Paytm, India’s digital payments honcho Paytm is likely to buy stake in Yes Bank reportedly from banks co-founder Rana Kapoor. According to the reports, Rana Kapoor is in early discussions with Paytm for the same.
Moreover, the structure of the agreement would be subjected to Reserve Bank of India (RBI)’ approval as Vijay Shekhar Sharma, founder of Paytm already owns stake in Paytm Payments Bank.
However, no such official confirmation has been made from Paytm regarding the matter. Kapoor and associated entities own a total of 9.6 percent stake in Yes Bank.
Yes Banks officials too have not commented on the matter if Kapoor and associates have any such plans to sell the entire stake to the digital payment major.
Moreover, this is to be noted that Yes Bank had first-ever quarterly loss at ₹1,506.64 crore in the quarter ended March 2019 in comparison to a profit of Rs 1,179.44 crore last year.
However, it returned to a profit of Rs 114 crore consequently in the first quarter ended June, 2019.