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Ravneet Singh Gill to be Yes Bank CEO



Mumbai, Jan 24 : Having spent more than three decades in the banking sector, Deutsche Bank India CEO Ravneet Singh Gill is now set to be the next MD and CEO of Yes Bank from March 1.

The development comes as a major relief for the investors of Yes Bank after the Reserve Bank of India (RBI) had rejected the bank’s request to extend Rana Kapoor’s tenure for three years and said he could continue until January 31.

The RBI approved Gill’s name for the post, the bank said in a regulatory filing after the board’s meeting on Thursday. Gill will replace Kapoor, whose term ends on January 31.

The bank’s board will convene on January 29 to finalise the interim transition, the fourth largest private bank said in a statement.

Gill, who has been mentored by industry leaders like former Deutsche Bank CEO Anshu Jain and HDFC Chairman Deepak Parekh, has worked with the Indian operations of the German lender since 1991.

“He is a well-known banker with an illustrious career spent spearheading all key banking functions including corporate banking, capital markets and treasury solutions (CMTS), investment banking, retail and private banking at Deutsche Bank AG,” Yes Bank said.

The banker, who spent his childhood playing tennis ball cricket with former RBI Governor Raghuram Rajan, is an alumnus of Delhi’s Modern School and holds a Masters in Political Science from Hindu College, University of Delhi.

He began his journey at Deutsche Bank in private wealth management before moving on to corporate banking in 1993 where he grew from a relationship manager to becoming the CEO in 2012. He was also a member of Deutsche Bank AG’s Asia-Pacific Executive Committee.

In 2003, he took over as head of corporate banking coverage and held the position till December 2008, when he was appointed head of coverage for global markets.

In 2011, he took charge as Head of Capital Markets and Treasury Solutions, India and oversaw the successful integration of corporate treasury sales, debt capital markets and corporate banking coverage.

“He has ensured one of the lowest NPAs in the industry, and delivered one of the highest post tax returns on equity amongst all banks in India with a team of over 14,000 employees,” the bank said.

Under Gill’s leadership, Deutsche Bank has been a recipient of many international and domestic awards and recognitions.

The share price of Yes Bank on the BSE closed at Rs 213.85 on Thursday, higher by Rs 16.55 or 8.39 per cent from the previous close.

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Markets open on positive note



Sensex Nifty Equity

Mumbai, Feb 20: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

The BSE Sensex opened at 35,564.93 before touching a high of 35,581.14 and a low of 35,520.21.

It was trading at 35,528.69 up by 176.08 points or 0.50 per cent from its Tuesday’s close at 35,352.61.

On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 10,655.45 after closing at 10,604.35.

The Nifty is trading at 10,656.25 in the morning.


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PF funds’ investment in IL&FS bonds have no government guarantee: Finance Ministry



IL&FS Financial Service

New Delhi, Feb 19 (IANS) The provident and pension fund trusts that invested in the IL&FS bonds now fear loss of money as the debt-ridden company’s bonds are unsecured debt, and the Finance Ministry says superannuated bonds do not carry any government guarantee and all such instruments have to face all market-related risks.

“Since these are investments in bonds, the government does not ensure any guarantee on them as such and if these are invested in stock markets, they carry the market risks as applicable. It is between the bond issuer and bond holders…,” the Finance Ministry said in response to IANS queries.

Thousands of crores of money of more than 15 lakh employees of both public and private sector companies have exposure to IL&FS bonds.

However, queries sent to the EPFO Commissioner and Labour Minister Santosh Gangwar remained unanswered.

Over 50 funds that manage retirement benefits of over 15 lakh employees have exposure to IL&FS. PF trusts of state electricity boards, public sector undertakings (PSUs) and banks are among them. The provident and pension fund trusts have filed intervening applications in the National Company Law Appellate Tribunal (NCLAT) stating that they stand to lose all the money since the bonds are under unsecured debt.

Usually, retirement funds have a low-risk appetite and invest in “AAA” rated bonds (which IL&FS bonds used to be once upon a time) and get assured returns with low interest rates.

The worries of pension and provident fund trusts come from the classification of IL&FS profiling its companies as to which can meet the dues obligations. Many important trust managing funds of PSUs like MMTC, IOC, Hudco, SBI and IDBI are among those filing petitions. From private sector, HUL and Asian Paints are among the petitioners.

IL&FS is currently under resolution process at the National Company Law Tribunal (NCLT). The process will decide under Section 53 of the IBC the order of priority for distribution of proceeds of the process.

The beleaguered company has informed the NCLT that of the 302 entities in the group, 169 are Indian companies, out of which only 22 are emerging as those which can meet all obligations (green), while 10 firms can pay to only secured creditors (Amber). There are 38 companies of IL&FS (red) which cannot meet any obligations of payment, and 120 entities are still being assessed.

These PF and provident funds trusts are worried that if payment is limited to secured creditors, then only financial creditors like banks will receive the dues while unsecured bond-holders will be get any payments.

IL&FS bonds attracted investments by PF trusts as it had the shareholding of SBI and LIC giving its bonds the comfort factor.

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Sachin Bansal invests Rs 650 crore in Ola




Bengaluru, Feb 19 (IANS) Internet entrepreneur and Flipkart co-founder Sachin Bansal has invested Rs 650 crore, or about $92 million, in ride-hailing platform Ola in his personal capacity as investor, the company said in a statement on Tuesday.

This investment is part of Ola’s larger Series J funding round. It is also the largest investment by an individual in Ola to date, it said.

“Ola is one of India’s most promising consumer businesses that is creating deep impact and lasting value for the ecosystem. On one hand, they have emerged as a global force in the mobility space and on the other, they continue to build deeper for various needs of a billion Indians through their platform, becoming a trusted household name today,” Bansal said.

He further said he has known Ola founder Bhavish Aggarwal as entrepreneur and friend over the years and that he has great respect for what he and the team at Ola have built in 8 years.

“We are extremely thrilled to have Sachin onboard Ola as an investor. Sachin is an icon of entrepreneurship and his experience of building one of India’s most respected businesses ground up, is unparalleled,” Ola CEO Bhavish Aggarwal said.

Ola integrates city transportation for customers and drivers onto a mobile technology platform ensuring convenient, transparent, safe and quick service fulfilment, the statement added.

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