Following a resolution passed in the Extraordinary General Meeting (EGM) held on August 24, 2022, and recommendations from SBI, the board of directors has approved recategorisation of Kumar and Tewari as nominee directors with effect from August 25, 2022, Yes Bank said in a regulatory filing.

At present, any one of the six documents-passport, Aadhaar, voter's identity card, NREGA card, PAN card or driving licence-is required towards proof of identity and proof of address to open a bank account. It becomes difficult to trace multiple accounts of an individual if they are not linked and are opened with different KYC documents.

India is considering selling at least 51% of the $5 billion bank, people familiar with the matter have said, in what is set to be the biggest sale of the government’s stake in a lender in decades.

While the CBDT had issued a set of guidelines in June with regard to the applicability of the newly introduced section 194R in the Income Tax Act, the banking sector had specific concerns with regard to their businesses and operations.

Inviting asset reconstruction companies (ARCs) to put their bids for transferring the loan account of Apollo Distilleries & Breweries, the city-based lender said it will expedite the due diligence process and make available the documents at one place for verification of the prospective buyer.

The commercial office segment, which was significantly impacted by the pandemic, has made a strong comeback in the last 3-4 quarters, supported by strong economic growth, increased hiring, and a return to the office trend, keeping the office sector buoyant. The Indian office market grew substantially and delivered a strong performance in the first half of 2022. Office transactions recorded at 25.3 million sq ft, a 107% on-year growth, indicated the potential of the market on the back of a waning pandemic and the promise of a sustained economic recovery.

During the preceding fortnight (ended July 29), bank credit had grown by 14.52 per cent and deposits by 9.14 per cent. In FY 2021-22, bank credit in India went up by 8.59 per cent and deposit by 8.94 per cent.

" Several Indian private sector banks including HDFC Bank Ltd. and Axis Bank Ltd. are expanding their local branch networks, contrary to expectations that digitalization would obviate the need for physical branches" said a release by the market intelligence unit.

Bank credit expanded 14.5% year-on-year to Rs 123.7 lakh crore as on July 29 this year. By contrast, deposit mobilisation climbed 9.1% to Rs 169.7 lakh crore. Banks are required to mandatorily set aside a part of deposits to meet prudential norms.