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Four years since the Yes Bank rescue, RBI okays its saviours' exit plan

Livemint

Livemint · 1y ago

Four years since the Yes Bank rescue, RBI okays its saviours' exit plan

The Reserve Bank of India (RBI) has granted approval for the sale of up to a 51% stake in Yes Bank, allowing for a new owner for the private lender. This move is seen as setting the stage for a potential acquisition in India's banking sector. The approval allows for a possible valuation of the bank at around $10 billion. The RBI has typically capped promoter holding in domestic banks at 26%, making this decision a rare one in approving a majority stake sale. The bank has appointed Citigroup to shortlist suitable promoters.

Related News

Paytm NPCI Licence: Paytm gets third-party licence before March 15 deadline

Livemint

Livemint · 1y ago

Paytm NPCI Licence: Paytm gets third-party licence before March 15 deadline

Paytm has received a third-party application provider license from the National Payments Corporation of India (NPCI), allowing its customers another option to use the app for payments after its banking arm Paytm Payments Bank shuts down by March 15. The license will enable four banks (Axis Bank, HDFC Bank, State Bank of India, and YES Bank) to act as Payment System Provider banks for One97 Communications. In February, the RBI asked the NPCI to consider Paytm's request for becoming a third-party application provider.

Yes Bank Crisis to Resolve? Here's Everything You Need to Know as Sumitomo Steps In

OutlookIndia

OutlookIndia · 3m ago

Yes Bank Crisis to Resolve? Here's Everything You Need to Know as Sumitomo Steps In

Yes Bank is undergoing a significant shareholding change as Japan's Sumitomo Mitsui Banking Corporation (SMBC) plans to acquire a majority stake. This shift follows past liquidity crises and regulatory interventions, including the Reserve Bank of India's (RBI) and State Bank of India's (SBI) involvement. The potential deal, which would include a 24% initial purchase, aims to restructure Yes Bank's ownership and improve governance, pending final regulatory approval from the RBI.

Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts

Inc42 · 1y ago

Yes Bank Open To Taking Over Paytm Payments Bank Merchant Accounts

Yes Bank is open to acquiring Paytm Payments Bank's merchant accounts, according to Yes Bank MD and CEO Prashant Kumar. However, this would require Yes Bank to complete Know Your Customer (KYC) verification and due diligence. Yes Bank sees this opportunity as a chance for cross-selling and long-term benefits. The Reserve Bank of India (RBI) had recently cracked down on Paytm Payments Bank but said that Paytm QR codes and card machines could still be operational after the March 15 deadline if the merchants migrate to other banks.

Paytm Senior VP Praveen Sharma Resigns To Pursue ‘Other Opportunities’

Inc42 · 1y ago

Paytm Senior VP Praveen Sharma Resigns To Pursue ‘Other Opportunities’

Praveen Sharma, senior vice president of business at Paytm's parent company One 97 Communications, has resigned after over four years. His resignation comes shortly after Paytm founder Vijay Shekhar Sharma stepped down from the board of Paytm Payments Bank. Paytm is also planning to transfer its point of sale (PoS) terminals to RBL Bank. In January, the RBI issued a directive that prevented Paytm Payments Bank from carrying out certain transactions. Since then, Paytm shares have plummeted and several mutual funds have divested their holdings in the company.

Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15

Economic Times

Economic Times · 1y ago

Paytm looking to migrate UPI payments to four banks, eyes TPAP status before March 15

Paytm is working to migrate its banking services from Paytm Payments Bank to other lenders, with four banks - Yes Bank, Axis Bank, HDFC Bank, and State Bank of India - set to support Paytm's consumer-facing UPI payments. The company is seeking certification from the National Payments Corporation of India to become a third-party payment app. Following this migration, Paytm's UPI handle provided by the payment bank may change. Paytm's stock has seen a significant decline since the regulator's action on Paytm Payments Bank, with the current market capitalization standing at approximately $2.7 billion.

Did TA Associates meet the benchmark in exit from BFSI firm?

VCCircle

VCCircle · 1m ago

Did TA Associates meet the benchmark in exit from BFSI firm?

TA Associates, a US-based private equity firm, has successfully exited an Indian financial services company, marking its second exit of the year. The firm monetized an investment made eight years ago by selling its entire stake in AU Small Finance Bank. This move follows at least four liquidity actions from its India portfolio last year. The exit indicates TA Associates' continued strategic investment management and divestment in the financial sector.

RBI allows Paytm to migrate UPI payment business to other banks

Economic Times

Economic Times · 1y ago

RBI allows Paytm to migrate UPI payment business to other banks

The Reserve Bank of India (RBI) has approved the transfer of Paytm's UPI-based payments business from Paytm Payments Bank to four to five other banks. Paytm has been asked to stop onboarding new users until the migration is complete. The RBI has also asked Paytm to create settlement accounts with one or two banks to ensure merchant payments continue uninterrupted. Paytm is in the process of migrating accounts to Axis Bank. The National Payments Corporation of India (NPCI) has been asked to consider Paytm's request to become a Third-Party Application Provider (TPAP) for UPI operations. Several major banks, including HDFC Bank, Axis Bank, Yes Bank, and ICICI Bank, are expected to become payment service provider banks for Paytm. The clarification from the RBI will allow banks to enter the Paytm business. Additionally, banks may require fresh Know Your Customer (KYC) details from merchants to prevent fraudulent activities. The RBI directive puts Paytm on the same footing as competitors such as Google Pay, Amazon Pay, and PhonePe, who offer UPI-based payment services.

African PE firm Mediterrania Capital marks third full exit from Fund III

VCCircle

VCCircle · 3m ago

African PE firm Mediterrania Capital marks third full exit from Fund III

Mediterrania Capital Partners, a Malta-based private equity firm, fully exited its investment in Morocco’s Dislog Group, a leading FMCG manufacturer, marking the third full exit from its $267-million Mediterrania Capital III fund. The exit occurred nearly four years after the initial investment. Dislog, which evolved from a distribution-focused entity to an industrial group, plans an IPO on the Casablanca Stock Exchange. Since Mediterrania's 2021 investment, Dislog's revenue increased by 89%.

Shantanu Mitra to step down as SMFG India's CEO and MD

Economic Times

Economic Times · 1m ago

Shantanu Mitra to step down as SMFG India's CEO and MD

Shantanu Mitra, CEO and managing director of SMFG India Credit, will step down at the end of the month. This decision coincides with Sumitomo Mitsui Financial Group's plan to acquire a 20% stake in Yes Bank for ₹13,483 crore, pending Reserve Bank of India approval. SMFG India Credit, a 100% SMFG subsidiary, has yet to find a replacement for Mitra, whose tenure was set to end in September. Mitra served in the position since 2021.

Yes Bank’s Monthly UPI Txns Surge To 50 Lakh Post Paytm Deal

Inc42 · 1y ago

Yes Bank’s Monthly UPI Txns Surge To 50 Lakh Post Paytm Deal

Yes Bank's monthly Unified Payments Interface (UPI) transactions have increased by more than half since forming a partnership with Paytm last month. Yes Bank's managing director and CEO, Prashant Kumar, revealed that the bank's monthly UPI transactions have risen from 3.3 million to 5 million since the collaboration. The deal was struck on 15 March, the same day the Reserve Bank of India imposed curbs on Paytm Payments Bank. Kumar also mentioned that Yes Bank is responsible for over half of the total merchant UPI transactions and may explore cross-selling products to them in the future.

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