Yes Bank
Yes Bank

The Enforcement Directorate (ED) on Saturday continued to interrogate Yes Bank founder Rana Kapoor in connection with a money-laundering investigation against him and others.

The ED raided three more places in Delhi and Mumbai.

According to the reports, three more locations are being raided by the ED in Delhi and Mumbai. The agency has been already conducting raids at the residence of Rana Kapoor in Mumbai, since Friday night.

Apart from Rana, family members including her three daughter’s  — Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor — are also being probed.

Earlier in the day, State Bank of India (SBI) chairman Rajnish Kumar said that it will immediately invest Rs 2,450 on YES Bank, adding that they are critical for the financial system.

“Our investment team will do due diligence in the shortest time with whatever available information. Final decision rests with the board of SBI,” Kumar said.

“Any decision on forensic audit to be done on the bank will be taken by the new board and RBI,” he added.

On Thursday, the Reserve Bank of India imposed a month-long ‘moratorium’ on YES Bank, who’s financial capability has undergone a decline largely due to the inability to raise capital.

This temporary prohibition also includes a monthly deposit-withdrawal limit of Rs 50,000 per individual.

On Friday, Finance Minister Nirmala Sitharaman said that the RBI will bring a reconstruction plan for YES bank within the ‘moratorium’ period of 30 days so that the customers do not face any issues.

 

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