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Payments

‘Never say no’: how Yes Bank’s fintech team aced digital payments. Then came the fall.

Before the debacle, Yes Bank was a leader in digital-payments solutions and was powering 20-25 fintech startups. What had made it possible was a fintech-focused playbook and a relentless team headed by Ritesh Pai. Fast execution, ability to take risk and spot future winners, and a sound business model helped this team pull off what rivals could not.
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artisingh
25 Mar 2020 12 Mins Read 9 comments
The headquarters of one of India's major private banks, Yes Bank, in Mumbai on March 11, 2020 Getty Images
The headquarters of one of India's major private banks, Yes Bank, in Mumbai on March 11, 2020
As Rana Kapoor was escorted out of a special court in Mumbai last Friday after being sent to judicial custody till April 2, his unshaven face couldn’t hide the worry lines. From siphoning off funds to taking kickbacks, the list of charges against the former chief of now beleaguered Yes Bank is getting longer with each hearing. And then
With a new shareholding structure, wherein SBI, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and HDFC Bank are getting stake in Yes Bank, the situation will be both interesting and complex for Indian fintech players. With a new management and CEO, the thought process and priorities might change at Yes Bank. ( Graphics by Sadhana Saxena)
As Rana Kapoor was escorted out of a special court in Mumbai last Friday after being sent to judicial custody till April 2, his unshaven face couldn’t hide the worry lines. From siphoning off funds to taking kickbacks, the list of charges against the former chief of now beleaguered Yes Bank is getting longer with each hearing. And then With a new shareholding structure, wherein SBI, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and HDFC Bank are getting stake in Yes Bank, the situation will be both interesting and complex for Indian fintech players. With a new management and CEO, the thought process and priorities might change at Yes Bank. ( Graphics by Sadhana Saxena)

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