Rana Kapoor’s Yes Bank which is under scanner over allegations of financial irregularities, prospered greatly during the UPA regime. According to the IPO filing [pdf] of the bank the Government Relationship Management (GRM) group of Yes Bank group has “developed robust relationships with over 300 entities across India”. Not limited to that, Yes Bank had also provided financial and advisory services to Ministries of the Union Government.
The bank incorporated in 2004 and the above filing was done in 2011. Yes Bank stated, “The GRM Group at YES Bank understands the financial needs of the Union and State Government undertakings and agencies in their progress and development role of a Growing India through its Knowledge Banking approach. This is further facilitated through YES Bank’s Technology leadership delivering proven, easy-to-use solutions for Government Undertakings and Agencies.”
“YES Bank has provided financial and advisory services to Ministries of the Union Government, State Governments, Central & State Public Sector Undertakings (PSUs) and Agencies. YES Bank remains committed to delivering innovative, structured and comprehensive solutions, and has accomplished several landmark transactions in this space with Maharatnas, Navratnas, Mini Ratnas and other Apex Institutions. In a short span of 6.5 years, the GRM group has developed robust relationships with over 300 entities across India,” it added.
Such progress within the space of six and a half years is likely to raise a few eyebrows. It has also been revealed that a letter dated 1st May, 2010 has emerged written by senior Congress leader Milind Deora, the then Member of Parliament, to Yes Bank chief Rana Kapoor, suggesting he buys the Rajiv Gandhi painting in Priyanka Gandhi Vadra’s possession.
The Congress-Gandhi link in Yes Bank surfaced after it was revealed that founder Rana Kapoor had bought Priyanka Gandhi’s paintings for Rs. 2 crore rupees. The massive expose comes after Rana Kapoor was questioned for almost 30 hours by the Enforcement Directorate. The Enforcement Directorate (ED) had arrested Yes Bank founder Rana Kapoor under money laundering charges in the wee hours of Sunday.