10:06 PM
Blogger
8:24 PM
Blogger
7:24 PM
Blogger
5:01 PM
Blogger
According statement this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of lndia and subject to regulatory approvals and other conditions as set out in the Letter. The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank.
1:31 PM
Blogger
While tax demands can be challenged in the court, no investor would want that uncertainty.
12:54 PM
Blogger
12:31 PM
Blogger
A new board of directors will be constituted for the bank within seven calendar days.
12:06 PM
Blogger
12:01 PM
Blogger
“We have seen the RBI advisory. In view of the decision taken by the Cabinet a week ago, the finance department has issued an order on Wednesday. The department has directed all departments, corporations and civic bodies to not deposit their funds in the private financial institutions,’’ a top bureaucrat told
11:54 AM
Blogger
11:24 AM
Blogger
10:22 AM
Blogger
The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18. The Reserve Bank of India (RBI) had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3.
9:31 AM
Blogger
Axis Bank has invoked its emergency business continuity plan (BCP) and asked two-thirds of employees in its headquarters to work from home. Deutsche Bank has asked some of its employees to not come to office.
9:06 AM
Blogger
8:06 AM
Blogger
5:57 PM
Blogger
The Union Cabinet on Friday approved reconstruction scheme for Yes Bank under which SBI will acquire 49 per cent stake in the crisis-ridden private sector bank. Finance minister Nirmala Sitharaman said the Union Cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve Bank.
5:54 PM
Blogger
5:27 PM
Blogger
ICICI Bank on Friday said its board has approved investing Rs 1,000 crore in Yes Bank. "This investment is likely to result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank," the lender said in a regulatory filing.
5:27 PM
Blogger
Finance minister Nirmala Sitharaman on Friday said the government and the Reserve Bank are closely monitoring the stock market, which is facing intense volatility amid mounting coronavirus fears.
5:06 PM
Blogger
5:01 PM
Blogger
While announcing it, Finance Minister Nirmala Sitharaman said that the scheme's aim is to safeguard depositors and ensure the stability of the financial system. She also said that SBI will have a lock-in period of three years for only 26% of its stake in Yes Bank. For other likely investors, the lock-in period would be 75 per cent till three years.
4:54 PM
Blogger
4:54 PM
Blogger
4:54 PM
Blogger
4:36 PM
Blogger
4:01 PM
Blogger
Federal Bank on Friday said its asset quality is healthy and the capital adequacy is much above the regulatory requirement, amid broader concerns triggered by the Yes Bank crisis.
3:06 PM
Blogger
2:24 PM
Blogger
1:54 PM
Blogger
1:24 PM
Blogger
The board of State Bank of India (SBI) on Thursday approved a proposal to invest Rs 7,250 crore in Yes Bank by purchasing 725 crore shares. The approval is subject to the condition that the public-sector lender's holding will remain within 49% of the paid-up capital of Yes Bank.
1:06 PM
Blogger
12:36 PM
Blogger
12:31 PM
Blogger
SSG’s final offer after multiple revisions is an upfront cash payment of Rs 2,700 crore and a one year employment guarantee for the management team. Altico owes about Rs 4,000 crore to State Bank of India, Deutsche Bank, Bank of Baroda, Yes Bank, Union Bank, Mashreq Bank and IFC, besides NBFCs and mutual funds including Aditya Birla Finance, Bajaj Finance and L&T Finance.
11:01 AM
Blogger
Yes Bank’s collapse now threatens to sharpen the division between the weak and strong in India’s financial system - many are cash-starved while a healthy few raise money at rates predating the onset of the crisis. The fresh shock to funding markets will extend the struggle of second- and third-tier institutions and delay lending recovery.
9:31 AM
Blogger
ICICI, HDFC Bank, Axis, Kotak, Jhunjhunwala, Damani & Azim Premji Trust may pick up stake in private lender.
9:31 AM
Blogger
Investors want visibility over conflict of interest of Kapoor and his family and want to be sure if they took any kickbacks in loan disbursals. Investors fear that if any assets are created from proceeds of crime like kickbacks, then that could come under purview of ED or CBI investigations.
6:50 AM
Blogger
6:50 AM
Blogger
9:10 PM
Blogger
According to the plea, the scam impacted the livelihood of thousands of business owners and individual account-holders, and if Waryam Singh, former chairman of the bank, was given bail without hearing them, it will cause "irreparable" harm to their interests. The bank management also concealed from the regulators' scrutiny huge loan defaults by HDIL group firms.
8:50 PM
Blogger
8:28 PM
Blogger
5:58 PM
Blogger
5:55 PM
Blogger
Retail inflation based on consumer price index (CPI) fell to 6.58 per cent in February from 7.59 per cent in January, data released by the government on Thursday showed. The fall in retail inflation was witnessed likely due to moderating food prices, but remained above the Reserve Bank of India's (RBI's) target of 4 per cent.
5:55 PM
Blogger
The country's largest lender State Bank of India (SBI) on Thursday said it has received approval to buy Rs 7,250 crore worth of shares in crisis-hit Yes Bank. The bank's shareholding in Yes Bank will remain within 49 per cent of the paid up capital of the private sector lender.
5:28 PM
Blogger
5:28 PM
Blogger
3:28 PM
Blogger
2:58 PM
Blogger
1:58 PM
Blogger
1:55 PM
Blogger
The recent problems in the financial sector, including the latest action against Yes Bank, have triggered discussions in official circles over the need to provide surveillance and search powers to regulators, including the Reserve Bank of India (RBI), which currently limits its role to supervising and inspecting banks and finance companies under its remit.
1:25 PM
Blogger
Smaller private banks were bearing the brunt of collateral damage triggered by the crisis in Yes Bank. Dogged by rumours and news of state authorities shifting business to public sector lenders dragged down the share prices of some private banks.
1:20 PM
Blogger
1:10 PM
Blogger
"The bank's exposure to microcredit at present is 61%. Over the next three to five years, the bank's ratio of micro and non-microcredit will be 50:50," said Ghosh. Housing loans make up for 30 per cent of the credit portfolio and MSME 9 per cent, he said. As of Dec 2019, the bank's total exposure stood at Rs 65,456 cr, with a deposit base of Rs 55,000 cr and CASA level at 34%, Ghosh said.
12:20 PM
Blogger
11:28 AM
Blogger
10:55 AM
Blogger
9:10 AM
Blogger
The Enforcement Directorate (ED) said loans worth Rs 20,000 crore sanctioned by Yes Bank when cofounder Rana Kapoor was at its helm had turned NPAs.
9:10 AM
Blogger
RBL, Karnataka and South Indian Bank have clarified that rumours around their financial health are untrue.
8:20 AM
Blogger
6:50 AM
Blogger
5:50 AM
Blogger
2:20 PM
Blogger
1:58 PM
Blogger
1:58 PM
Blogger
1:55 PM
Blogger
The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its fixed deposit rates for certain tenors and marginal cost of funds-based lending rates (MCLR) across various tenors.
1:25 PM
Blogger
Reserve Bank of India has finalised a revival plan for Yes Bank where not just capital but also funding lines will be finalised to ensure that there is no liquidity issue on raising the moratorium.
12:28 PM
Blogger
12:28 PM
Blogger
12:28 PM
Blogger
11:58 AM
Blogger
11:58 AM
Blogger
11:55 AM
Blogger
Just 92 days between Oct 1, 2019 and Dec 31, 2019, saw cybercriminals make away with nearly Rs 128 crore in frauds relating to debit and credit cards and net banking. Banks reported 6 cases every minute, to record a whopping 21,041 cases in the quarter ending Dec 31. As per RBI, the highest number of such frauds in the said period have been reported in the ATM/debit card category.
11:40 AM
Blogger
Yes Bank’s disconnect from various payments and fund transfer networks is affecting over 50 small banks, including cooperative, foreign and regional rural banks. With the moratorium shutting Yes Bank from the cheque clearing and real time gross settlement (RTGS) systems, several other banks that depend on the troubled private lender are also shut out.
11:28 AM
Blogger
11:28 AM
Blogger
11:28 AM
Blogger
11:20 AM
Blogger
10:28 AM
Blogger
10:28 AM
Blogger
9:10 AM
Blogger
Curbs on Yes Bank caused massive outages in the operations of leading UPI players. The National Payments Corporation of India (NPCI) has asked payment service providers on its popular payments platform UPI to adopt a multibank model in a bid to ensure “full resilience” of the country’s payments ecosystem.
8:10 AM
Blogger
Bank failures will keep happening as long as there are banks. Sound capital, reliable numbers are essential for a good banking system. But India needs a law to deal with failures like the now abandoned FRDI Bill. May be time for its enactment has come.
8:10 AM
Blogger
The central bank has been in touch with auditor BSR & Co., a part of KPMG India, over the past 12 months.
8:10 AM
Blogger
The bank may sell 49-60% stake to overseas investors to raise up to Rs 2,200 crore, says there is a specific deal.
6:50 AM
Blogger
10:20 PM
Blogger
9:58 PM
Blogger
9:28 PM
Blogger
8:58 PM
Blogger
8:58 PM
Blogger
6:20 PM
Blogger
5:28 PM
Blogger
3:25 PM
Blogger
The Reserve Bank of India's (RBI) decided to extinguish Additional Tier 1 (AT1) bonds of Yes Bank. The RBI’s decision has also increased uncertainty about these bonds, which are leading to a drop in the prices of these bonds issued by other banks, analysts said.
2:58 PM
Blogger
1:28 PM
Blogger
11:55 AM
Blogger
Yes Bank customers can now make credit card and loan payments from other bank accounts by using Immediate Mobile Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) services, the troubled private lender said. Last week, the Reserve Bank of India (RBI) took over Yes Bank amid the backdrop of scandals in the country’s financial sector in the last couple of years.
11:10 AM
Blogger
The development comes a day after its newly appointed administrator, Prashant Kumar, said that the moratorium on withdrawals could be lifted by Saturday. He also added that the bank is working towards restoring full services for its customers.
11:10 AM
Blogger
Many Indians still bear the scars from corporate scams and failures ranging from the Harshad Mehta scam in the 90s, to the Satyam Computer collapse in 2009. All this has resulted in widening the already existing trust deficit with businesses.
10:28 AM
Blogger
10:28 AM
Blogger
9:10 AM
Blogger
The restructuring scheme will be taken to the cabinet as an administrator has been appointed for Yes Bank in consultation with the government and it also entails a substantial cash infusion by public sector lender SBI.
8:10 AM
Blogger
Yes Bank administrator Prashant Kumar said, “we have full support from the RBI as far as liquidity is concerned. There is no issue whatsoever." Clarity on liquidity support for Yes Bank will emerge in three-four days, after which the lender expects to lift the cap on withdrawals.
7:06 AM
Blogger
The RBI restrictions on Yes Bank could seen private banks in the state facing some rough weather as the Maharashtra government has issued an order asking all of its departments and civic bodies in the state to not park money in private banks.
7:06 AM
Blogger
Former Yes Bank chief executive Ravneet Gill on Monday joined the Enforcement Directorate (ED) probe into a money laundering case against the bank’s cofounder Rana Kapoor.
7:06 AM
Blogger
A number of loans granted to stressed nonbanking financial companies (NBFCs) by Yes Bank have come under the scanner of investigative agencies, said people with knowledge of the matter.
7:06 AM
Blogger
The proposal may entail Rs 6,000 crore investment for 26% stake and a similar amount to be invested by a group of global investors. The RBI is also firming up plans to provide liquidity support of at least Rs 8,000-10,000 crore to stem any flight of deposits once the moratorium on Yes Bank is lifted.
6:50 AM
Blogger
6:50 AM
Blogger
1:06 PM
Blogger
YES, one of India's largest private lenders, was recently put under moratorium by the RBI in the wake rising bad loans and "serious governance lapses". On Friday, the Reserve Bank of India unveiled a revival scheme, saying that the State Bank of India could acquire a 49 per cent equity stake in the private sector lender.
1:06 PM
Blogger
State Bank of India on Monday said Chalasani Venkat Nageswar has been given additional charge of deputy managing director and chief financial officer (CFO) of the bank.
12:53 PM
Blogger
12:44 PM
Blogger
CBI raided seven places in connection of a cheating and corruption case it has registered against Yes Bank founder Rana Kapoor and promoters of Dewan Housing Finance Corporation Ltd (DHFL).
12:23 PM
Blogger
12:23 PM
Blogger
12:23 PM
Blogger
12:20 PM
Blogger
12:20 PM
Blogger
12:14 PM
Blogger
Rana Kapoor’s secretary had coordinated with officials of the scam-tainted DHFL for a Rs 600-crore loan, believed to be a kickback, as per ED. The kickback was in lieu of a Rs 4,450-crore debenture investment and loan sanctioned by Yes Bank to DHFL group companies.
11:44 AM
Blogger
Yes Bank’s deposits are understood to have shrunk far below the Rs 2 lakh crore reported at end September 2019. Thursday’s moratorium was preceded by withdrawals of bulk deposits following a downgrade in December 2019 itself.
11:44 AM
Blogger
After burning the midnight oil to migrate Yes Bank consumer IDs and merchant payments on the Unified Payments Interface (UPI) to ICICI Bank, both PhonePe and BharatPe (one of the largest merchant payments apps) said they restored operations fully over the weekend. These include peer-to-peer and merchant payments via UPI.
11:36 AM
Blogger
The halfhearted bailout just may turn a bad dream for savers into a nightmare for the financial system.
RSS Feed
Twitter
