Yes Bank revises fixed deposit rates

Yes Bank offers multiple fixed deposit (FD) schemes to both regular and senior citizens. The bank provides fixed deposit schemes for a tenure starting from a period of 7 days (short term) to 10 years (long-term). The Bank has revised the interest rate on its term deposits effective 3 November 2021. After the latest revision, Yes Bank offers an interest rate of 3.25% on deposits maturing in seven to fourteen days, 3.5% on 15 to 45 days, and 4% on 46 to 90 days FDs. 

Yes Bank gives 4.5%, 5% on term deposits maturing in 3 months to less than 6 months and 6 months to less than 9 months respectively.

For FDs with a maturity period of 9 months to less than 1 year, the Bank gives an interest rate of 5.25%.

Term deposits maturing in 1 year to less than 3 years will fetch an interest rate of 6%. FDs maturing in 3 years to less than or equal to 10 years will give 6.25%.

Yes Bank latest FD rates (below ₹2 crores) for the general public effective 3 November 2021:

7 to 14 days 3.25%

15 to 45 days 3.50%

46 to 90 days 4%

3 months to < 6 months 4.50%

6 months to < 9 months 5%

9 months to < 1 Year 5.25%

1 Year to < 3 years 6.00%

3 Years to <= 10 years 6.25%

Yes Bank latest FD rates (below ₹2 crore) for senior citizens-

Senior citizens continue to get 50 basis points higher interest rates than the general public. The bank offers interest rates from 3.75% to 7.% on FDs maturing in 7 days to 10 years.

Earlier, the Bank had revised the interest rate on its term deposits on 3 June 2021.

Advantages of FD: 

A Fixed Deposit is a good investment option for those who wish to set aside a fixed sum of money for the future and don’t need to use the same at present.

Fixed deposits offer better interest rates v/s Saving Accounts and are safe (no – risk investment) when compared to market linked investments.

Interest rates on fixed deposits increase with longer tenures and higher deposit amounts.

Source : livemint.com

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Yes Bank savings account interest rates cut; turns 5th lender to do so

Mid-sized private lender Yes Bank on Wednesday became the fifth bank to reduce interest rates on savings accounts. With effect from September 1, savings accounts with balances under Rs 1 lakh at the bank will now earn 5%, against 6% so far. Accounts with balances of Rs 1 crore and above will earn 6.25%, compared with 6.5% earlier. In the last two weeks, State Bank of India (SBI), Bank of Baroda (BoB) and Axis Bank have all reduced interest rates on savings accounts by 50 basis points (bps) to 3.5%. While the cut at SBI applies to accounts with balances up to Rs 1 crore, the reduction at BoB and Axis Bank is for accounts with balances up to Rs 50 lakh. Kotak Mahindra Bank reduced the rate on deposits of between Rs 1 crore and Rs 5 crore by 50 bps to 5.5% on August 4.

Yes Bank had earlier mentioned lowering the SA rate in line with the system as one of the tools available to them to reach their stated goal of a 4% net interest margin by FY20.


Source : Financial Express

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ATM compromise: Yes Bank says vendors need to do more

In wake of a system-wide security scare triggered by a malware attack on systems of its vendor Hitachi Payment Systems, Yes Bank sought to distanceitself from the breach and stressed on need to police service providers in a better way.

"There needs to be a lot more vigilance where there are outsourcing partners to make sure they don't endanger the delivery and system risk, and there's a fair amount of policing as far as outsourcing risks are concerned," its managing director and chief executive Rana Kapoor told reporters here.

According to media reports, systems of Hitachi Payment Systems which counts on Yes Bank as one of its major customers, are suspected to have been breached.

Asserting that there has not been breaches with the bank, Kapoor said there is a need for vigilance on the outsourced aspects because a bank does not do every function in-house.

Kapoor also exuded confidence in the security architecture of the National Payments Corporation of India (NPCI), calling it as the finest in the world.

Following the discovery of the breach, he said the bank has initiated some cautionary measures to ensure that its customers do not get affected. ..

A bank spokesperson said after the suspected breach came to light for the first time, it had advised all its customers to change their secret personal identification numbers (PINs).

Also, to ensure that they indeed change the PINs and minimise the risk, it capped withdrawal at Rs 5,000 per transaction till the PIN gets changed.

According to reports, over 32 lakh cards stand at risk following the suspected security breach and banks have taken a slew of actions to thwart any untoward possibilities by either replacing the cards or asking them to change the PINs.


Source : Economic Times

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YES Bank cuts lending rate

YES Bank has reduced its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors. The MCLR for one year now stands at 9.5 per cent, against 9.6 per cent earlier. The MCLR cut is effective from May 1. On Monday, State Bank of India, the country’s largest bank, announced a five basis points cut in its MCLR across maturities. After the cut, SBI’s one-year MCLR now stands at 9.15 per cent, against 9.20 per cent earlier. Once the MCLR is pared, all loans linked to it, including home, car, personal, and education, become a tad cheaper.


Source : Thehindubusinessline

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Yes Bank, IndusInd Bank in fray for GE Capital Asset

Global diversified conglomerate General Electric is in the midst of exiting most of its financial assets to concentrate on its industrial segments as part of a global strategy and its India divestment strategy is picking up pace, as sources tell ET NOW that GE Capital India's medical equipment financing business is on the block and has attracted the attention of top private sector banks.

" Yes Bank and IndusInd Bank are amongst suitors in the fray for the asset and currently multiple suitors are conducting due diligence," a source privy to ongoing negotiations told ET NOW.

Explaining the deal rationale, another source added " This asset will be attractive to banks who want access to the current accounts of several leading hospitals and doctors in a bid to improve their CASA ratio. This is a sun-rise sector and moreover represents a safe investment, as there are HNI's involved who are covered by insurance and generally, these loans are not defaulted."

According to the company website, GE Capital India offers affordable purchase plans for the purchase of a wide array of healthcare equipment relating to diagnostic imaging, surgery and clinical systems.

In response to an email query from ET NOW, a Yes Bank spokesperson said, "Yes bank as a policy does not comment on market speculation. However we do remain open to evaluating opportunities which are aligned to Yes bank's strategic focus." IndusInd Bank declined to comment and GE responded saying , " At GE, we do not comment on speculation."



Source : Economic Times

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YES Bank recruits 94 from top B-Schools

Yes Bank has emerged as one of the top recruiters in the BFSI domain at India’s top business schools this year, extending a total of 94 offers.

The bank extended 14 offers at IIM-A and 38 offers were made across the other IIMs.

Premier schools

Other premier B-Schools Yes Bank visited this year include XLRI, FMS, SJMSOM, IIT Bombay, SPJIMR, JBIMS, MDI, MICA, NITIE, SCMHRD, NMIMS, IRMA, XIMB and NIBM. The new hires (popularly known as Y-PEPs) will be joining the bank’s training cum mentoring programme ‘YES Professional Entrepreneurship Programme’ (Y-PEP).

“We look at an entrepreneurial streak, ownership, out-of-the-box thinking, high degree of passion, commitment and professional pride while hiring talent from B-schools,” says Deodutta Kurane, Group President, Human Capital Management, Yes Bank.

Yes Bank offered roles including investment banking, treasury, corporate banking, wholesale banking, loan syndication, risk management, marketing and corporate communication, human capital management, transaction banking, technology solutions group and strategic government advisory at these campuses.

The average package offered by Yes Bank across profiles this year was approximately Rs13 lakh. “The bank has also offered stock options to B-school graduates for long-term wealth creation,” says Kurane.

Contrary to the hiring process at B-school campuses, the bank chose to hire a majority of the students through spot offers. It made just nine pre-placement offers as a part of the ‘Transformation Series Global Case Study Challenge’. The competition was conducted under the ‘University and School Relationship Management programme’.

To keep a check on attrition, the bank offers fast-track career progression opportunities, cross functional time-bound strategic project assignments, internal redeployments, job rotations and need-based cross business transfers to its key talent such as Y-PEPs. “Y-PEPs form a part of the ‘talent pool’ for the bank. They are tracked regularly and offered larger/cross-functional responsibilities,” says Kurane.

Y-PEPs go through a structured induction programme and an intensive on-the-job training where they work on real assignments to build their expertise and confidence.


Source : Thehindubusinessline

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YES Bank case: HC reserves final order till May 12

The nearly two-year-long legal family dispute between YES Bank's two largest shareholders – Rana Kapoor and Madhu Kapur – may come to an end on Tuesday, May 12.

Without passing the judgment, the High Court has suggested that both the shareholders should reduce their stake to below 10 per cent. The judgment will be passed on Tuesday.

According to the High Court, if the shareholding is brought down below this threshold limit, the conflict of nomination of IP (Indian Partners) Representative Director gets resolved as they both will lose their rights to nominate directors.

At the end of March 31, 2015, Rana Kapoor, Managing Director & Chief Executive Officer of YES Bank owned 11.77 per cent stake in the bank, whereas Kapur and family owns 10.29 per cent.

Along with daughter Shagun Kapur Gogia, Madhu Kapur has been fighting for rights as the legal heir of the private bank's promoter to nominate directors on the bank's board.

As a part of the operative order the Judge has also made an observation that Gogia does not get a board seat. Madhu Kapur had also sought to nominate Gogia on the board.


Source : Thehindubusinessline

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IFC to invest $50 m in YES Bank’s Green Bonds

International Finance Corporation (IFC), Washington, plans to invest up to $50 million in Green Bonds to be issued by YES Bank.

In addition, IFC will also give a $50-million long-term financing line to the private sector bank for on lending to women-owned small and medium-sized enterprises.  In a project report, IFC said the financing will flow to target customers of YES Bank in different parts of India.
New asset class

IFC’s investment is expected to generate support and confidence in the Green Bond market which is a new asset class in India and help create a new and viable source of long-term financing for climate change projects in the domestic markets.

“The development of the Green Bond Market will provide an impetus to the development of the overall local currency bond market which is a high developmental priority for IFC and for the Government of India.

“IFC’s investment in an Emerging Market Green Bond will encourage issuers in other markets to issue Green Bonds and support greater resources for Climate Change finance and development of domestic capital markets,” IFC said.
Earlier issue

Last week, YES Bank raised ₹1,000 crore by issuing green infrastructure bonds of 10-year maturity. The proceeds of the issue will be used for lending towards renewable energy sector.

Women-owned businesses, according to IFC, are less likely to be banked because they tend to be smaller and less formal.

It observed that the socio-cultural environment, where men are still regarded as the heads of the household owning land and property of the family, makes it difficult for women to present assets as collateral to access finance.


Source : Thehindubusinessline

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Yes Bank to raise Rs. 500 cr for green energy projects

Private sector lender Yes Bank said it will be raising Rs. 500 crore through issuance of “green infrastructure bonds”, which will be deployed to fund renewable energy and energy efficiency projects.

The bank claimed it is the first such issue in the country and the money will be used to fund solar power, wind power, biomass, and small hydel projects.

The bond will have a tenor of ten years, it said in a statement, adding the issue has already been launched.

The city-headquartered lender said it had made a commitment to fund 5,000 MW of renewable energy projects during the recent summit organised by the Government and added the proceeds from the issue will be used to fund the same.

In FY15, the bank has raised USD 1.2 billion through various transactions, including USD 500 million funding in May 2014, USD 422 million syndicated loan in October and USD 200 million loan from Asian Development Bank in December.

It said globally, a sum of USD 35 billion were raised by issuing such green bonds in 2014, while the market in the country is either non-existent or nascent.

Given the long term gestation of such projects, the bonds are useful in taking care of any potential asset liability mismatches, it said.


Source : Thehindubusinessline

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Muthoot Fincorp’s first BC outlet

The first ‘business correspondent’ outlet born out of the tie up between YES Bank and Muthoot Fincorp has opened at North Paravur near here. Thomas Muthoot, Executive Director of Muthoot Fincorp, said that initially the NBFC would roll out two YES Bank products — YES Leap and YES Money. Under Leap, financial services such as credit savings and insurance will be offered to self-help groups through Muthoot’s branches. YES Money is a domestic remittance service.


Source : Thehindubusinessline

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Yes bank, UAE Exchange launch travel prepaid card

Global remittance provider UAE Exchange India tied up with private lender Yes Bank to launch ‘Go Cash’ prepaid travel.

"It is a multicurrency card which can be easily used at ATMs/POS & for online purchase around the globe," UAE Exchange said in a statement.

The maximum or minimum limit to the amount that can be carried on the card and the number of different currencies were not specified in the statement.

GO CASH pre-paid Travel card enables exchange rate lock facility, security and accessibility at minimum time with worldwide acceptance for purchases across millions of Master Card-approved outlets. Travel card acts as a safety machine and customers can be free from the fear of cash carrying enigma.

V. George Antony, MD, UAE Exchange said,” UAE Exchange India is consistently looking at ways in which we can make a difference in people’s lives. We believe in providing a differentiated value proposition to customers in sync with our customer centric approach. UAE Exchange India has always been at the forefront of customer-centric innovations and services. We are the market leaders in Foreign exchange business and by introducing such financial products we are going to address customer’s needs even better.”

Pralay Mondal, Senior Group President, Retail and Business Banking, Yes Bank, said, “This product is a next step towards us offering the best in class products to our valued customers. We are certain that our customers shall appreciate the unique features and convenience of this card.”

Customers can apply the card through an online application.


Source : Thehindubusinessline

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Muthoot Fincorp is Business Correspondent for Yes Bank

Muthoot Fincorp, the flagship company of Muthoot Pappachan Group, on Tuesday launched its Business Correspondent operations in the country with Yes Bank.

The launch is pursuant to the agreement signed nearly two months ago between the two financial services providers after RBI gave its nod on allowing banks to appoint non-banking financial companies (NBFCs) as Business Correspondents.

Thomas Muthoot, Executive Director of Muthoot Fincorp told reporters that with this arrangement, MFL is set to become the country’s first NBFC in the gold loan space to act as a Business Correspondent to the bank.

Muthoot Fincorp rolled out its disbursement of funds for two of Yes Bank’s products -Yes Leap (Yes Livelihood Enhancement Action Programme) is the flagship product of the inclusive and Social Banking (ISB) division of Yes Bank.

Under this comprehensive financial services such as credit, savings and insurance to the self-help groups will be provided to customers of Yes Bank through branches of MFL. The ’Yes Money’ would help to provide seamless domestic remittance service to customers at reasonable fee.

Muthoot said the new services have been rolled out from one of their branches here. Ganesh Narayanan, President and RBL-Indian Financial Institutions, Yes Bank Ltd, said that in Tamil Nadu they have done a business of Rs. 150 crore with two partners in the last two years.

In Kerala, where Yes Bank has also partnered with Muthoot Finance ltd, was looking to roping in more partners. ‘We are not chasing any targets’, he said.

Yes Bank has 40 business correspondents across the country.


Source : Thehindubusinessline

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YES Bank signs MoU with OPIC and Wells Fargo to support MSMEs

Private sector lender YES Bank has signed a memorandum of understanding (MoU) with the Overseas Private Investment Corporation (OPIC) - a development financial institution of the United States - to increase lending to micro, small and medium enterprises (MSMEs) in India.

Through this MoU, OPIC along with Wells Fargo Bank will be participating in a $ 220 million long tenor funding arrangement to YES Bank.

Wells Fargo will act as sponsor and co-lender to the project.

The proceeds will be used for on-lending to SME and MSME with a particular focus in underserved rural and urban markets in India.

The MoU was signed and exchanged between the visiting Elizabeth Littlefield, OPIC’s President and CEO, and Rana Kapoor, Managing Director and Chief Executive Officer (CEO), YES Bank in the capital on Tuesday.

Littlefield travelled with the U.S. President Barack Obama for participating in India's 66th Republic Day celebrations.

Srivats.kr@thehindu.co.in


Source : Thehindubusinessline

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YES Bank to hire 1,500-2,000 people to push retail business; eyes MF foray

Private sector lender YES Bank is planning to hire between 1,500 and 2,000 people in the next one year in sync with its retail expansion plans and also plans to enter the mutual fund business.

Reports suggest that YES Bank is in talks with three AMC businesses, including a bid to acquire Deutsche Mutual Fund’s India business. The bank’s board has cleared a proposal to secure an asset management licence from the Securities and Exchange Board of India. It would require approvals from the Reserve Bank of India.

The deal is estimated to be between Rs200-250 crore (over $32 million).

Mumbai-based Deutsche Asset Management is an investment management division of Deutsche Bank AG, with average mutual fund assets of Rs22,670 crore ($3.68 billion) for the October-December quarter, according to the latest data from the Association of Mutual Funds in India. “We are keen on the AMC (Asset Management Company) business and are open to buying out any existing set-up if a good opportunity comes our way…though we are not in a hurry,” Rajat Monga, Senior Group President – Financial Markets, YES Bank, said.

Hiring plans

At an analyst conference, after announcement of the bank’s results, Monga said: “The campus placements will take place and 1,500-2,000 will be hired this year at the branch and also some at mid-managerial level.” In FY2014, the bank had incurred an employee cost of Rs784 crore, with an increase of 20 per cent over the previous fiscal year. The costs accounted for 45 per cent of the total operating costs of the bank. In a bid to survive competition and scale up its business, the mid-sized bank is focusing aggressively on its retail segment. Further, the bank is planning to enter the credit card business, the only retail product business it is not present in. “For the credit card business we need to have 1.5 million customers at least, but as of now we have just crossed one million customers,” said Pralay Mondal, Senior Group President – Retail and Business Banking, YES Bank.

The bank is also continuing its branch expansion by planning to add about 50 branches by March this year, As on December 31, 2014, the bank’s branch strength stood at about 600, and the ATMs a little over 1,150.


Source : Thehindubusinessline

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Yes Bank leads race for Deutsche's Indian fund arm

Indian lender Yes Bank is the main suitor in the race for Deutsche Asset Management (India) Pvt. Ltd's mutual fund business in India, two sources who are directly involved in the process said, although talks are still at an early stage.

The deal, which the sources estimate at nearly Rs. 200 crore ($32.5 million), is coming at a time of optimism in Indian markets after a surprise interest rate cut and hopes of reform ahead of the government's maiden budget next month.

Deutsche Asset Management (India) Private Ltd. is a Mumbai-based investment management division of Deutsche Bank A.G., with average mutual fund assets of Rs. 22,670 crore ($3.68 billion) in the October-December period, data from the Association of Mutual Funds in India shows.

Earlier this month Yes Bank's board of directors agreed to seek approval from Indian regulators to set up asset management and primary dealership businesses.

Local media reported last week that Yes Bank was considering a move for Deutsche's Indian mutual fund business.

"The process of the Deutsche mutual fund acquisition is the key focus for the bank in short term," one of the sources said.

Both sources declined to be identified because the information has not been made public.

Yes Bank and Deutsche did not respond to requests for comment.


Source : Thehindubusinessline

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YES Bank raises $200-mn loan from ADB

YES Bank has raised $200-million unsecured loan from the Asian Development Bank to finance working capital and investment loans for small farm households and rural women in self-help groups.

Additionally, ADB will also provide a capacity development technical assistance grant of up to $1 million to YES Bank, the private sector bank said in a statement.

The grant will be used by the private sector bank for capacity building, improving the financial literacy of women borrowers, and for leveraging the YES livelihood enhancement action programme, which provides financial services to SHGs, for agriculture value chain integration.


Source : Thehindubusinessline

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YES Bank not looking at acquisitions as strategy for growth, says CEO Rana Kapoor

YES Bank would continue to focus on organic growth and is not unduly perturbed by the recent Kotak Mahindra Bank-ING Vysya Bank deal, its CEO and Managing Director Rana Kapoor has said.

The proposed absorption of ING Vysya Bank by Kotak Mahindra Bank would catapult the new combined entity to the fourth place in the private sector league table, dislodging YES Bank from the fourth position.

YES Bank will not look to grow through acquisitions although competition may resort to such route for growth, according to Kapoor.

“No.. There is a reason for it. When the economy rebounds, we can grow faster than any other bank. We can then step on the pedal. We are taking a very contrarian approach to what has happened (merger deal in front of us). We have total focus on quality and organic growth”, Kapoor told BusinessLine here.

He was replying to a BusinessLine question on whether YES Bank will in the wake of the Kotak Mahindra Bank-ING Vysya Bank deal announcement reorient its strategy and look at acquisitions for growth.

Kapoor said that the most important thing in banking was quality—Human Resource quality, asset quality, capital quality, management quality and there should be nothing to disturb that.

RBI POLICY

On expectations for the December 2 (policy review), Kapoor said there is a “dovishness” to this upcoming policy.and this should get percolated.

“My expectation is in 2015 we should have 2 per cent reduction (in interest rate)”, Kapoor said.

Given the softening inflation trend, there is wide expectation among industry that RBI Governor Raghuram Rajan will on December 2 cut policy rates.

srivats.kr@thehindu.co.in


Source : Thehindubusinessline

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Yes Bank registers 30% rise in Q2 profit on higher fee income

Yes Bank posted a 30 per cent jump in net profit at Rs. 483 crore for the second quarter ending September 30, 2014 on the back of robust growth in loans and interest income.The net profit in the year ago period was at Rs. 371 crore.

Net interest income (difference between interest income and interest expended) soared by 27 per cent to Rs. 856 crore as compared with Rs. 672 crore in the same quarter last fiscal. Non-interest income increased 13 per cent to Rs. 506 crore from Rs. 446 crore in Q2FY14, limited by lower treasury fee income.

The bank’s provisions

“Asset quality is under control. However, the environment is still evolving and some cyclical improvement in policy is needed... In power and mining sector, there is need for more policy action,” said Jaideep Iyer, Senior President – Financial Markets, Yes Bank.

As on September 30, 2014, advances grew 30 per cent to Rs. 62,030 crore (from Rs. 47,717 crore as on September 30, 2013); while deposits grew 19 per cent to Rs. 80,131 crore from Rs. 67,575 crore.

The loan book is likely to grow in the mid-20 per cent for the full year, Iyer added.

The net interest margins expanded to 3.2 per cent from 2.9 per cent driven by healthy growth in retail deposits and capital raising.

Gross non-performing assets (NPAs) were up at 0.36 per cent as on September 30, 2014 from 0.28 per cent a year ago. Net NPAs also increased a tad to 0.09 per cent (Rs 54 crore) from Rs. 0.04 per cent (Rs 19 crore).

Yes Bank shares were trading at Rs. 662.50 per share, up by 3.7 per cent over the previousclose on Bombay Stock Exchange


Source : The Hindu

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Yes Bank opts for SunTec suite

Yes Bank has selected the Xelerate product suite from SunTec Business Solutions for its revenue management and business assurance needs in the retail banking division.

Based out of here, SunTec already has a list featuring marquee clients from the financial world from Visa Europe, HSBC, ING, Mashreq and Standard Bank to American Express.

REVENUE STREAMS

YES Bank will use SunTec’s technology to help launch new product packages to manage its revenue streams more effectively, a spokesman said here.

The Bank believes that customer experience differentiation it can obtain with the help of SunTec will be the key to achieving its strategic objectives.

In addition, the Xelerate product suite will be used to streamline the bank’s pricing and billing process.

The Bank had selected SunTec’s technology after conducting a thorough evaluation process, says Pralay Mondal, Senior Group President, Branch and Retail Banking, YES Bank.

SunTec’s product suite incorporates the best aspects of technology from banking systems around the world, he added.

FUTURISTIC SOLUTIONS

“We see real value in SunTec’s vision in providing futuristic solutions. Partnering with SunTec gives us the ability to quickly develop new products and improve our existing offerings.

“We are looking forward to working with SunTec to put our customer-centric business strategies into action.”

Nanda Kumar, CEO of SunTec, said that the Indian retail banking sector is full of exciting opportunities.

The company is looking forward to helping YES Bank take advantage of these opportunities, he added.


Source : The Hindu

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FIIs need RBI nod to buy YES Bank shares

YES Bank’s equity share purchase by foreign investors will be allowed only after obtaining the RBI approval as it had reached the trigger limit, the central bank notified on Friday.

“The Reserve Bank of India has notified that the foreign shareholding through Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indian (NRI)/ Persons of Indian Origin (PIO)/ Foreign Direct Investment (FDI)/American Depository Receipt (ADR)/Global Depository Receipts (GDRs) in YES Bank Ltd has reached the trigger limit.

FIIs held 45.04 per cent shares in YES Bank as of quarter ended June 2014, according to BSE data.


Source : The Hindu

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