A gripping tale of one of modern India’s biggest banking failures

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    New Delhi, Jan 11 | Who is Rana Kapoor and, more importantly, what role did he play in the rise and fall of YES Bank?

    On September 28, 2018, after announcing that he was going to step down as the managing director of YES Bank, Rana Kapoor had claimed: “Diamonds are forever. My promoter shares of YES Bank are invaluable to me.”

    However, in a span of just 14 months, Kapoor did a complete U-turn. He sold his entire stake in the bank, even as the shares continued to get hammered by investors.

    Rana Kapoor and Ashok Kapur had founded YES Bank in 2004. On March 5, 2020, the Reserve Bank of India (RBI) took control of it in an attempt to avoid the collapse of the bank, which had an excessive amount of bad loans.

    In “The Banker Who Crushed His Diamonds” (Penguin), journalist Furquan Moharkan takes you right to the start of Rana Kapoor’s career as a banker, charting his meteoric rise, his mercurial personality, the lavish lifestyle and the unravelling of it all.

    Kapoor’s story runs parallel with that of the fourth largest private bank in India. In what feels like a story straight from a financial thriller, the book uncovers the rot deep within YES Bank’s glittering success story.

    It serves as much as a cautionary tale as it exposes the chink in India’s armour against financial chaos.

    It’s truly a gripping tale of one of modern India’s biggest banking failures and the man behind it all.

    Source: IANS

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    Weekly Fundamental Market Outlook

    Weekly Fundamental Market Outlook

    Indian share market posted its first weekly gain in Jun by rising 2.7%.

    This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

    While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

    Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

    In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

     

    Post Disclaimer by BhaskarLive.in

    The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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