Meet Rana Kapoor: The Man Behind Yes Bank's Journey
Rana Kapoor is popularly known as the co-founder, former Managing Director, and CEO of India¡¯s fourth largest private sector bank- YES Bank which ranks just below HDFC Bank, Axis Bank and Kotak Mahindra Bank.?He was born into a middle-class family and earned his bachelor¡¯s in Economics at the University of Delhi. After completing his Masters, Mr. Rana Kapoor began his career as an intern at the Citi Bank in New York. It was here that he first saw the possibility of creating a modern and advanced banking system in India. Years later, he achieved his dream. It took decades of hard work, perseverance, and unwavering determination to create one of the most respected private banks in the world.
Rana Kapoor's journey as a banker
Rana Kapoor started as a junior banker in Bank of America's Barakhamba branch. He worked with BoA for 16 years, until 1996. After his stint as the general manager and country head in ANZ Grindlays from 1996-1998, Kapoor joined his brother-in-law Ashok Kapur and Harkirat Singh to form Rabo India Finance, an NBFC in 1998. All three partners had 25 per cent equity whereas the rest 75 per cent equity was with the Netherlands-headquartered Rabobank. Ashok, Rana and Harkirat sold their equity in the venture in 2003 and got the license to set up a private-sector bank in the same year. In 2004, YES Bank got off the ground. In September 2018, Yes Bank ordered Kapoor to step down as CEO in January 2019.
Rana Kapoor's personal life
Born and brought up in New Delhi, the banker is married to Bindu Kapoor. They have 3 daughters together - Radha, Rakhee and Roshini.
Rana Kapoor's education
He completed his schooling at Frank Anthony Public School, New Delhi in 1973 and went on to earn his BA degree from Shri Ram College of Commerce, Delhi University (1977).
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Rana Kapoor's Awards and recognition
Rana Kapoor was honoured as Ernst & Young's Start-up Entrepreneur of 2005. By 2017, he had achieved billionaire status due to the increasing share price of Yes Bank. Kapoor was awarded an honorary fellowship from the All India Management Association (AIMA), the President's Medal from Rutgers University, and an honorary PhD from GB Pant University of Agriculture & Technology.
Rana Kapoor's Decline and Arrest
Rana Kapoor, a prominent figure in the corporate world, specialized in assisting companies struggling to secure financing from other lenders. However, his fortunes took a downturn in FY17 when YES Bank reported significant discrepancies in bad loans amounting to Rs 6,355 crore for the second time. In September 2018, he was asked to step down as chairman of YES Bank, with Ravneet Gill taking his place.
Following intense questioning lasting over 15 hours, Rana Kapoor, the founder of Yes Bank, was arrested by the Enforcement Directorate on March 8, 2020. This action came shortly after the RBI took control of the bank. The Enforcement Directorate alleges that Kapoor is involved in financial misconduct amounting to approximately $581 million and arrested him under the Prevention of Money Laundering Act (PMLA). Kapoor has denied all allegations against him.
Rana Kapoor stepped out of Taloja jail on April 19, hours after a special court granted him bail in a case registered against him by the Central Bureau of Investigation in connection with allegations that he took a lavish bungalow on New Delhi¡¯s Amrita Shergil Marg for much less its market price as ¡°bribe¡± in exchange for loan fraud.
YES Bank Shares Jump 8% On Strong Q4 Results
Private sector lender YES Bank¡®s shares on Monday saw a strong jump on the back of heavy buying after its strong Q4 FY24 results. Its share price on April 29 opened higher at Rs 27.50 apiece on the NSE and went on to touch an intraday high of Rs 28.55 per share within a few minutes of the stock market opening. Its shares registered an 8 per cent intraday surge on Monday.??
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