India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of <a href="https://www.wionews.com/india-news/centre-should-allow-puri-jagannath-temple-to-withdraw-from-yes-bank-bjds-prasanna-acharya-285257">Yes Bank</a>.

<a href="https://www.wionews.com/india-news/enforcement-directorate-arrests-yes-bank-founder-rana-kapoor-under-money-laundering-charges-285034">ED arrests Yes Bank founder Rana Kapoor under money laundering charges</a>

The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank.

"There will be three years lock-in period for SBI for up to 26 per cent of their investment. For others, there will be a lock-in period of three years of 75 per cent of their investment," Sitharaman asserted.&nbsp;

Sitharaman said SBI is also in talks with other prospective investors.

"The moratorium will be lifted within three days of notifying the scheme," the finance minister said, adding,"A new board, having at least two&nbsp;directors of SBI, will take over within seven&nbsp;days of the issuance of notification."

"Authorised capital has been raised from Rs 1,100 crores to Rs 6,200 crores of Yes Bank to accommodate immediate and subsequent raising of capital requirements," Sitharaman added.

Yes Bank shares in the morning had risen ten per cent after SBI said it will infuse Rs 7,250 crore. The stock went up 9.98 per cent to Rs 27.55 on the BSE and 10.57 per cent to Rs 27.70 on NSE.

India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of Yes Bank. ED arrests Yes Bank founder Rana Kapoor under money laundering charges The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank.

India's finance minister Nirmala Sitharaman said today that the Union cabinet has approved restructuring scheme of Yes Bank. ED arrests Yes Bank founder Rana Kapoor under money laundering charges The finance minister said State Bank of India(SBI) will take 49 per cent stake in Yes Bank in a bid to revive the bank. "There will be three years lock-in period for SBI for up to 26 per cent of their investment. For others, there will be a lock-in period of three years of 75 per cent of their investment," Sitharaman asserted. Sitharaman said SBI is also in talks with other prospective investors. "The moratorium will be lifted within three days of notifying the scheme," the finance minister said, adding,"A new board, having at least two directors of SBI, will take over within seven days of the issuance of notification." "Authorised capital has been raised from Rs 1,100 crores to Rs 6,200 crores of Yes Bank to accommodate immediate and subsequent raising of capital requirements," Sitharaman added. Yes Bank shares in the morning had risen ten per cent after SBI said it will infuse Rs 7,250 crore. The stock went up 9.98 per cent to Rs 27.55 on the BSE and 10.57 per cent to Rs 27.70 on NSE.

SBI will take 49% stake in Yes Bank, cabinet has approved restructuring: Sitharaman

Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday.

Kapoor, 62, former MD and CEO of the private bank, was arrested by the Enforcement Directorate (ED) under provisions of the Prevention of Money Laundering Act (PMLA) here around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said.

He was arrested after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

The ED producer Kapoor before a holiday court which remanded him in the probe agency's custody till March 11.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-arrests-yes-bank-founder-rana-kapoor-under-money-laundering-charges-285034">Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges</a>

The ED told the court that the role of some companies run by Kapoor's family members needs to be established and they need to confront all these people with the accused.

The defence lawyer, however, said Kapoor has been selectively targeted by the ED and he is cooperating with the probe agency.

"We are ready to cooperate and submit all the documents that the agency wants. I have fully cooperated with them," Kapoor said in the court.

The central probe agency is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL), official sources said.

Also see:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-questions-yes-bank-founder-rana-kapoor-in-money-laundering-case-284929">Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case</a>

The Kapoor's linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received the funds when Yes Bank had an exposure of more than Rs 3,000 crore loans to DHFL, already being probed for purported financial irregularities and diversion of funds.

The bank, they said, allegedly did not initiate action to recover the NPA-turned loans from DHFL and the agency suspects that the Rs 600 crore funds were part of alleged kickbacks received as quid pro quo in the firm controlled by the Kapoor family.

Rana Kapoor told the court that the DoIT company is in name of his two daughters- Radha Kapoor and Roshni Kapoor.

Yes Bank had given around Rs 3,700 crore loan to triple-A-rated DHFL company, and later about Rs 600 crore was borrowed by DoIT Company from DHFL, he said.

Watch:&nbsp;

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The DoIT company is still repaying the loan and it is not an NPA (non-performing asset), Rana Kapoor said.

"From the last few days I was not well, hence my family members took me to Breach Candy Hospital, but still I am cooperating with the ED," he told in the court.

However, the ED told the court that it wants to conduct a thorough investigation and "many people are under the scanner".

The court then remanded Rana Kapoor in ED's custody till March 11.

Before his arrest, he was questioned by the ED sleuths for over 20 hours after the central agency raided his residence on Friday night.

The ED, meanwhile, is also recording the statement of Rana Kapoor's wife and daughters.

The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday.

Yes Bank founder Rana Kapoor, arrested on money laundering charges, was remanded in the Enforcement Directorate's custody till March 11 by a Mumbai court on Sunday. Kapoor, 62, former MD and CEO of the private bank, was arrested by the Enforcement Directorate (ED) under provisions of the Prevention of Money Laundering Act (PMLA) here around 3 am on Sunday as he was allegedly not cooperating in the probe, officials earlier said. He was arrested after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. The ED producer Kapoor before a holiday court which remanded him in the probe agency's custody till March 11. Also read: Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges The ED told the court that the role of some companies run by Kapoor's family members needs to be established and they need to confront all these people with the accused. The defence lawyer, however, said Kapoor has been selectively targeted by the ED and he is cooperating with the probe agency. "We are ready to cooperate and submit all the documents that the agency wants. I have fully cooperated with them," Kapoor said in the court. The central probe agency is primarily investigating Kapoor, his wife and three daughters over a Rs 600 crore fund received by a firm allegedly "controlled" by them from an entity linked to the scam-hit Dewan Housing Finance Limited (DHFL), official sources said. Also see: Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case The Kapoor's linked firm, DoIT Urban Ventures (India) Pvt Ltd, is alleged to have received the funds when Yes Bank had an exposure of more than Rs 3,000 crore loans to DHFL, already being probed for purported financial irregularities and diversion of funds. The bank, they said, allegedly did not initiate action to recover the NPA-turned loans from DHFL and the agency suspects that the Rs 600 crore funds were part of alleged kickbacks received as quid pro quo in the firm controlled by the Kapoor family. Rana Kapoor told the court that the DoIT company is in name of his two daughters- Radha Kapoor and Roshni Kapoor. Yes Bank had given around Rs 3,700 crore loan to triple-A-rated DHFL company, and later about Rs 600 crore was borrowed by DoIT Company from DHFL, he said. Watch: × The DoIT company is still repaying the loan and it is not an NPA (non-performing asset), Rana Kapoor said. "From the last few days I was not well, hence my family members took me to Breach Candy Hospital, but still I am cooperating with the ED," he told in the court. However, the ED told the court that it wants to conduct a thorough investigation and "many people are under the scanner". The court then remanded Rana Kapoor in ED's custody till March 11. Before his arrest, he was questioned by the ED sleuths for over 20 hours after the central agency raided his residence on Friday night. The ED, meanwhile, is also recording the statement of Rana Kapoor's wife and daughters. The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

Yes Bank founder Rana Kapoor sent in ED custody till March 11

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said.

The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.

Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/enforcement-directorate-questions-yes-bank-founder-rana-kapoor-in-money-laundering-case-284929">Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case</a>

The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs.

Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody.

Also see:&nbsp;<a href="https://www.wionews.com/india-news/state-bank-of-india-says-a-49-stake-in-yes-bank-will-cost-331-million-284907">State Bank of India says a 49% stake in Yes Bank will cost $331 million</a>

The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here.

He was brought to the ED office on Saturday noon for a fresh round of questioning.

On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence.

Also read:<a href="https://www.wionews.com/india-news/potential-investor-will-have-to-pick-up-49-stake-in-yes-bank-sbi-shown-willingness-rbi-284817">&nbsp;Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI</a>

According to officials, Kapoor's wife Bindu and daughters Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced.

The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said.

A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said.

Watch:&nbsp;

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The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts.

Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added.

The CBI has recently taken over the investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL).

The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.

The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. Also read: Enforcement Directorate questions Yes Bank founder Rana Kapoor in money laundering case The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. Also see: State Bank of India says a 49% stake in Yes Bank will cost $331 million The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. Also read: Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI According to officials, Kapoor's wife Bindu and daughters Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. Watch: × The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over the investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges

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SBI will take 49% stake in Yes Bank, cabinet has approved restructuring: Sitharaman

Yes Bank founder Rana Kapoor sent in ED custody till March 11

Enforcement Directorate arrests Yes Bank founder Rana Kapoor under money laundering charges