Big StoryMumbai (Bombay)

ED raids Yes Bank’s former CEO Rana Kapoor’s Worli residence in Mumbai

The Enforcement Directorate (ED) on late Friday evening raided the residence of Yes Bank’s former managing director and chief executive officer Rana Kapoor at Samudra Mahal in Mumbai’s Worli.


Yes Bank founder Rana Kapoor’s house in Mumbai was today searched by the Enforcement Directorate, a day after the Reserve Bank of India took over the bank’s board for a period of 30 days because of “serious deterioration in the financial position of the bank”. A money laundering probe has been initiated against him, sources say.

The action comes on a day when Finance Minister Nirmala Sitharaman listed “malpractices” of “top leadership” among the reasons for the centre’s decision to restructure the management of the bank.

The government on Thursday capped the withdrawal limit at Rs 50,000 for depositors of beleaguered private lender Yes Bank.

According to an official notification issued by the finance ministry on Thursday evening, the cap will stay in effect till 3 April, 2020. The restriction is part of an order of moratorium issued by the government which also stayed the “commencement or continuance of all actions and proceedings” against the bank.

Yes bank ATMs resume operation after 24-hours

Yes Bank ATMs have become functional again on Friday evening more than 24 hours after they become inoperative in the wake of an RBI moratorium capping withdrawal of deposits to Rs 50,000 from the bank for a period of one month beginning at 6 pm on March 5.

The RBI decision had led to long queues outside several ATM kiosks of the bank with worried account holders trying to withdraw cash fearing the crisis would impact their deposits. The government and the RBI, however, assured that customers’ money was safe with the bank and that it will be restructured soon. The bank notification followed the assurances.

“We would like to inform you that our ATMs are now functional. You can locate the ATM nearest to you here,” said a notification by the bank offering to locate ATM kiosks for its customers.

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