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Fund houses were holding commercial papers as well as “additional Tier 1” bonds of Yes Bank and the values of most of these holdings have been written down fully, experts said. However, not many funds hold Yes Bank’s stocks since troubles in the lender started about a year ago.
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Stock exchanges have put several restrictions on collaterals like bank guarantee and FDs issued by Yes Bank, which brokers give as margins for trading on the bourses.
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BI governor Shaktikanta Das has indicated that investors would not have to wait for 30 days for the moratorium on Yes Bank to be lifted and a resolution was likely much earlier. “You will see very swift action on the part of the RBI to put in place a scheme to revive the bank,” said Das, speaking to reporters on the sidelines of Assocham’s annual banking summit.
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SBI Chairman Rajnish Kumar told reporters on Saturday the bank's capital infusion into rescuing Yes Bank would have a "very marginal" impact on SBI's capital adequacy ratio. On Thursday, the Reserve Bank of India (RBI) took control of Yes Bank, imposed limits on withdrawals to protect investors and said it would work on a revival plan.
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The Enforcement Directorate on Friday conducted raids at Yes Bank founder Rana Kapoor's flat at Samudra Mahal in Worli, in connection with transactions with Dewan Housing Finance Corporation Ltd or DHFL.
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Crisis-hit Yes Bank's founder Rana Kapoor was brought to the Enforcement Directorate's (ED) office in Mumbai for questioning in connection with a money-laundering case against him. The ED is probing Kapoor's role in connection with the disbursal of a loan to a corporate entity and the subsequent alleged kickbacks reportedly received in his wife's accounts.
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The searches at the Mumbai residence of Kapoor began shortly after the finance minister held a press conference on the rescue plan for the lender. She had said that the central bank would investigate the reasons for the bank’s decline.
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The restructuring plan entails the appointment of a new CEO and board with two SBI-nominated directors.
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State of Bank of India (SBI) chairman Rajnish Kumar on Saturday said that the bank has received the draft scheme of resolution for cash-strapped Yes Bank and the board has given in-principle approval to explore the possibility of picking up 49 per cent stake.
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In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion.
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About ₹8,400 crore of bondholder money may be wiped out; deposits and jobs will be protected
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Several service providers have replaced QR stickers powered by Yes Bank with stickers from other banks.
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An unexpected fallout of the Reserve Bank of India’s moratorium on Yes Bank was a disruption of the Unified Payments Interface (UPI) offered by fintech firms, which accounts for the bulk of digital transactions in the country.
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A day after the Reserve Bank of India (RBI) placed cash-strapped Yes Bank under moratorium, Union finance minister Nirmala Sithraman on Friday assured that the government is in constant touch with RBI and every depositor's money is safe.
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Sitharaman said that the government is in constant touch with the RBI on the issue and the RBI has assured the government that a revival plan would by found soon. "RBI government working together on the YES Bank issue. I have personally monitored the situation in the past few months. There is no need to fear," she assures the Yes bank customers.
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The Reserve Bank on Thursday placed Yes Bank under a moratorium and imposed limits on withdrawals. "This is not a sectoral problem. It is a bank-specific problem," SBI chief said. "The RBI will take all steps to ensure financial stability." On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.
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Just 17 months ago, shares of Yes Bank was trading at its peak of Rs 404 in August 2019. It has now fallen to a record low of Rs 5.65 today, registering a free fall of nearly 85%.
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In a sudden move, the RBI yesterday capped withdrawals at Rs 50,000 per account for a month.
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"No Yes Bank," Congress leader Rahul Gandhi said on Friday, taking a dig at the BJP-led government over the moratorium placed on Yes Bank, and alleged that Prime Minister Narendra Modi and his "ideas" had destroyed the country's economy.
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While some banks like Karnataka Bank, IDBI and Karur Vysya Bank have started supporting their payments, others are waiting for an official circular from the RBI to go ahead. However, reviving a legitimate cryptocurrency market in India could take time and effort, say the founders, as there are both regulatory challenges and the global bitcoin slump to deal with.
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The private sector lender was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. Kumar taking charge as the Yes Bank administrator is in line with notifications issued by Department of Financial Services and the RBI.
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Reserve Bank of India (RBI) governor Shaktikanta Das on Friday said the deadly coronavirus -- which has claimed more than 3,000 lives so far -- may further impact global growth.
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If you are a Yes bank customer and are troubled with the thought about what should do in this situation. Here are the details about the restrictions placed on the private lender and what you can do now.
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The board of directors of Indian Bank on Thursday approved the share swap ratio for merger with Allahabad Bank, where for 115 equity shares (of Rs 10 per share) of the bank will be issued for every 1,000 shares of (Rs 10 per share) of Allahabad Bank.
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The Reserve Bank of India (RBI) will be proactive in dealing with threats stemming from the coronavirus outbreak and will have assessed the potential impact on India by the next rate decision due April 3, governor Shaktikanta Das said.
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In the first such case against a group entity of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&FS) Group, the Hongkong and Shanghai Banking Corporation (HSBC) is seeking to recover its funds parked in bonds worth RMB 1,000 million (over Rs 1,050 crore) maturing in 2021, which were issued by ITNL Offshore Pte Ltd.
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Shares of Yes Bank Ltd surged 19% on Thursday on a report that the government has approved a plan for top lender State Bank of India (SBI) to lead a consortium that will buy a stake in the troubled private-sector bank.
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The younger the generation, the faster they aim to retire from the everyday life of a salaried employee and enjoy the luxuries of a retired man. As opposed t...
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This comes days after bank unions called off a three-day bank strike which was scheduled from March 11. The strike had been called after talks over wage revision failed to initiate with the Indian Banks’ Association (IBA).
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The Supreme Court’s decision to lift the ban on cryptocurrencies has come as a welcome relief to entrepreneurs and investors in bitcoin exchanges even though the ruling comes two years after the RBI banned banks from dealing with bitcoins in April 2018.
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Queries on new policies have increased up to 40% since fresh cases of the virus were detected in Delhi and Agra. But the impact on pricing for new policies will be negligible as actuarial models generally factor in historical data. However, businesses of several health and travel insurers could be hit if the virus were to significantly impact India, industry players told ET.
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Out of claims of around Rs 8.4 lakh crore, the realisable amount is about Rs 3.57 lakh crore, or 43% of the total claims under the code, said the report.
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The verdict would allow companies in the sector to use the banking platform to trade and transact in cryptocurrency. The central bank had contended that allowing cryptocurrency (bitcoins) compromised the integrity of the banking system.
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Investors say peer to peer (P2P) companies will see inflow of capital, similar to what has been happening globally.
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Finance minister Nirmala Sitharaman on Wednesday said the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from April 1, 2020.
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As per the plan, United Bank of India and Oriental Bank of Commerce would merge with Punjab National Bank, making the proposed entity the second largest public sector bank. Syndicate Bank will be merged with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be clubbed with Union Bank of India.
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IMF and the World Bank have vowed to help member countries overcome the economic challenges posed by the coronavirus outbreak, while the G7 countries promised to use all appropriate tools to achieve strong sustainable growth and guard against downside risks.
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The Supreme Court on Wednesday allowed a plea challenging the Reserve Bank of India’s (RBI's) 2018 circular which barred banks from trading in cryptocurrencies.
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The US Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, but the emergency move failed to comfort US financial markets roiled by worries about a deeper, lasting slowdown.
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Most Indians are hassled by long queues at ticket counters, toll plazas, bus stops, petrol pumps and even at parking stations to purchase tickets; taking the wallet out, counting the currency, and more often than not getting the due back because the person at the counter doesn’t have the ‘change.’
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Shahid Charania, managing director, emerging markets,Equifax, discusses how India is going through a shift in credit behaviour with millennials embracing tech for quick loans.
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The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of PMC Bank scam, seeks to strengthen cooperative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI. Introducing the bill, Sitharaman said it is the "need of the hour" to avoid a PMC Bank-like crisis in the future.
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"As on February 28, 2020, Rs 87,069 crore has been extended to cooperative banks and regional rural banks in short-term refinance. In addition, long-term refinance of Rs 59,502 crore has also been provided to these banks as well as other financial institutions," National Bank for Agriculture and Rural Development (Nabard) said.
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After seven consecutive sessions of losses, equity indices on Tuesday rose sharply after Reserve Bank of India (RBI) said it is closely monitoring global as well as domestic situation regarding the impact of deadly coronavirus.
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The BMC has invested Rs one crore in the Axis Bank, which has offered an annual interest rate of 6.5 per cent, as per the document presented by the civic administration to the BMC's standing committee. The document indicates that the FD amount invested by the BMC in the Axis Bank is the lowest among all its investments made in nine banks.
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Exact disputed tax demand tabulated to encourage state-run companies to become part of the scheme. Taxmen are also being directed to hold meetings with the state representatives of these units so as to “convince” them to benefit from the scheme, said people aware of the matter.
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The insurance policy, which ET accessed on the company’s agent portal, allows a person to insure for as little as Rs 25,000 and as much as Rs 2 lakhs. The policy pays out 100% of the sum insured as a lump sum if you are diagnosed and 50% if you are quarantined in a government or military hospital.
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The coronavirus outbreak is plunging the world economy into its worst downturn since the global financial crisis, the Organisation for Economic Cooperation and Development (Oecd) warned on Monday, urging governments and central banks to fight back to avoid an even steeper slump.
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Many state-run banks & public-sector units not too keen to opt for the ‘Vivaad se Vishwas’ tax dispute resolution scheme. Field officers have approached SBI, CBI, Bank of Baroda, Bank of India to settle disputes under the scheme but bank officials told ET that most of the cases involve the I-T dept having levied taxes with little justification.
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