CURRENT AFFAIRS

Detailed explanation-1: -Recently, YES FINTECH, an initiative by YES BANK for startups in the fintech space, successfully rolled out two cohorts through its accelerator program.

Detailed explanation-2: -These investors include State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Rakesh Jhunjhunwala, Radhakishan Damani and Azim Premji trust.

Detailed explanation-3: -MUMBAI: The stake of Yes Bank’s largest shareholder, SBI, is likely to come below 26% after March 2023. This is because of the conversion of warrants issued to private equity investors Carlyle and Advent, which have invested around $1.1 billion in the private bank for a combined stake of just below 20%.

Detailed explanation-4: -The association will be an enabler for FidyPay to strengthen its existing product line and emerge as a trusted tech partner for banks, corporates, MSMEs, SMEs, start-ups and more.

Detailed explanation-5: -There are various reasons that led Yes bank to this crisis, they are, there were a large number of bad loans given by banks and depositors have withdrawn large numbers of amounts from the bank. There was no balance between the loan sheet and the depositors’ sheet. RBI put a 30 days moratorium on Yes Bank to save it.