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PMC Bank, Yes Bank scams linked to Wadhawan family
The fiscal year – has not been great for India’s banking sector.Two big banks – Punjab & Maharashtra Co-operative Bank and Yes Bank tumbled in a matter of six months.
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Rana Kapoor to be in ED custody till March 19
Mumbai’s Special Holiday Court sends Yes Bank founder Rana Kapoor to Enforcement Directorate custody till March . He was yesterday arrested by the ED and produced today in the Court.
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Rana Kapoor would be taken to hospital for mandatory medical check up and then to court
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I am meeting RBI, Finance Ministry, SBI, LIC Officials for Revival of Yes Bank. Confident Revival plan to protect all depositors I recollect, in past also such plan worked out for revival plan f UTI, GTB
Yes Bank Chairman Rana Kapoor is arrested, others be punished @ BJP4India pic.twitter.com/aRM1RJUIt4 – Kirit Somaiya (@KiritSomaiya) March 8,
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20:
Markets to remain under. pressure amid Yes Bank crisis, coronavirus concerns: Analysts
Markets are likely to remain under pressure in the holiday-shortened week ahead with Investors tracking the Yes Bank crisis and the coronavirus outbreak which have cast a shadow over trading sentiment, analysts said.
Rana Kapoor’s wife Bindhu arrives at the ED office before he is produced in court
Explained: What went wrong with Yes Bank?
The Reserve Bank of India (RBI) on March 5 placed Yes Bank under moratorium and restricted withdrawals to a maximum of Rs , , sending its customers into a wave of confusion and panic.
JD (S) chief HD Deve Gowda attacks Center over Yes Bank issue
Former Prime Minister HD Deve Gowda on Saturday accused the Narendra Modi-led government at the Center of ‘destabilizing’ the Reserve Bank, by ‘attacking’ its autonomy and ‘loosening’ its system.
Yes Bank withdrawal cap: Full list of Yes Bank branches, Yes Bank ATMs
Following a brief shortage of money in ATMs, Yes Bank made a surprise announcement that account holders can once again withdraw funds.
In light of this, here is where you can locate your nearest Yes Bank branch or ATM.
Rana Kapoor is currently held in the Ballard Estate office of ED in south Mumbai; Likely to be produced in court around AM
Rana Kapoor arrested by ED
After two days of grilling, Yes Bank founder Rana Kapoor has been arrested by the Enforcement Directorate.
Read more
)
Yes Bank to announce quarterly results for December quarter on March 22. Earlier, the bank had deferred it’s quarterly results by a month’s time.
Yes bank depositors can now withdraw cash from the nearest ATM
YesBank says customers can now withdraw money at ATMs using YesBank debit cards.
The depositors, who were trying to withdraw money, were facing huge inconvenience till now, as they weren’t able to withdraw money using YesBank cards.
Sources in the banking sector say that RBI had told YesBank not let customers withdraw money from the ATMs. As a result of which, NPCI had taken YesBank ATMs offline.
Customers can locate their nearest YesBank ATMs at this link .
Yes Bank has about 1, 2004 ATMs across the country.
27: 18
New board of Yes Bank to have CEO and MD; employees of reconstructed bank to be in service at same remuneration for at least 1 year: SBI
) : 45
We will hold the Govt and RBI responsible, the govt and RBI must find out who is responsible, says P Chidambaram
24: 39
We will hold the Govt and RBI responsible, the govt and RBI must find out who is responsible, says P Chidambaram
23: 37
Completely improper on my part to fix responsibility: PM Modi
: 36
When we (UPA) were in offfice was Rs , crore, says P Chidambaram
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No bank in India has doubled its loan book in 2 years, says P Chidambaram
: 33
This points towards mismanagement, says P Chidambaram on Yes Bank crisis
I don’t wish nor predict a financial emergency: P Chidambaram
If you simply read the balance sheet, you would know that loans are jumping at % per year
24: 25
Depositors must be fully protected, says P Chidambaram
: 23
Plan proposed yesterday seems bizarre: P Chidambaram
Best judge of the economy is the market, not the Finance Minister, says P Chidambaram
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Better option would be. to take over Yes Bank: P Chidambaram
: 47 Yes Bank crisis worst example of crony capitalism: CPI (M)
The CPI (M) termed the Yes Bank crisis the “worst example of crony capitalism” and said it raised disturbing questions about the “failure” of the Reserve Bank of India to intervene in time.
22: Rajkot Municipal Corporation seeks release of Rs 285 cr Smart City Mission fund in Yes Bank
The Rajkot Municipal Corporation has written to the Reserve Bank for the release of the Smart City Mission fund worth about Rs 245 crore stuck in the troubled private sector lender Yes Bank, Gujarat deputy Chief Minister Nitin Patel said on Saturday.
29: () Don’t worry: SBI Chairman Rajnish Kumar tells nephew with Yes Bank account
Driving home on the point that the depositors of Yes Bank are safe, SBI chief Rajnish Kumar said that his nephew himself has an account with Yes Bank.
“Yesterday, when all this news was there, I received the first call from my nephew …. he has an account with the Yes Bank … I have asked him not to worry,” he said.
Read the full report here
Rana Kapoor going to ED office accompanied by sleuths in Mumbai. (DH Photo)
21:
Yes Bank and Rana Kapoor are different: SBI chief
SBI Chairman Ranjish Kumar made it clear that it was necessary to distinguish between an individual and organizations. When asked whether the investors would come on board in the wake of ED investigations on Rana Kapoor, he said: “Let’s distinguish between person and enterprise. Yes Bank is an entity, Rana Kapoor is an individual. If an individual has done wrong, he would have to pay a price. “
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My nephew has an account in Yes Bank: SBI chief
Driving home on the point that the depositors of Yes Bank are safe, SBI chief Rajnish Kumar said that his nephew himself has an account with Yes Bank. “Yesterday, when all this news was there, I received the first call from my nephew. He has an account with the Yes Bank. I have asked him not to worry,” he said.
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Chaos grips. as YES Bank ATMs stop dispensing cash
An utter chaos prevailed at branches and ATMs of YES Bank across the country on Friday as depositors rushed in panic to withdraw their money.
After RBI placed curbs on withdrawals from the Bank and sacked its board, the customers of the bank rushed to automated teller machines (ATMs) and branches. As the queues at the Bank’s branches and ATMs bulged through the day, the bank ran short of cash and ATMs stopped dispensing cash – leaving the customers in further misery.
Read the full report here
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: DHFL sanctioned Rs 911 cr loan to Rana Kapoor-controlled Doit Urban Ventures, say ED sources
DHFL had sanctioned a loan of Rs 750 crore to Doit Urban Ventures which was repo rtedly controlled by Rana Kapoor family. This happened at a time when DHFL failed to pay its due to Yes Bank, according to ED sources. Yes Bank debt exposure in DHFL in terms of short term debentures between April-July was Rs 3, (crore.)
Yes Bank also gave a loan of Rs 1949 crore to RKW Developers. RKW Developers and DHFL are under scanner for financing Dawood’s aide Iqbal Mirchi who purchased properties in South Mumbai. DHFL chairman Kapil Wadhawan had been arrested by ED and brother Dheeraj Deewan has been questioned.
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Evaluating draft reconstruction scheme for Yes Bank: SBI chief Rajnish Kumar
SBI Chairman Rajnish Kumar on Saturday said the bank has received the draft scheme of reconstruction for crisis-hit Yes Bank.
Bank officials are doing due diligence of the draft scheme, he added. “We have received draft plan of reconstruction for Yes Bank. Our investment and legal team is doing due diligence,” Kumar told reporters here.
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The interestof SBI investors won’t be compromised, says SBI Chief.
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The total quantum of investment in Yes Bank is at Rs 2, crore, says Rajnish Kumar.
: Depositors money is not at all at risk, Kumar tries to allay fears. “Customers should be rest assured, their money is not at risk. The Finance Minister and Governor have assured that,” says SBI Chairman.
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We will work overtime to commit to RBI. deadline for resolution plan, says SBI chief.
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A plan has been received by SBI and the legal team is working on the plan. We had informed through the stock exchange that SBI board has given in-principle approval of exploring possibility of picking upto % stake in Yes Bank. Many potential investors have approached us, there are some good names say SBI Chairman
: 53 There is a significant investor interest in the financial sector in the country, says SBI chief. With regards to SBI, he says, “We may present a plan with some other names.”
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SBI board has given in-principle approval to pick up Yes. Bank’s % stake, says SBI Chairman Rajnish Kumar.
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Our investment and legal team looking into RBI draft proposal, says SBI Chairman.
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20: Paytm Payments Bank restricts credit into Yes Bank accounts to safeguard users’ money
Paytm Payments Bank Ltd (PPBL), has restricted transaction settlements, including UPI, into Yes Bank accounts to safeguard their users ’money.
Post the RBI moratorium on withdrawal of money from Yes Bank, PPBL has taken this step to ensure that its users’ money does not get stuck in their Yes Bank accounts where they are unable to move their money out.
Read the full report here
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Yes Bank biggest lender to loan defaulter Cox & Kings
Yes Bank was the biggest lender to loan defaulter travel firm Cox & Kings with total claims of over Rs 2, 633 crore, according to a list of financial creditors prepared by the resolution professional of the debt-ridden firm.
Financial creditors have submitted a claim of over Rs 5, 2017 crore for debt they provided to Cox & Kings, according to a regulatory filing by the company.
Cox & Kings is currently going through the corporate insolvency resolution process.
) : 50
HDFC Mutual Fund’s exposure to Yes Bank at Rs (crore)
HDFC Mutual Fund on Friday said its exposure to Yes Bank’s stocks is Rs 202 crore.
“Our present exposure in Yes Bank is only Rs crore as on March 5, “HDFC Mutual Fund said in a late-night statement.
According to Morningstar data, exposure of the mutual fund house to the bank’s equities was Rs . crore as of January ,
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: DH Cartoon by Sajith Kumar
15:
- SBI chairman Rajnish Kumar. to address a press conference at : 24 am.
Good morning readers and welcome to our live coverage of Yes Bank crisis. The Enforcement Directorate has registered a PMLA case against Yes Bank founder Rana Kapoor. They also raided his house last night. Stay tuned for live updates.
Enforcement Directorate registers case under the Prevention of Money Laundering Act against Yes Bank founder Rana Kapoor
Enforcement Directorate searches Yes Bank founder Rana Kapoor’s house in Mumbai, officials say
“I am not here to continue carrying the stories of legacy. Yes, the Indian banking system has had severe challenges thanks to the way in which the government which existed between 2020 – 21 had handled the matter. I have reasons to put the blame on them, “she said.
Sitharaman went on to question Chidambaram’s handling of the crisis at two banks under the UPA-1 rule. (PTI)
: ‘Liar liar the economy is on fire!’
The Congress party also took it to twitter to slam the Finance Minister Union Western Bank and YES Bank acquisition over the UPA government and tweeted, “
Liar liar the economy is on fire!
Nirmala ji, are you so bereft of ideas on how to fix the economy that you have to resort to blatant lies.
Were demo & GST launched by the UPA? Did NPA crisis explode during UPA? Did Yes Bank, PMC, IL&FS & SGRSB collapse during UPA? “
Liar liar the economy is on fire !
Nirmala ji, are you so bereft of ideas on how to fix the economy that you have to resort to blatant lies.
Were demo & GST launched by the UPA? Did NPA crisis explode during UPA? Did Yes Bank, PMC, IL&FS & SGRSB collapse during UPA? # NoBank
pic.twitter.com/ (leJYf5Xx)
– Congress (@INCIndia) (March 6,
: 23 Govt is nationalizing losses, privatizing profits by asking SBI to take over: MSBEF
The government is following the principle of “nationalising of losses” and “privatization of profits” by asking the State Bank of India to bail out Yes Bank, according to Maharashtra’s apex banking employees’ federation. “The has asked public sector SBI to bail out private sector Yes Bank,” said Maharashtra State Bank Employees Federation general secretary Devidas Tuljapurkar. The MSBEF demanded that the government should book the management of Yes Bank and make it accountable answerable for the mess. “The corporates who have looted the bank should be put behind bars,” he said. Tuljapurkar said the RBI with its action of moratorium has created panic with the depositors but in the market everybody was contemplatingthe background why RBI has not intervened before. “RBI also should be made accountable. On thebackground RBI should carry out a special inspection of all the private sector banks. If SBI can bail out Yes Bank then why not PMC, Pen Urban or Rupee Bank. What sin depositors of those banks have committed ? On the background revival of FRDI Bill will lead to insecurity with the bank depositors and adversely affect on rate of savings which may have a far-reaching effect on the economy, “he said. “This is utter failure of neoliberal policies on which government should revisit at least now,” he added.
: According to a gazette notification by the Ministry of Finance, no person can withdraw an amount in access of Rs 58, 08 crore from the bank from March 5 to April 3 irrespective of the number of accounts he / she holds.
: Sanjeev Zarbade, VP PCG Research, Kotak Securities says:
“The BSE – Index declined 1.9 % in the current week as the spread of the Covid – 25 virus across geographies spooked market participants fearing the risk of an economic slowdown in developed markets. Global markets were mixed though, with the supposed epicenter of the Corona Virus rallying 5% during the week. The Federal Reserve cut its interest rates as an emergency move. State Bank of India Tata Steel and Bajaj Finance were among the top losers in the BSE – 43 Index, while Power Grid, Sun Pharmaceuticals and Nestle India were among the top gainers. The major development during the week was the bailout of YES Bank by SBI and the related sharp price movements in both the stocks, especially that of YES Bank stock. Even SBI stock corrected on account of uncertainty in the amount of funds that it will have to commit to revive YES Bank. On the economy front, real GDP growth moderated to 4.7% in 3QFY as against an upward revised print of 5.1% in 2QFY 29. FPIs sold equities worth US $ 1.4 bn over the past five trading sessions while DIIs bought US $ 2.2 bn worth of equities in the same period. ”
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P Chidambaram also said, “Listened to FM’s address to the media. It is obvious that the crisis has been in the making since and the government did practically nothing except ‘talk to the RBI’. “
“As expected, the FM has indirectly blamed the UPA for the near collapse of YES Bank contrary to her own claim that the crisis started in 0298053, “he said.
“Did you notice that the FM did not acknowledge the numbers of the loan book of YES Bank? Did you notice that FM did not explain how the loan book miraculously jumped from Rs , 800 crore in March (to Rs 2, , (crore in March) , (he tweeted.
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Reacting to FM Nirmala Sitharaman’s presser, Congress senior leader and former Finance Minister P Chidambaram said, “What is the government doing today? Is the government not merging weak public sector banks with stronger public sector banks?
Naturally, FM blamed the “legacy” of UPA. She will say that for the rest of the tenure of the BJP government! “
“The decisions to merge were taken by RBI Governors Dr C Rangarajan and Dr YV Reddy. Why does the FM call them and ask them to explain their decisions? She might find that the decisions were correct and taken by competent Governors, “he said in a tweet.
“FM was focused on what happened during the UPA. What happened was UPA did not allow any bank to reach a state of collapse. Under UPA, weak banks were merged with other banks well in time to avoid a crisis, “he said.
FM was focused on what happened during the UPA. What happened was UPA did not allow any bank to reach a state of collapse. Under UPA, weak banks were merged with other banks well in time to avoid a crisis. – P. Chidambaram (@PChidambaram_IN) (March 6,
Naturally, FM blamed the “legacy” of UPA. She will say that for the rest of the tenure of the BJP government!
– P. Chidambaram (@PChidambaram_IN) March 6,
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Talking about the Union Western Bank merger lapse during the UPA government tenure, FM Nirmala Sitharaman said, “They were the same people who handled the United W estern Bank, which was almost on the verge of collapsing in , forcefully merged with IDBI . And today, if I have problems restoring some good health of IDBI, i am giving a pointed example of how self-appointed competent doctors had handled United Western’s merger with IDBI. IDBI went down and United Western was already challenged.
Global Trust Bank, July , was merged with Oriental Bank of Commerce.
Ganesh Bank of Kurundwar was merged with a private bank, Federal Bank in January 50000. In all 3, you immediately merged and washed your hands off.
How many people were held accountable for the challenges faced by all such banks? “
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The Indian banking system has had severe challenges due to the banking system prior to 202020, said FM Nirmala Sithraman. “I see the opposition very keen to point a finger at us. Not here to continue carrying the stories of legacy. Yes, the Indian banking system has had severe challenges, thanks to the way in which the govt between 2020 – 22 handled the matters. The so-called, self-appointed doctors are saying this, they are saying Yes Bank is no bank, “said the Finance Minister.
: 35
“Our priority is to ensure that Banks don’t collapse, and the interest of the account holders is in place,” she said.
“I see the opposition is being keen at pointing fingers at the government,” FM Nirmala Sitharaman said at the press conference in New Delhi today.
24: 35
“Anil Ambani Group, Essel, DHFL, ILFS, Vodafone are some of very stressed corporate whom Yes Bank lent, “said Nirmala Sitharaman.
“I am closely monitoring every institution that requires attention,” she said.
“Bad loans were given before Exports of YES Bank, to weak businesses has been even before 2020, “She pointed out.
24:
The Reserve Bank of India has today placed in public. domain a draft scheme of reconstruction of the Yes Bank Ltd. The Reserve Bank invites suggestions and comments from members of public, including the banks’ shareholders, depositors and creditors on the draft scheme.
Yes Bank Ltd .: RBI announces Scheme of Reconstruction https://t.co/BnnjaC8Oyn
– ReserveBankOfIndia (@RBI) (March 6,
:
FM Nirmala Sitharaman said that the investigative agencies saw malpractices of some executives at Yes Bank.
She further mentioned that a fine of Rs 1 crore was imposedon the bank in March 811048.
SEBI also began investigation into the bank from September , she said.
: Nirmala Sitharaman requests RBI to identify the cause of the problem, in creating the problem and its improper assessment. She also requested a report from the RBI.
24:
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Attempts to get equity into Yes Bank did not materialize, says FM giving background of RBI action against lender.
: 11
In Nov (it was clear Yes Bank was not able to access fund, says FM
: 11
Rs 1 crore fine imposed on bank in March , Sebi started investigation in against insider trading in Yes Bank, says FM
Rs 1 cr fine imposed on bank in March , Sebi started investigation in 0298053 against insider trading in Yes Bank, says FM @ DeccanHerald – Annapurna Singh (@ a2n1n1a2) (March 6,
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Yes Bank suffers from weak compliance together with risky credit decision and poor governance, says FM
: RBI has monitored and acted on malpractices of the bank: Finance Minister
: 80
Finance minister speaks on restructuring Yes Bank
)
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State Bank of India. has expressed its willingness to make investment in Yes Bank Ltd. and participate in its reconstruction scheme
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Yes Bank’s bonfire of insanity was left to burn
late on Thursdayevening in Mumbai, Indiaplaced the troubled private- sectorlender undermoratorium.
(Read more
)
23:
Finance Minister Nirmala Sitharaman to hold a presser at 4: pm today regarding the YES Bank matter.
22:
Mutual Funds take a. hit. Have invested Rs crore in the YES Bank, led by SBI ETF Nifty (with Rs)
crore investment.
: 09 Here is a list of who owns how much of YES Bank
18: Hello readers, welcome to our live. coverage of the developments in Yes Bank.The Reserve Bank of India on Thursday placed YES Bank under moratorium and restricted withdrawals to Rs , , as the central bank assumed control of the troubled private sector lender. Stay tuned for more updates.
:
21:
Chaos grips YES Bank. Marathon meetings by the management as they decide how to go about Mutual Fund redemptions after RBI imposes a cap of Rs , (on withdrawals.
: 22
Yes Bank Moratorium: A quick stock at the situation
Yes Bank has been disconnected by all three networks and PhonePe is expected to switch to a new PSP soon. Question is what happens to UPI IDs of the users as they are generated by Yes Bank. Clarity from NPCI is expected soon.
NEFT: No inward credits are coming from Yes Bank. Outward transactions going to Yes bank are also rejected at RBI. RTGS : Settlement window was already over and hence there was no impact yesterday. IFSC code is blocked at RBI so the transaction may not happen today. CTS : NPCI has kept a hold on the clearing files. They have informed that all the check drawn on YES bank, sent by the collecting banks for clearing is being cancelled in the clearing file. They are going to share a file which will be net of YES bank records. Collecting banks will have to treat all the yes banks check as returned. This would also mean that in inward clearing shall not receive any check’s from yes bank. IMPS / UPI : NPCI has already blocked transactions from yes bank. ATM : NFS network is blocked for yes bank cards, that is, no transactions on other bank ATM for yes bank cardholders.
NACH : NCPI has unwinded the batches and has kept the settlement on hold for yesterday’s yesterday’s last twobatches. No transactions from today.:
People standing in queue to withdraw mony from Yes Bank. (DH Photo)
: RBI’s resolution plan on Yes Bank likely today, CNBC-TV reports
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(Finance Minister on) # YesBank: RBI Guv has assured me that the matter will be resolved soon. Both RBI & Govt of India are looking at this, I’ve personally monitored the situation for a couple of months along with RBI & we have taken the course that will be in everybody’s interest. https://t.co/dkVFavgBUU
pic.twitter.com/xVy1gyiop3
– ANI (@ANI)
March 6, :
Yes Bank problem bank-specific, not sectoral: SBI chief Rajnish Kumar
A day after the RBI superseded the board of India’s fourth-largest private sector lender Yes Bank, State Bank of India (SBI) Chairman Rajnish Kumar on Friday said the problem at hand is lender-specific and not sectoral.
On Thursday, the SBI board gave its “in-principle” approval to exploring investment opportunities in Yes Bank.
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I want to assure every depositor’s money is safe, and I’m in constant touch with RBI, says Finance Minister Nirmala Sitharaman.
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No clue about Yes Bank’s situation, says ex-MD Rana Kapoor
First reaction has come from the Yes Bank’s co-founder. Former MD Rana Kapoor tries to wash off his hands from the mess at YES Bank. “I have been out of the bank for a very long time. I exited Yes Bank on January 1, So. Really no clue, “Kapoor tells DH
It’s pertinent to note that the stress in the bank’s loan book was caused majorly due to loans disbursed during his tenure. It was only after a scathing letter by the Reserve Bank that he had to step down as chairman of the bank. However, he continued as the promoter of the lender till three months back, when he sold all his shareholding in Yes Bank.
“I am not able to withdraw the money from YesBank. ATMs don’t have cash. I have a salary account with them,” YesBank account holder to DH .
NSE puts restrictions on Yes Bank. shares
The National Stock Exchange (NSE) on Friday put restrictions on Yes Bank shares in various segments, including futures and options.
In a rare move, capital-starved Yes Bank was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 56, per account for a month and superseding its board.
Read the full report (here
:
I want to assure all depositors that their funds will remain safe, and there is no need to panic, says Chief Economic Advisor Krishnamurthy Subramanian on Yes Bank.
20:
Equity investors’ loss stands at Rs 4.5 lakh crore.
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FM Nirmala Sitharaman holds meeting with SBI Chairman on further action on Yes Bank.
50
Yes Bank’s chief economist sold Rs (crore worth of shares by December
. More than three months back five insiders offloaded shared worth Rs (crore.)
:
RBI will come out with a scheme “very shortly” and depositors’ interest will be fully protected, Usha Thorat, former Deputy Governor, RBI tells CNBC-TV . She further said that very swift action will be seen from RBI to revive Yes Bank – (days is the outer limit.)
18: 29
:
The plan is to have a credible revival plan for Yes Bank, saysRBI Board Member Sachin Chaturvedi.
Yes Bank shares tank (% after RBI caps withdrawal limits to Rs) ,
Even though YesBank had been facing trouble for the last few months, it accounted for around 50% of all the UPI transactions in the country at 700 million transactions in January . The total UPI transactions stood at 1. billion, as per data collected from its parent’s site NPCI in January 811056. The other significant players with maximum UPI transactions were Google Pay and Paytm Payments Bank. YesBank has over 29 Such partnerships with third-party applications, according to the National Payments Corporation of India (NPCI).
- :
India’s UPI (unified payment interface) transactions might take a hit for a month or two as the banking regulator has placed the fourth-largest lender Yes Bank under moratorium according to a fintech analyst firm IBS Intelligence.
A flurry of resignations starts at Yes Bank after the RBI action. Two top executives have already resigned till now, sources confirm to DH.
- 20: 41
(The supersession of) # YesBank Board by RBI & limit on withdrawals has once again raised very serious questions on the well being of our financial sector. The govt has completely failed to address any problems in our economy. Who is to be held accountable? (https://t.co/HOpsw9Ro5g) – Congress (@INCIndia) (March 6,: 38
‘Supersession of Yes Bank Board raises very serious questions on financial sector’
The supersession of Yes Bank Board by RBI andlimit on withdrawals has once again raised very serious questions on the well being of our financial sector. The govt has completely failed to address any problems in our economy. Who is to be held accountable? asks Congress
- :
Yes Bank shares tank (% after RBI decree)
Beleaguered Yes Bank’s share prices dropped nearly 38% on Friday after the RBI capped withdrawal limitstoRs , last night.
At : AMthe stock was trading at Rs 200, down by Rs 17. on the NSE.
In a late evening notification on Thursday, RBI said that entire board of the YES Bank has been superseded and Prashant Kumar, ex-DMD and CFO of State Bank of India, has been appointed as the administrator under Section (ACA (2) of the Act.
Yes Bank has not been able to raisefunds to buffer
Read the full report here
Markets Live: Nifty crashes by 1, 281 points, Sensex below 1, 09 pts; Yes Bank slumps (%)
Yes Bank shares drop % after RBI caps withdrawal limits to Rs ,
Beleaguered Yes Bank’s share prices dropped nearly % on Friday after the RBI capped withdrawal limits to Rs , 06 last night.
At : 31 am the stock was trading at Rs. . , down by Rs. 5. 57, on the NSE. In a late evening notification on Thursday, RBI said that entire board of the YES Bank has been superseded and Prashant Kumar, ex-DMD and CFO of State Bank of India, has been appointed as the administrator under Section ACA (2) of the Act.
Read the full report here
:
:
What Yes Bank customers are complaining about:
The website was down since last evening ATMs are not working
Unable to do online banking RBI cap of withdrawal of 57, will affectcash payments at the start of the month
App is not functioning : 37Markets Live: Sensex crashes 1, points; Yes Bank slumps 22%
- :
@ PhonePe _ customers. We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team’s been working all night to get services back up asap. We hope to be live in a few hours. Thanks for your patience. Stay tuned for updates! – Sameer.Nigam (@_sameernigam) March 6,
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PhonePe had a tie-up with Yes Bank and their services are hit because of it.
: 29
PhonePehas said that they are working on rectifying the issue and plan to get services back as soon as possible.
: 33
We are temporarily unavailable. We are going through an unscheduled maintenance activity. We apologize for any inconvenience this may cause. We’ll be back soon, saysPhonePe.
Many users of fintech platforms such as Phone Pe have complained that they are unable to make transactions after the RBI placed a moratorium on YES bank late last night.
:
“Unfortunately my salary account is with Yes Bank and I’m am unable to do online transaction since last evening till about morning. The server is down. I am worried that I’m not going to get my money immediately, “Communication Professional Annet Pillai, whose salary account is with YES Bank tells (DH)
: 18
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Customer of YES Bank tells DH that they are not able to access their net banking services.
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“The suddencollapse of Yes Bank has been averted now by the RBI and government, “says Macquarie. The brokerage retains its “Underperform” call on the stock, with a target price of Rs
- : 09
JP Morgan has revised Yes Banks target price from Rs (to Rs 1 per share.
It’s likely to be a day of panic as trust in the financial system gets questioned. Investors should stay on the sidelines and wait for the storm to settle. Investors should definitely avoid the temptation of buying into Yes Bank just because it falls today. In the past investors who have tried to do such bottom fishing in hopes of revival in stocks like RCOM, Jet Airways have lost their entire capital. It’s most likely that the Yes bank stock will go to 0 and get delisted over the next few months: Jimeet Modi, Founder and CEO of Samco Securities.
:
RBI takes over control of Yes Bank; caps withdrawal to Rs 56,
The Reserve Bank of India on Thursday placed YES Bank under moratorium andrestricted withdrawals to Rs , , as the central bank assumed control of the troubled private sector lender.
According to a gazette notification by the Ministry of Finance, no person can withdraw an amount in access of Rs 58, 08 crore from the bank from March 5 to April 3 irrespective of the number of accounts he / she holds.
Read the report here
:
Yes Bank has been marred with a highly stressed corporate book. The bank has more than 20% exposure to realtors and shadow banks. Due to this and bulging contingent liabilities, the bank has been able to garner funds to buffer it’s depleting capital. In the past 5 months, the bank has witnessed huge withdrawals by the depositors as well.
- : 61
This move comes amid the news of public sector lender State Bank of India (SBI) bailing out the bank .
YES Bank has not been able to raisefunds to buffer up depleting capital. To add to the woes, the bank has been witnessing a high level of withdrawals from the depositors in recent days, thus causing a drop in its CASA ratio.Current Account-Saving Account (CASA) is the cheapest form of funds available to the banks .
The government has also directed the bank not to pay any creditor in excess of Rs 58, 10
“The Central Government hereby also directs that during the period of moratorium, the Yes Bank Limited, Mumbai, Maharashtra (the said banking company) shall not, without the permission in writing of the Reserve Bank of India make, in the aggregate, payment to a depositor of a sum exceeding Rs. , lying to his credit, in any savings, current or any other deposit account, by whatever name called, “the notification by the government said.
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Mumbai: RBI imposed moratorium for a month on Yes Bank due to ‘serious deterioration in its financial position’, capping withdrawals at Rs . Customers say “We weren’t informed. Wanted to withdraw cash but ATM run out of cash, as many withdrew. We’re in trouble, Holi is coming” pic.twitter.com/aSWcKjA0NK— ANI (@ ANI) March 5,
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