Yes Bank has selected JC Flowers ARC as a partner to form an asset reconstruction company to sell bad loans of the bank valuing Rs 48,000 crore.

The lender said it has signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Pvt Ltd (JF Flowers ARC) for strategic partnership in relation to the sale of identified stressed loans of the bank.

Having subsequently fulfilled the requisite pre-conditions, the term sheet has become effective from July 15, 2022, Yes Bank said in a regulatory filing on Friday.

“Accordingly, the bank has decided that JC Flowers ARC will be a base bidder for a proposed sale of an identified stressed loan portfolio of the bank aggregating to up to Rs 48,000 crore,” it said.

Under RBI guidelines, Yes Bank said it proposes to run a transparent bidding process on Swiss Challenge basis for sale of such portfolio using JC Flowers ARC’s bid as the base.

The lender recently announced the introduction of floating-rate fixed deposits for the bank’s domestic customers with the rate of interest linked to the repo rate.

The bank said in a statement that the floating rate fixed deposit will offer the investors both the safety of fixed deposits as well as dynamic returns being linked to repo rate.

The floating FD can be availed for a tenure of 1 year to less than 3 years. Over a current repo rate of 4.9 per cent, the bank will add a mark-up rate raging between 1.1 per cent and 1.6 per cent.

Move to tweak form GSTR-3B

The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15.

The GST Council in its meeting last month recommended that the changes in GSTR-3B or monthly tax payment form be placed in the public domain for inputs and suggestions from the stakeholders.

“Accordingly, the general public and the trade at large are hereby informed that a detailed Concept Paper on comprehensive changes in form GSTR-3B is enclosed, the ministry said in a statement.

“All members of trade/ stakeholders are requested to kindly furnish their views/ comments/suggestions on the Concept Paper latest by 15th September 2022 at gstpolicywing-cbic@gov.in to facilitate finalization of the matter,” it added.

Abhishek Jain, tax partner, KPMG in India, said the GSTR-3B is a return form capturing the summary of outward and inward supplies for a particular month.