India’s second bank scare in six months raises questions about who is safeguarding the financial system
has few declared cases of covid-19, has not escaped the turmoil in global markets. On March 9th its stockmarkets suffered their biggest one-day fall in absolute terms ever, notwithstanding the positive impact low oil prices should have on a big energy importer. Its problems go beyond people’s health.
Yes’s problems are hardly new. As far back as 2013 concerns were raised by a small group of sceptics at the Reserve Bank of India , the central bank, that Yes, then a nine-year-old institution, had grown at an extraordinary rate while reporting only a trivial number of bad loans, even though it lent to some of India’s most troubled companies.
Mr Kapoor was arrested and formally charged on March 8th with money laundering and corruption, which he denies. He becomes merely the latest among once-prominent Indian financiers to find themselves in the hands of the law. As the bank’s customers lined up in the streets to withdraw money froms, others found their electronic payments disrupted, a consequence of Yes’s pivotal role in India’s digital-payments architecture.
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