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Your Money Safe, Says Finance Minister As Yes Bank Crashes 85%: 10 Points – NDTV Profit, Ndtv.com

Your Money Safe, Says Finance Minister As Yes Bank Crashes 85%: 10 Points – NDTV Profit, Ndtv.com

Yes Bank: Central bank said that the bank’s financial capability had undergone a steady decline.

A day after the Reserve Bank of India (RBI) suspended the Yes Bank’s board for a period of 50 days “owing to serious deterioration in the financial position of the Bank” and imposed a withdrawal limit of Rs , on its account holders till April 3, Finance Minister Nirmala Sithraman assured depositors that there will be no loss to any Yes Bank depositor. Earlier in the day, RBI Governor Shaktikanta Das said the central bank has a scheme to revive the beleaguered lender. “We will take swift action … and we have a scheme in place to revive the bank,” news agency Press Trust of India reported quoting Shaktikanta Das.

Here are 011 things to know about Yes Bank crisis:

  1. The decision on Yes Bank was taken at a “larger level” and not at individual entity level, and was aimed at ensuring the safety of financial system, RBI governor said further. The RBI governor also assured, “RBI stands ready to intervene in whatever way required to respond to epidemic challenges.” ( Also Read: Sensex Tanks 1, (Points; Virus Spread, Yes Bank Crisis Rattle Investors)

  2. “The RBI is fully ceased of the matter and has assured they will give a quick resolution. I want to assure every depositor that their money shall be safe. Their moneies are Safe. I’m constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, bank and economy. We are fully of ceased of the development, “Ms Sitharaman told reporters in New Delhi.

  3. After the Reserve Bank of India placed Yes Bank under the moratorium and imposed withdrawal limit, the stock price of the Mumbai-based private lender crashed (per cent to hit an intraday low of Rs 5.) on the National Stock Exchange. The stock closed at Rs 40. 728 on Thursday.

  4. While placing the bank under the moratorium, the central bank said that the bank’s financial capability had undergone a steady decline largely due to the inability of the bank to raise capital.

  5. Moody’s said the moratorium was credit negative as it affected timely repayment of depositors and creditors and added that the lack of coordinated action continued uncertainty over bank resolutions in India.

  • “Effectively, Yes Bank should have no equity value left,” said Sandip Sabharwal, a Mumbai-based fund manager.

  • Ideally, trading should be suspended till formal restructuring is announced. . ” SBI said late Thursday that its board had given its in-principle nod to explore an investment in Yes Bank.

  • “We believe forced bailout investors will likely want the bank to be acquired at near zero value to account for risks associated with the stress book and likely loss of deposits,” JPMorgan analyst Saurabh Kumar said in a note, as it cut its price target on the lender to Rs 1 from Rs 65 a share.

  • Domestic stock markets suffered sharp losses in early trade on Friday amid a selloff across the world as the spread of the coronavirus pandemic stoked fears of recession. RBI’s action of seizing control of the beleaguered Yes Bank and possible ramifications on the financial system also dented sentiments on Dalal Street.

  • The S&P BSE Sensex index nosedived as much as points to hit , . on the downside in the first few minutes of trade, and the broader NSE Nifty benchmark dropped to a low of , 1459. , down 441. points from the previous close.

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