and 7% on five-year deposits.
Yes Bank YESB.NS has set the rate at 7% on three-year deposits, 7.05% on four-year deposits and 7.10% on five-year deposits, according to a Bloomberg report on Wednesday. A Yes Bank spokesperson did not respond to Reuters' request for comment.
Other banks are expected to announce their new rates this week.
Lenders could raise as much as $35 billion to $40 billion via these foreign currency deposits until September this year, according to a Reuters report. The RBI said it is also open to banks providing guarantees to offshore lenders to lend to NRIs, who can place these borrowed funds as deposits.
The RBI had last launched a concessional forex swap facility for non-resident Indians in 2013 when the rupee had depreciated sharply due to the U.S. Federal Reserve's "taper tantrum". Under that scheme, HDFC Bank mobilised $3.4 billion, followed by ICICI Bank ICBK.NS, SBI SBI.NS and select foreign banks.
(Reporting by Gopika Gopakumar in Mumbai; Editing by Sonia Cheema and Diti Pujara)
(([email protected];))
Added details about SBI's rate hike
By Gopika Gopakumar
MUMBAI, June 10 (Reuters) - Some banks raised rates on foreign currency deposits for non-resident Indians by as much as 300 basis points on Wednesday, in a likely bid to attract dollar inflows after the central bank eased regulatory restrictions last week.
The Reserve Bank of India will bear the full hedging cost for three- to five-year non-resident deposits, it said on Friday, as part of a broader set of measures to encourage overseas flows and curb weakness in the rupee.
The unit is Asia's second-worst-performing currency this year, down 6% so far, and slipping to record lows in May.
HDFC Bank HDBK.NS, India's largest private sector lender, hiked rates by 235-265 basis points to 6% on three- to five-year deposits.
State Bank of India, the country's largest bank, raised rates by as much as 300 basis points across three- to five- year deposits. For deposits up to $1 million, it will now offer between 5.25% to 5.75% on of three- to five-year tenures. For deposits above $1 million, the bank will offer between 5.5% and 6% on tenures of three to five years.
AU Small Finance Bank AUFI.NS increased rates by 195 bps, offering 7.1% on three-year deposits and 7% on five-year deposits.
Yes Bank YESB.NS has set the rate at 7% on three-year deposits, 7.05% on four-year deposits and 7.10% on five-year deposits, according to a Bloomberg report on Wednesday. A Yes Bank spokesperson did not respond to Reuters' request for comment.
Other banks are expected to announce their new rates this week.
Lenders could raise as much as $35 billion to $40 billion via these foreign currency deposits until September this year, according to a Reuters report. The RBI said it is also open to banks providing guarantees to offshore lenders to lend to NRIs, who can place these borrowed funds as deposits.
The RBI had last launched a concessional forex swap facility for non-resident Indians in 2013 when the rupee had depreciated sharply due to the U.S. Federal Reserve's "taper tantrum". Under that scheme, HDFC Bank mobilised $3.4 billion, followed by ICICI Bank ICBK.NS, SBI SBI.NS and select foreign banks.
(Reporting by Gopika Gopakumar in Mumbai; Editing by Sonia Cheema and Diti Pujara)
(([email protected];))
April 24 (Reuters) - Nippon Life India Asset Management Ltd NIPF.NS:
NIPPON LIFE INDIA ASSET MANAGEMENT - CLARIFIES ON REPORT "NIPPON LIFE'S INDIA ASSET MANAGER TO SETTLE YES BANK INVESTMENT CASE"
NIPPON LIFE INDIA ASSET MANAGEMENT LTD - CO NOT IN A POSITION TO COMMENT ON, CONFIRM OR DENY, SPECIFIC DETAILS
Source text: ID:nBSE4dSn1H
Further company coverage: NIPF.NS
(([email protected];))
April 24 (Reuters) - Nippon Life India Asset Management Ltd NIPF.NS:
NIPPON LIFE INDIA ASSET MANAGEMENT - CLARIFIES ON REPORT "NIPPON LIFE'S INDIA ASSET MANAGER TO SETTLE YES BANK INVESTMENT CASE"
NIPPON LIFE INDIA ASSET MANAGEMENT LTD - CO NOT IN A POSITION TO COMMENT ON, CONFIRM OR DENY, SPECIFIC DETAILS
Source text: ID:nBSE4dSn1H
Further company coverage: NIPF.NS
(([email protected];))
**Shares of Yes Bank YESB.NS slip 0.2% to 20.15 rupees after rising as much as 1.6% in early trade
**Private lender posts 44.7% rise in fourth quarter profit, supported by improving loan growth and stable asset quality
**ICICI Securities ("Hold"; PT: 21 rupees) says amidst sectoral pressure on NIM, co stands out with QoQ and YoY uptick in NIM
**Brokerage says for FY27, bank expects retail growth to revive to 10-11% YoY
**Emkay Global ("Sell"; PT: 20 rupees) contends that recent macro disruptions stemming from the West Asia crisis could pose risks to the bank’s still-vulnerable retail portfolio, including unsecured loans
**Stock rated as "Sell" on average by 11 analysts; median PT at 19.5 rupees
**YTD, stock down 6.6%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
**Shares of Yes Bank YESB.NS slip 0.2% to 20.15 rupees after rising as much as 1.6% in early trade
**Private lender posts 44.7% rise in fourth quarter profit, supported by improving loan growth and stable asset quality
**ICICI Securities ("Hold"; PT: 21 rupees) says amidst sectoral pressure on NIM, co stands out with QoQ and YoY uptick in NIM
**Brokerage says for FY27, bank expects retail growth to revive to 10-11% YoY
**Emkay Global ("Sell"; PT: 20 rupees) contends that recent macro disruptions stemming from the West Asia crisis could pose risks to the bank’s still-vulnerable retail portfolio, including unsecured loans
**Stock rated as "Sell" on average by 11 analysts; median PT at 19.5 rupees
**YTD, stock down 6.6%
(Reporting by Mridula Kumar in Bengaluru)
(([email protected];))
Corrects net interest income and quarterly loan growth figures
April 18 (Reuters) - India's Yes Bank YESB.NS reported a 44.7% rise in fourth-quarter profit on Saturday, supported by improving loan growth and stable asset quality.
The private lender's standalone net profit rose to 10.7 billion rupees for the quarter ended March 31, from 7.3 billion rupees a year earlier.
After months of subdued growth, credit demand at Indian lenders picked up in the second half of the year, fuelled by consumption tax cuts and a recovery in corporate lending.
The private lender's loans grew 10.7% year-on-year during the quarter, accelerating from about 6.2% growth in the previous quarter, helped by a pickup in corporate lending, while deposits rose 12.1%.
Net interest income, or the difference between interest earned on advances and paid on deposits, 26.3 billion up 15.9%.
The lender, which grappled with stress in retail segments like microfinance, has started to see improvement in asset quality, with gross bad loans as a percentage of total loans improving to 1.3% at March-end from 1.5% at the end of December.
Provisions for potential bad loans fell 41% to 1.87 billion rupees.
(Reporting by Nishit Navin and Ashwin Manikandan; Editing by Raju Gopalakrishnan)
(([email protected];))
Corrects net interest income and quarterly loan growth figures
April 18 (Reuters) - India's Yes Bank YESB.NS reported a 44.7% rise in fourth-quarter profit on Saturday, supported by improving loan growth and stable asset quality.
The private lender's standalone net profit rose to 10.7 billion rupees for the quarter ended March 31, from 7.3 billion rupees a year earlier.
After months of subdued growth, credit demand at Indian lenders picked up in the second half of the year, fuelled by consumption tax cuts and a recovery in corporate lending.
The private lender's loans grew 10.7% year-on-year during the quarter, accelerating from about 6.2% growth in the previous quarter, helped by a pickup in corporate lending, while deposits rose 12.1%.
Net interest income, or the difference between interest earned on advances and paid on deposits, 26.3 billion up 15.9%.
The lender, which grappled with stress in retail segments like microfinance, has started to see improvement in asset quality, with gross bad loans as a percentage of total loans improving to 1.3% at March-end from 1.5% at the end of December.
Provisions for potential bad loans fell 41% to 1.87 billion rupees.
(Reporting by Nishit Navin and Ashwin Manikandan; Editing by Raju Gopalakrishnan)
(([email protected];))
April 6 (Reuters) - Yes Bank Ltd YESB.NS:
VINAY MURALIDHAR TONSE TAKES CHARGE AS MD AND CEO
Source text: ID:nBSEqkB2Y
Further company coverage: YESB.NS
(([email protected];))
April 6 (Reuters) - Yes Bank Ltd YESB.NS:
VINAY MURALIDHAR TONSE TAKES CHARGE AS MD AND CEO
Source text: ID:nBSEqkB2Y
Further company coverage: YESB.NS
(([email protected];))
April 1 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - APPOINTS S. ANANTHARAMAN AS CHIEF RISK OFFICER EFFECTIVE APRIL 1, 2026
Source text: ID:nNSEyPVXj
Further company coverage: YESB.NS
(([email protected];))
April 1 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - APPOINTS S. ANANTHARAMAN AS CHIEF RISK OFFICER EFFECTIVE APRIL 1, 2026
Source text: ID:nNSEyPVXj
Further company coverage: YESB.NS
(([email protected];))
March 31 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - RECEIVES 2.10 BILLION RUPEES FROM TWO TRUSTS IN SECURITY RECEIPTS PORTFOLIO
Source text: ID:nBSE6yGg8b
Further company coverage: YESB.NS
(([email protected];))
March 31 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - RECEIVES 2.10 BILLION RUPEES FROM TWO TRUSTS IN SECURITY RECEIPTS PORTFOLIO
Source text: ID:nBSE6yGg8b
Further company coverage: YESB.NS
(([email protected];))
March 26 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD- GETS TAX PENALTY OF 7.9 MILLION RUPEES
Source text: ID:nnAZN4SNDGG
Further company coverage: YESB.NS
(([email protected];))
March 26 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD- GETS TAX PENALTY OF 7.9 MILLION RUPEES
Source text: ID:nnAZN4SNDGG
Further company coverage: YESB.NS
(([email protected];))
Recasts throughout, changes sourcing
March 13 (Reuters) - India will shelve the bids it received for a majority stake sale in IDBI Bank IDBI.NS, as the offers received were below the government's minimum price expectation, a government source told Reuters.
The Indian government and state-owned Life Insurance Corporation of India LIFI.NS had initiated the process to sell 60.7% of the lender in 2022.
India's government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
The existing sale process would be scrapped as the bids received were below the so-called reserve price, or the minimum sale price, set for the sale, the source said.
Bloomberg News reported the development first.
The government may initiate a fresh process when the market appetite improves and there is strong interest among buyers, the source added.
IDBI Bank and India's finance ministry didn't immediately respond to a Reuters request for comment outside regular business hours.
Reuters had reported that the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial FFH.TO and Emirates NBD ENBD.DU.
Tepid interest in acquiring the lender controlled by LIC contrasts with strong foreign investor appetite underscored by Dubai-based Emirates NBD's ENBD.DU $3 billion purchase of a 60% stake in RBL Bank RATB.NS and Sumitomo Mitsui Banking Corp's acquisition of a 24% stake in Yes Bank YESB.NS.
(Reporting by Nikunj Ohri and Anna Peverieri; Editing by Louise Heavens)
(([email protected];))
Recasts throughout, changes sourcing
March 13 (Reuters) - India will shelve the bids it received for a majority stake sale in IDBI Bank IDBI.NS, as the offers received were below the government's minimum price expectation, a government source told Reuters.
The Indian government and state-owned Life Insurance Corporation of India LIFI.NS had initiated the process to sell 60.7% of the lender in 2022.
India's government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
The existing sale process would be scrapped as the bids received were below the so-called reserve price, or the minimum sale price, set for the sale, the source said.
Bloomberg News reported the development first.
The government may initiate a fresh process when the market appetite improves and there is strong interest among buyers, the source added.
IDBI Bank and India's finance ministry didn't immediately respond to a Reuters request for comment outside regular business hours.
Reuters had reported that the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial FFH.TO and Emirates NBD ENBD.DU.
Tepid interest in acquiring the lender controlled by LIC contrasts with strong foreign investor appetite underscored by Dubai-based Emirates NBD's ENBD.DU $3 billion purchase of a 60% stake in RBL Bank RATB.NS and Sumitomo Mitsui Banking Corp's acquisition of a 24% stake in Yes Bank YESB.NS.
(Reporting by Nikunj Ohri and Anna Peverieri; Editing by Louise Heavens)
(([email protected];))
March 12 (Reuters) - India's financial crimes agency has frozen 5.82 billion rupees ($63.07 million) worth of properties linked to Reliance Home Finance Limited RLIC.NS and Reliance Commercial Finance, the Enforcement Directorate said on Thursday.
The move followed search operations conducted on March 6 in the case of Reliance Power Limited RPOL.NS under the foreign-exchange regulation law.
With this, the cumulative Reliance Anil Ambani Group attachment has reached 163.10 bln rupees.
ED said it began the probe on July 22, 2025 based on multiple FIRs from the Central Bureau of Investigation involving cheating and criminal conspiracy, following complaints by Yes Bank YESB.NS, Union Bank of India UNBK.NS and Bank of Maharashtra BMBK.NS.
The agency said Reliance Home Finance and Reliance Commercial Finance raised over 110 billion rupees in public funds from banks.
It found public funds were diverted to various Reliance Group companies through numerous shell entities controlled by the Anil Ambani-led group.
ED said it is pursuing those involved and working towards recovering the diverted funds for rightful claimants and further investigation is ongoing.
A query sent to Anil Ambani's Reliance group was not immediately answered.
($1 = 92.2770 Indian rupees)
(Reporting by Nikunj Ohri and Meenakshi Maidas in Bengaluru; Editing by Krishna Chandra Eluri)
(([email protected]; +91 8921483410;))
March 12 (Reuters) - India's financial crimes agency has frozen 5.82 billion rupees ($63.07 million) worth of properties linked to Reliance Home Finance Limited RLIC.NS and Reliance Commercial Finance, the Enforcement Directorate said on Thursday.
The move followed search operations conducted on March 6 in the case of Reliance Power Limited RPOL.NS under the foreign-exchange regulation law.
With this, the cumulative Reliance Anil Ambani Group attachment has reached 163.10 bln rupees.
ED said it began the probe on July 22, 2025 based on multiple FIRs from the Central Bureau of Investigation involving cheating and criminal conspiracy, following complaints by Yes Bank YESB.NS, Union Bank of India UNBK.NS and Bank of Maharashtra BMBK.NS.
The agency said Reliance Home Finance and Reliance Commercial Finance raised over 110 billion rupees in public funds from banks.
It found public funds were diverted to various Reliance Group companies through numerous shell entities controlled by the Anil Ambani-led group.
ED said it is pursuing those involved and working towards recovering the diverted funds for rightful claimants and further investigation is ongoing.
A query sent to Anil Ambani's Reliance group was not immediately answered.
($1 = 92.2770 Indian rupees)
(Reporting by Nikunj Ohri and Meenakshi Maidas in Bengaluru; Editing by Krishna Chandra Eluri)
(([email protected]; +91 8921483410;))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 9 (Reuters Breakingviews) - A dealmaking boom in India's banking sector has an unlikely loser: the government. Canadian insurance holding firm Fairfax Financial FFH.TO leads the race to buy a 61% stake from Indian state entities in $13 billion IDBI Bank IDBI.NS, Bloomberg reported in February, citing sources. An $8 billion transaction would be the largest-ever foreign direct investment in a local bank. But crystallising a premium valuation looks challenging.
A deal would complete a full circle for the lender hardest hit by an asset quality crisis: in 2018, bad loans comprised nearly one-third of its portfolio. Provisions for that sour pool eroded its capital base and prompted New Delhi, which then owned 86% of IDBI, to press state-backed Life Insurance Corporation LIFI.NS to pump in 216 billion rupees, or $2.4 billion at current rates, to raise its 8% stake to 51% in 2019.
LIC now holds 49% of IDBI's shares and the government owns 45%. Selling a 30% stake to Fairfax at the latest market price would fetch the insurer a 136% return on its 2019 investment. New Delhi would be worse off, though: the lender's shares trade lower than they did 13 years ago.
Yet even current multiples may be difficult to fetch. IDBI's shares are trading at about 2 times forward book value, almost twice that of similar-sized rivals Yes Bank YESB.NS and IDFC First Bank IDFB.NS. Throwing in employee liabilities, restructuring costs and the likely absence of indemnity clauses gives the buyer a strong case for a discount.
An abundance of takeover targets has hurt New Delhi, too. Launched in 2022, the slow-moving sale process of IDBI prompted early potential bidders to look elsewhere: last year Sumitomo Mitsui Banking Corporation 8316.T bought a 24% stake in Yes Bank.
With Emirates NBD ENBD.DU still in the reckoning with Fairfax, it's a two-horse race to own IDBI. Both bidders already have a foothold in India's credit market: the Dubai-headquartered lender is set to take control of the $2 billion RBL Bank RATB.NS and Fairfax owns $675 million CSB Bank CSBB.NS.
That chips away at any shred of bargaining power left with the sellers, who can hardly demand a control premium. Regulations cap voting rights of private bank shareholders at 26%. That puts the new owner effectively at par on voting decisions with LIC and the government, which will hold a combined 34% after the sale. To maximise takings, officials could ask the central bank to relax the voting rule. The other option is to reduce their total stake to well below 26%.
Otherwise, New Delhi risks catching the weak end of India's banking M&A wave.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Fairfax Financial Holdings is the frontrunner to buy a majority stake in IDBI Bank, Bloomberg reported on February 27, citing unnamed people familiar with the matter.
Valuing the 61% stake that the government and the Life Insurance Corporation of India hold in IDBI at the current market price of about $8 billion could make it the biggest foreign direct investment in the country's banking sector, the report added.
IDBI's shares are worth less than they were 13 years ago https://www.reuters.com/graphics/BRV-BRV/gkplkwarovb/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, March 9 (Reuters Breakingviews) - A dealmaking boom in India's banking sector has an unlikely loser: the government. Canadian insurance holding firm Fairfax Financial FFH.TO leads the race to buy a 61% stake from Indian state entities in $13 billion IDBI Bank IDBI.NS, Bloomberg reported in February, citing sources. An $8 billion transaction would be the largest-ever foreign direct investment in a local bank. But crystallising a premium valuation looks challenging.
A deal would complete a full circle for the lender hardest hit by an asset quality crisis: in 2018, bad loans comprised nearly one-third of its portfolio. Provisions for that sour pool eroded its capital base and prompted New Delhi, which then owned 86% of IDBI, to press state-backed Life Insurance Corporation LIFI.NS to pump in 216 billion rupees, or $2.4 billion at current rates, to raise its 8% stake to 51% in 2019.
LIC now holds 49% of IDBI's shares and the government owns 45%. Selling a 30% stake to Fairfax at the latest market price would fetch the insurer a 136% return on its 2019 investment. New Delhi would be worse off, though: the lender's shares trade lower than they did 13 years ago.
Yet even current multiples may be difficult to fetch. IDBI's shares are trading at about 2 times forward book value, almost twice that of similar-sized rivals Yes Bank YESB.NS and IDFC First Bank IDFB.NS. Throwing in employee liabilities, restructuring costs and the likely absence of indemnity clauses gives the buyer a strong case for a discount.
An abundance of takeover targets has hurt New Delhi, too. Launched in 2022, the slow-moving sale process of IDBI prompted early potential bidders to look elsewhere: last year Sumitomo Mitsui Banking Corporation 8316.T bought a 24% stake in Yes Bank.
With Emirates NBD ENBD.DU still in the reckoning with Fairfax, it's a two-horse race to own IDBI. Both bidders already have a foothold in India's credit market: the Dubai-headquartered lender is set to take control of the $2 billion RBL Bank RATB.NS and Fairfax owns $675 million CSB Bank CSBB.NS.
That chips away at any shred of bargaining power left with the sellers, who can hardly demand a control premium. Regulations cap voting rights of private bank shareholders at 26%. That puts the new owner effectively at par on voting decisions with LIC and the government, which will hold a combined 34% after the sale. To maximise takings, officials could ask the central bank to relax the voting rule. The other option is to reduce their total stake to well below 26%.
Otherwise, New Delhi risks catching the weak end of India's banking M&A wave.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Fairfax Financial Holdings is the frontrunner to buy a majority stake in IDBI Bank, Bloomberg reported on February 27, citing unnamed people familiar with the matter.
Valuing the 61% stake that the government and the Life Insurance Corporation of India hold in IDBI at the current market price of about $8 billion could make it the biggest foreign direct investment in the country's banking sector, the report added.
IDBI's shares are worth less than they were 13 years ago https://www.reuters.com/graphics/BRV-BRV/gkplkwarovb/chart.png
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
March 6 (Reuters) - Yes Bank Ltd YESB.NS:
APPROVED APPOINTMENT OF VINAY MURALIDHAR TONSE AS MD & CEO (DESIGNATE) OF BANK
Source text: ID:nBSE1Q733D
Further company coverage: YESB.NS
(([email protected];;))
March 6 (Reuters) - Yes Bank Ltd YESB.NS:
APPROVED APPOINTMENT OF VINAY MURALIDHAR TONSE AS MD & CEO (DESIGNATE) OF BANK
Source text: ID:nBSE1Q733D
Further company coverage: YESB.NS
(([email protected];;))
Feb 26 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - TAKES STRINGENT MEASURES TO SAFEGUARD IMPACTED MULTI-CURRENCY PREPAID FOREX CARD
YES BANK - MULTI-CURRENCY PREPAID FOREX CARD, ISSUED IN PARTNERSHIP WITH BOOKMYFOREX OBSERVED UNUSUAL INCREASE IN TRANSACTION DECLINE
YES BANK - UNAUTHORISED TRANSACTIONS WERE ATTEMPTED ON SPECIFIC BIN NUMBERS ONLY
YES BANK- DURING INCIDENT PERIOD TRANSACTIONS OF USD 0.28 MILLION APPROVED ON BEHALF OF 5000 CUSTOMERS
YES BANK- WORKING WITH CARD NETWORK TO RAISE CHARGEBACK TO ENSURE IMPACTED CUSTOMERS DO NOT FACE ANY FINANCIAL LOSS
Source text: ID:nBSEwwn2y
Further company coverage: YESB.NS
(([email protected];))
Feb 26 (Reuters) - Yes Bank Ltd YESB.NS:
YES BANK LTD - TAKES STRINGENT MEASURES TO SAFEGUARD IMPACTED MULTI-CURRENCY PREPAID FOREX CARD
YES BANK - MULTI-CURRENCY PREPAID FOREX CARD, ISSUED IN PARTNERSHIP WITH BOOKMYFOREX OBSERVED UNUSUAL INCREASE IN TRANSACTION DECLINE
YES BANK - UNAUTHORISED TRANSACTIONS WERE ATTEMPTED ON SPECIFIC BIN NUMBERS ONLY
YES BANK- DURING INCIDENT PERIOD TRANSACTIONS OF USD 0.28 MILLION APPROVED ON BEHALF OF 5000 CUSTOMERS
YES BANK- WORKING WITH CARD NETWORK TO RAISE CHARGEBACK TO ENSURE IMPACTED CUSTOMERS DO NOT FACE ANY FINANCIAL LOSS
Source text: ID:nBSEwwn2y
Further company coverage: YESB.NS
(([email protected];))
Adds details and background from paragraph 2 onwards
Feb 4 (Reuters) - Indian private lender Yes Bank YESB.NS said on Tuesday that the Reserve Bank of India has approved the appointment of Vinay Muralidhar Tonse as the company's managing director and CEO for a three-year term.
Tonse, who headed retail operations at State Bank of India SBI.NS until November 30, will succeed Prashant Kumar, whose extended term is expected to end on April 6.
Last year, Japan's Sumitomo Mitsui Banking Corporation 8316.T acquired a 24% stake in the Mumbai-based lender, marking one of the largest overseas investments by a Japanese financial institution as it seeks growth after years of low interest rates at home.
In March 2020, Kumar was appointed MD and CEO after Yes Bank was rescued by lenders amid a pile-up of bad loans stemming from its exposure to troubled shadow lenders and real estate companies.
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; +91 8921483410;))
Adds details and background from paragraph 2 onwards
Feb 4 (Reuters) - Indian private lender Yes Bank YESB.NS said on Tuesday that the Reserve Bank of India has approved the appointment of Vinay Muralidhar Tonse as the company's managing director and CEO for a three-year term.
Tonse, who headed retail operations at State Bank of India SBI.NS until November 30, will succeed Prashant Kumar, whose extended term is expected to end on April 6.
Last year, Japan's Sumitomo Mitsui Banking Corporation 8316.T acquired a 24% stake in the Mumbai-based lender, marking one of the largest overseas investments by a Japanese financial institution as it seeks growth after years of low interest rates at home.
In March 2020, Kumar was appointed MD and CEO after Yes Bank was rescued by lenders amid a pile-up of bad loans stemming from its exposure to troubled shadow lenders and real estate companies.
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Sherry Jacob-Phillips)
(([email protected]; +91 8921483410;))
SEBI accuses PwC, EY executives of insider trading in Yes Bank deal
Carlyle, Advent officials allegedly shared sensitive information, violating insider trading rules
SEBI ramps up crackdown on market manipulation, insider trading violations
By Jayshree P Upadhyay
MUMBAI, Jan 23 (Reuters) - India's securities regulator has accused current and former executives at the local units of PwC and EY, among others, of breaching insider trading rules involving a 2022 share sale by Yes Bank YESB.NS, according to a regulatory notice reviewed by Reuters.
The Securities and Exchange Board of India (SEBI) also accused executives at U.S. private equity firms Carlyle Group and Advent International of sharing unpublished price sensitive information related to the deal, in violation of insider trading rules, the notice showed.
Advent, Carlyle, EY, PwC, Yes Bank and SEBI did not respond to requests for comment.
Issued in November, the notice, which has not been reported previously and is not public, alleges two executives at PwC and EY and five other family members and friends made unlawful gains by trading in shares of Yes Bank ahead of its 2022 share offering.
Most of the accused individuals are still serving at their respective firms.
SEBI's notice showed India executives of Carlyle, Advent, PwC, and EY shared unpublished price sensitive information, enabling others to trade on the information. It also accused a former Yes Bank board member of sharing price sensitive information enabling others to trade.
The notice from the regulator followed an investigation into movements in Yes Bank's shares ahead of a July, 2022, share offering, in which Carlyle and Advent bought a combined 10% stake for $1.1 billion.
The shares of the bank opened 6% higher a day after the deal was announced on July 29, 2022.
The accused individuals, along with their companies, are in the process of drafting their responses to SEBI's notice, according to two people familiar with the investigation, who declined to be named due to sensitivity of the matter.
A show cause notice is SEBI's first step after a probe is completed, and is meant to seek responses from accused persons and entities. If upheld, they could face monetary penalties or restrictions under Indian securities regulations.
The regulatory action marks a rare instance in which senior executives at global consultants and private equity firms have been accused of insider trading violations linked to a capital raising deal.
The action also comes against the backdrop of a sharp surge in capital raising by Indian companies, drawing global investors looking to diversify away from the U.S. due to heightened geopolitical tensions.
The regulator has ramped up a crackdown on market manipulation and insider trading over the last few years. In another recent case, SEBI has alleged breaches of insider trading rules by Bank of America's India unit during a fundraising process.
TRADING ON UNPUBLISHED INFORMATION
The notice accuses a total of 19 individuals of insider trading rule breaches. Seven of them traded based on privileged information and four shared those information. It named eight PwC and EY executives for weak compliance processes.
Ahead of the share offer, Advent hired EY for tax advisory services and sought feedback from the firm on Yes Bank's management. Separately, EY Merchant Banking Services was engaged by Yes Bank to conduct valuation work.
Around the same time, PwC was hired by Carlyle and Advent for tax planning and due diligence. SEBI found that executives at both EY and PwC breached confidentiality norms, allowing some individuals to trade Yes Bank shares ahead of the capital raise.
According to the notice, EY failed to place Yes Bank on a sufficiently broad "restricted list", a list of listed companies that executives at a firm are not allowed to trade in.
While staff directly involved in the transaction were barred from trading, others were not, despite having potential access to sensitive information, the notice said.
SEBI said in its notice that this violated a requirement that anyone with access to unpublished price sensitive information must obtain pre-clearance before trading.
SEBI has asked Rajiv Memani, EY India's chairman and CEO, and the firm's chief operating officer to explain why penalties should not be imposed, arguing that EY's internal trading policy did not comply with regulations.
"No restriction was ever imposed on trading or investing in listed companies with which EY was engaged for advisory, consulting, valuation, investment banking or corporate finance services (other than audit)," SEBI said.
In PwC's case, SEBI said the firm did not have a "restricted stock list" for advisory and consulting clients.
(Reporting by Jayshree P Upadhyay; Editing by Ira Dugal, Sumeet Chatterjee and Raju Gopalakrishnan)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
SEBI accuses PwC, EY executives of insider trading in Yes Bank deal
Carlyle, Advent officials allegedly shared sensitive information, violating insider trading rules
SEBI ramps up crackdown on market manipulation, insider trading violations
By Jayshree P Upadhyay
MUMBAI, Jan 23 (Reuters) - India's securities regulator has accused current and former executives at the local units of PwC and EY, among others, of breaching insider trading rules involving a 2022 share sale by Yes Bank YESB.NS, according to a regulatory notice reviewed by Reuters.
The Securities and Exchange Board of India (SEBI) also accused executives at U.S. private equity firms Carlyle Group and Advent International of sharing unpublished price sensitive information related to the deal, in violation of insider trading rules, the notice showed.
Advent, Carlyle, EY, PwC, Yes Bank and SEBI did not respond to requests for comment.
Issued in November, the notice, which has not been reported previously and is not public, alleges two executives at PwC and EY and five other family members and friends made unlawful gains by trading in shares of Yes Bank ahead of its 2022 share offering.
Most of the accused individuals are still serving at their respective firms.
SEBI's notice showed India executives of Carlyle, Advent, PwC, and EY shared unpublished price sensitive information, enabling others to trade on the information. It also accused a former Yes Bank board member of sharing price sensitive information enabling others to trade.
The notice from the regulator followed an investigation into movements in Yes Bank's shares ahead of a July, 2022, share offering, in which Carlyle and Advent bought a combined 10% stake for $1.1 billion.
The shares of the bank opened 6% higher a day after the deal was announced on July 29, 2022.
The accused individuals, along with their companies, are in the process of drafting their responses to SEBI's notice, according to two people familiar with the investigation, who declined to be named due to sensitivity of the matter.
A show cause notice is SEBI's first step after a probe is completed, and is meant to seek responses from accused persons and entities. If upheld, they could face monetary penalties or restrictions under Indian securities regulations.
The regulatory action marks a rare instance in which senior executives at global consultants and private equity firms have been accused of insider trading violations linked to a capital raising deal.
The action also comes against the backdrop of a sharp surge in capital raising by Indian companies, drawing global investors looking to diversify away from the U.S. due to heightened geopolitical tensions.
The regulator has ramped up a crackdown on market manipulation and insider trading over the last few years. In another recent case, SEBI has alleged breaches of insider trading rules by Bank of America's India unit during a fundraising process.
TRADING ON UNPUBLISHED INFORMATION
The notice accuses a total of 19 individuals of insider trading rule breaches. Seven of them traded based on privileged information and four shared those information. It named eight PwC and EY executives for weak compliance processes.
Ahead of the share offer, Advent hired EY for tax advisory services and sought feedback from the firm on Yes Bank's management. Separately, EY Merchant Banking Services was engaged by Yes Bank to conduct valuation work.
Around the same time, PwC was hired by Carlyle and Advent for tax planning and due diligence. SEBI found that executives at both EY and PwC breached confidentiality norms, allowing some individuals to trade Yes Bank shares ahead of the capital raise.
According to the notice, EY failed to place Yes Bank on a sufficiently broad "restricted list", a list of listed companies that executives at a firm are not allowed to trade in.
While staff directly involved in the transaction were barred from trading, others were not, despite having potential access to sensitive information, the notice said.
SEBI said in its notice that this violated a requirement that anyone with access to unpublished price sensitive information must obtain pre-clearance before trading.
SEBI has asked Rajiv Memani, EY India's chairman and CEO, and the firm's chief operating officer to explain why penalties should not be imposed, arguing that EY's internal trading policy did not comply with regulations.
"No restriction was ever imposed on trading or investing in listed companies with which EY was engaged for advisory, consulting, valuation, investment banking or corporate finance services (other than audit)," SEBI said.
In PwC's case, SEBI said the firm did not have a "restricted stock list" for advisory and consulting clients.
(Reporting by Jayshree P Upadhyay; Editing by Ira Dugal, Sumeet Chatterjee and Raju Gopalakrishnan)
(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))
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Popular questions
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What does Yes Bank do?
Yes Bank is a publicly held bank engaged in providing a wide range of products, services, and digital solutions, catering to Retail, MSME, and corporate clients. Yes Bank is a banking company governed by the Banking Regulation Act, 1949. The Bank works and interacts with several forms of capital to create value in the course of its business activities i.e. Financial Capital, Natural Capital, Social and Relationship Capital, Human Capital, Manufactured Capital and Intellectual Capital.
Who are the competitors of Yes Bank?
Yes Bank major competitors are Indusind Bank, AU Small Fin. Bank, IDFC First Bank, Federal Bank, RBL Bank, Karur Vysya Bank, Bandhan Bank. Market Cap of Yes Bank is ₹75,364 Crs. While the median market cap of its peers are ₹73,642 Crs.
Is Yes Bank financially stable compared to its competitors?
Yes Bank seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Yes Bank pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Yes Bank latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Yes Bank allocated its funds?
Company has been allocating majority of new resources to productive uses like loans. However relatively unproductive allocation like cash and Gov Securities has also increased.
How strong is Yes Bank balance sheet?
Latest balance sheet of Yes Bank is weak, and historically as well.
Is the profitablity of Yes Bank improving?
Yes, profit is increasing. The profit of Yes Bank is ₹3,775 Crs for TTM, ₹3,512 Crs for Mar 2026 and ₹2,446 Crs for Mar 2025.
Is Yes Bank stock expensive?
Yes Bank is expensive when considering the Price to Book, however latest PE is < 3 yr avg PE. Latest PE of Yes Bank is 19.44 while 3 year average PE is 40.18. Also latest Price to Book of Yes Bank is 1.4 while 3yr average is 1.33.
Has the share price of Yes Bank grown faster than its competition?
Yes Bank has given lower returns compared to its competitors. Yes Bank has grown at ~-27.82% over the last 8yrs while peers have grown at a median rate of 8.69%
Is the promoter bullish about Yes Bank?
There is Insufficient data to gauge this.
Are mutual funds buying/selling Yes Bank?
The mutual fund holding of Yes Bank is increasing. The current mutual fund holding in Yes Bank is 6.43% while previous quarter holding is 4.28%.