Yes Bank - Corporate Kickbacks
Kickbacks, the ugly lesser reported truth of white collar crime in Indian wholesale banking. If anything all of this makes more sense when I recall a conversation with someone who was puzzled why Rana Kapoor himself signs the final approval for even small corporate loans...
Rana Kapoor was Mr. 8% seems like. Question is why no one blew the lid for 10 years. more
Why blame private sector banks? Did we forget scams in PSU Banks - Indian Bank (1992- Rs.13 billion ), Bank of Baroda, South Africa(2017 - Rs. 402 billion), etc. etc. more
Such type of offences should be treated as financial terrorism and defaulters should be dealt like terrorists,as Terrorists kill the citizens and such people kill the Citizens economically, mentally & bodily. more
Not surprising for all parties in the parliament have done away with the old Prevention of Corruption Act & has bought in a new Prevention of Corruption Act that appears to be a legislation leaning in favour of the Corrupt. Further as I understand all political parties in the parliament have steadfastly refused show their source of funding including foreign funding! God save India. more
As regards corruption in banking system, it must be remembered that it is run by our very own people, who are either honest or dishonest as us. Yes bank is a private bank founded by a closely held group of people with overriding authority to one man/ family (?). So long as the unit is performing well, nobody looks at it let alone closely. The euphoria of good performance losts a few more years after that. Till then, none will even look at it let alone suspiciously. It takes a few more years, more or less depending on the social contacts of people heading the unit for it to be looked at suspiciously. Unless, some one is a financial wizard, which most people are not (they are only qualified finance professionals), it is well nigh impossible for assessing the damage to unit based on periodic audit reports and balance sheets. After that a couple of years go by window dressing with hope that the unit will recover. This is exactly what happened in Yes bank case and it is not any way a puzzle. more
The top regulators have severely failed to notice the deteriorating standard of the bank. more