The Rise and Fall of One of India's Most Promising Bankers
The year was 2004, India's economy was booming and 'India Shining' seemed like a true slogan. Around the same time, a non-banking financial company applied for and received a licence to operate as a private bank. Yes Bank was born. Its rise was phenomenal and it soon became the fourth-largest private bank in the country, with approved permissions to operate in Singapore, London and Dubai. The returns were also immense: shareholders received hefty dividends on their investments for years on end.
That is, till the skeletons began tumbling out of the Yes Bank lockers. Stories of the bank's reckless lending were going around, and allegations of bribery and corruption became rife. Ultimately, in March 2020, the bank ran out of money, and customers were unable to get their own savings out of their accounts. The bank's promoter Rana Kapoor was arrested, and multiple agencies began what is still an ongoing probe.
Yes Man is the story of Rana Kapoor, and his Icarus-like flight that eventually led to the Yes Bank crisis. From starting out as a junior employee at Bank of America to leading a bank worth billions, Kapoor's rise and fall is a case study in ambition, greed and deceit. In this hard-hitting book, Pavan C. Lall details not only Rana Kapoor's journey, but also asks tough questions about the banking system, its regulators and even the business environment that led to a point of no return for Yes Bank.
‰Û÷Yes Man demonstrates Pavan Lall‰۪s ability to dive deep into the misdeeds of financial scamsters, whose truth has been outed. Gathering the essential facts and events, he has brilliantly pieced together how and why a greedy private banker brought the house down.‰۪ Shardul Shroff, Executive Chairman, Shardul Amarchand Mangaldas & Co.
‰Û÷A gripping account of fraud and the rise and fall of a man in great hurry. The credo of ‰ÛÏend justifies the means‰ has gripped large parts of the business world. This book is a warning against a culture of impunity and regulatory incompetence. God save capitalism from such ambitious men.‰۪ Dr Ashok Khemka, IAS