In a letter to the Business Standard editor, Yes Bank has accused the paper of negative reporting of recent events at the Bank, allegedly influenced by Business Standard having common shareholders with Kotak Mahindra Bank. In support, the Bank has appended 13 reports in the paper since September.
In a reply to the Bank, Shyamal Majumdar, editor of the paper, has rejected the charge, especially since no factual errors have been pointed out by the Bank. Most of the reports alluded to are of a routine nature, relating to press releases and other announcements by regulators, credit rating agencies or the Bank itself. Wherever required, the paper's reporters have taken the Bank's point of view.
Mr Majumdar pointed to the paper's well-established reputation for fair and balanced reportage, free from external or business influence. He said the Bank's allegations are an unwarranted slur on the paper, made worse by the posting of the Bank letter on the two stock exchanges.
He added that Mr Rana Kapoor of Yes Bank was made the BS Banker of the Year for 2012, when also the Kotak family owned the paper. This is hardly evidence of negative bias.
On a check by the paper's staff, it has been found that another leading business newspaper has in the same period carried a dozen reports on Yes Bank.
This note is to set the record straight in the matter.