Yes bank news。 Yes Bank Shares To Exit Nifty 50: Yes Bank (YesBank) To Be Replaced By Shree Cement (SHREECEM) In Nifty

Yes Bank News: Cheated by a system and bank we trusted: Yes Bank AT1 bondholders cry for help

The RBI has taken a timely call on YES Bank. A bad dream that had started early last year for Gurugram resident Chirag Patni's mother became a nightmare when RBI superseded Yes Bank's board. The troubled bank has been forced to shrink its book due to capital paucity and was hoping to close the fundraising by December. 54 AM: RBI appoints former SBI CFO Prashant Kumar as administrator for Yes Bank The RBI has imposed a moratorium on YES Bank, superseded its board, and imposed a withdrawal limit of Rs 50,000. The central bank has also superseded YES Bank's board. That is why, Prime Minister insisted that we increase deposits' insurance from Rs 1 lakh to to Rs 5 lakh, says the FM. 48 PM: Customers a harried lot due to curbs on withdrawal YES Bank customers are facing major issues while withdrawing cash from ATMs. Modi and his ideas have destroyed India's economy," says Congress leader Rahul Gandhi. The bank, however, did not provide any details regarding the matter when contacted. The third-party service providers that generate these cookies, such as, social media platforms, have their own privacy policies, and may use their cookies to target advertisement to you on other websites, based on your visit to our sites. First and Third-party Cookies First party cookies These are those cookies that belong to us and which we place on your device or are those set by a website that is being visited by the user at the time e. Click on the Menu icon of the browser, it opens up a list of options. Interestingly, the bank was set up by top-notch professionals. What RBI said Though he denied naming his relationship manager at a Yes Bank branch in Kolkata on ethical grounds, he wondered how the bonds are being written off when they are at par with equity investments. 75 Annual FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Net Cash flow from Operating Activities -57,640. For example, if you view or listen to any embedded audio or video content you may be sent cookies from the site where the embedded content is hosted. "I have not been involved whatsoever with the bank for the past over 13 months. 17 am: Yes Bank crisis: Brokerage firms cancel clients' withdrawal request We have cancelled all fund withdrawal requests made by clients to their YES bank accounts so that the money doesn't get blocked. 35 per cent so far this year as of Tuesday's closing price , following a 74. Did you notice that FM did not explain how the loan book miraculously jumped from Rs 55,633 crore in March 2014 to Rs 2,41,999 crore in March 2019? However, this will not prevent the sites from placing further cookies on your device unless and until you adjust your Internet browser setting as described above. 58 Quarterly Annual Sep 2020 Jun 2020 Mar 2020 Dec 2019 Sep 2019 Total Income 5,952. RBI later plans to put in place a revival scheme for the private lender. 18 PM: Our approach has been to ensure that institutions don't collapse. There is a possibility of a third investor but that is not yet finalised. Advertising Cookies These cookies collect information about your activities on our sites as well as other sites to provide you targeted advertising. 50 AM: Apart from SBI and LIC, the RBI may also rope in more banks to form a consortium of banks to revive YES Bank, suggest reports. Many mutual funds and institutional investors are expected to legally challenge the decision as the decision heavily impacts their business. The third was a boardroom battle with Madhu Kapur, his sister-in-law. The comes six months after the regulator did the same with cooperative lender PMC Bank after a large scam was unearthed. Take a look; Deteriorating Financial Position The financial position of Yes Bank has undergone a steady decline over the last few years because of its inability to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits. Yes Bank said it had received non-binding from JC Flowers, Tilden Park Capital Management, OHA UK part of Oak Hill Advisors and Silver Point Capital for a cash infusion. 00 PM: Congress leader P Chidambaram addresses allegations of mismanaging institutions levelled by Finance Minister Nirmala Sitharamann against the UPA government. "Selling these bonds were allowed by Yes Bank for retail investors, it is all there in the documentation. "They have sold the bonds in a tricky way. The reshuffle comes in the backdrop of a periodic review by the National Stock Exchange NSE , which will also replace few other stocks in its indices from the close of market hours on March 26, according to a statement by the bourse. in said they were lured in by bank relationship managers, who assured them that these bonds can be easily liquidated and involve no risks. 06 PM: What SBI chief Rajnish Kumar says on YES Bank SBI Chairman Rajnish Kumar, after meeting with Union Finance Minister Nirmala Sitharaman, said the state-owned lender had given "in-principle" approval of intent to invest in YES Bank. Ultimately, the RBI had no choice but to use its ultimate weapon of placing the bank under moratorium. Also Read: Governance Issues The bank has also experienced serious governance issues and practices in recent years which have led to a steady decline of the bank. Source: Consolidated Financials• You may refuse to accept browser Cookies by activating the appropriate setting on your browser. On the third day public sector banks will invest around Rs 30,000 crore into certificates of deposits of the bank and the moratorium will be lifted on the fourth day. Currently, Yes Bank shares are available to investors at the lowest price among the 50 Nifty components, which include Eicher Motors, Nestle India, Bajaj Finance and Maruti Suzuki. When the going was good, Kapoor used his stake to raise around Rs 630 crore by pledging his shareholding in the bank through two promoter entities — Morgan Credit and Yes Capital. Those seeking more than Rs 5 lakh will have to submit a written request to Reserve Bank Administrator for YES Bank, Prashant Kumar, or the panel led by him. 12 Annual FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Advances 1,71,443. 05 PM: Govt completely committed of the ensure safety of depositors money, says Sitharaman 5. It was at this point that Kapoor began the pursuit of his dream to set up his own financial institution by floating Rabo India Finance with brother-in-law Ashok Kapur and another banker Harkirat Singh. 22 PM: We have taken a considered view that supecession should happen. 02 PM: By November 2019, new CEO started working intensively with RBI. Even after launching the bank, Kapoor had three major setbacks. While this ended in a truce, Kapoor did not have the satisfaction of having his own people on the board. Though legally RBI has the power to , it would be unfortunate for the people who were lured into investing in such risky financial products. 41 PM: Breaking her silence on YES Bank crisis, Finance Minister Nirmala Sitharaman has assured YES Bank customers that each depositor's money is safe. However, as the share price of his bank collapsed, lenders began selling all his holding, pushing down the share price even further, and thereby hurting the revival plans of the bank as well. 02 AM: The RBI took over of the YES Bank management has weakened sentiment in domestic market. 50 AM:SBI board gives 'in principle' nod The has given the largest lender an "in-principle" approval to invest in the capital-starved Yes Bank. - Nithin Kamath Nithin0dha 11. — Asaduddin Owaisi asadowaisi. We are fully of ceased of the development," Ms Sitharaman told reporters in New Delhi. "Will all work towards making sure there's enough confidence in the system," Kotak told CNBC TV 18. She might find that the decisions were correct and taken by competent Governors. Shree Cement will be shifted from the NSE's Nifty Next 50 basket of shares to the Nifty 50 index. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. Thirty days which we have given is the outer limit. Quarterly Annual Sep 2020 Jun 2020 Mar 2020 Dec 2019 Sep 2019 Total Income 5,972. "Once RBI prepares its restructuring scheme, we will take a call," he said, adding that depositors' money was safe and that there was no need to panic. The bank plans to convene an extraordinary general meeting on February 7 to get shareholders'' nod for raising Rs 10,000 crore, and to increase authorised capital from existing Rs 800 crore to Rs 1,100 crore, already cleared by the board. "She has been there to the bank multiple times and we also have chat messages asking him to release our money. "Our money is there in those AT1 bonds, and it was only bought last year. t your browser that may be Google Chrome, Safari, Mozilla Firefox etc. In a worrying development for YES Bank customers, the RBI capped withdrawals by depositors at Rs 50,000. It is the only Nifty stock available at a two-digit price for past few months. 38 AM: Who can withdraw more than Rs 50,000 The apex bank has placed curbs on YES Bank customers for withdrawing money. 20 on Friday, and was trading at Rs 18. When asked why he kept advising them on the bonds after he left the bank, Sandeep said he did it as they are family. MUMBAI: 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. We may also allow our third-party service providers to use cookies on the sites for the same purposes identified above, including collecting information about your online activities over time and across different websites. Just like other stock exchanges, the NSE creates its indices by selecting groups of stocks that are representative of the whole market or a particular sector or segment of the market. " His mother had invested a total of Rs 70 lakh on buying seven bonds on January 31, 2019. The withdrawal limit for depositors may remain in effect for this period unless the RBI releases another notification. On dividing this value with the total number of shares outstanding for the company, we can arrive at book value per share. Wanted to withdraw cash but ATM run out of cash, as many withdrew. Currently, there's not much YES Bank customers can do beyond withdrawing up to Rs 50,000 from the bank and waiting for RBI's next announcement. As per the RBI directive, the depositors can't withdraw more than Rs 50,000 for a month starting from March 5 until April 3. The Bank has reported a Gross Non Performing Assets Gross NPAs of Rs 32344. 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. Shree Cement to be shifted from Nifty Next 50 index to Nifty 50 will no longer be a part of the Nifty 50 basket of shares. We rate the stock as Sell from Reduce earlier. The private bank has sold 15 lakh equity shares having a nominal value of Rs 10 each, constituting 2. At least, we should demand this much," Bhattacharjee added. The moratorium on YES Bank will be in place from March 5 to April 3, or a period of 30 days. She had gone there to make a fixed deposit and was unfortunately convinced to buy these bonds," Chirag added. com use cookies and other technologies to store information in your web browser or on your mobile phone, tablet, computer, or other devices collectively "devices" that allow us to store and receive certain pieces of information whenever you use or interact with our zeenews. Life savings at risk The experience was equally shocking for Amritsar resident Baldev Arora, another victim who wanted to expand his fixed-deposit account, but was lured into buying AT1 bonds for a marginally higher interest rate. 14 PM: These "self-appointed competent doctors" were the ones who handled United Western Bank which almost collapsed in 2006, forcefully merged with IDBI Bank, says the FM. 35 against the previous close of Rs 21. Stock Returns vs Nifty 100 Stock gave a 3 year return of -94. Most people who spoke to IndiaToday. Reshuffle as part of a periodic review by National Stock Exchange• Yes Bank had been seeking new capital since last year, to bolster its ratios and quell questions about its stability due to its exposure to shadow banks entangled in a prolonged crunch in the local credit market. Also Read: Outflow of liquidity The bank was facing regular outflow of liquidity. Many bankers feel that Kapoor would have been better off had he agreed to sell his stake to new promoters and exited from Yes Bank in 2017. " BJP has been in power for six years. They are also paying FD holders in full irrespective of the Rs 5 lakh guarantee," he said. Reserve Bank has appointed Prashant Kumar as Administrator to look after the YES Bank revival process. This allows our sites to recognize your device from those of other users on our sites. In 2003, Kapoor and Kapur floated Yes Bank — the second time that the RBI was experimenting with granting a banking licence to professionals. After hearing news on Yes Bank for the first time in August, she went to the branch to meet the manager and requested him to release her money from those bonds, however, he kept reassuring her, that the money was safe," Chirag said. That was prompted RBI to dispatch R Gandhi, a former Deputy Governor, to the board of the bank. 00 PM: HDFC Bank Chairman Deepak Parekh doesn't believe moratorium on YES Bank will last till April 3. And now, RBI's write off means these bonds will have zero value. This includes recording your acceptance of our cookie policy to remove the cookie message which first appears when you visit our site. Earlier today, Chidambaram also slammed the Modi government, saying their the Modi government ability to govern and regulate financial institutions stands exposed. "She was told by the bank manager of Yes bank of Sector 14 branch, Gurgaon Gurugram that these bonds are safe and nothing wrong could happen with these bonds. It was clear there's no hope for fresh equity 5. " The relationship manager at Yes Bank in Sector 14, Gurugram "never informed about the risk", Chirag said. 20 PM: SEBI has already started looking into YES Bank as a regulator, we will be able to comment on it whether other investigative agencies will join the probe as we go ahead, says the FM. The central bank said it was "satisfied that in order to protect the interest of the depositors and in public interest, it is necessary to issue certain directions to YES Bank". She was one of the few retail investors who bought read: were sold AT1 or Basel III Additional Tier 1 bonds on constant insistence by Yes Bank's relationship managers. Stock Returns vs Nifty 100 Stock gave a 3 year return of -94. I firmly believe that individual holders of bonds should not be distinguished from other class of investors such as deposit holders," said Arora. 27 PM: What's the role of RBI administrator? In case of Yes Bank, his task is to first limit the bank withdrawals and get on to assessing the correct position of non-performing loans, the capital levels, the liquidity position and also the solvency issue. They said no one is representing them and they are being sidelined. " I believe market is overreacting, things will settle down in a week. 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 85 per cent to hit an intraday low of Rs 5. We use cookies to ensure the best experience for you on our website. Lost faith in system IndiaToday. This cookie policy explains how and why cookies and other similar technologies may be stored on and accessed from your device when you use or visit zeenews. A slew of banks, finance companies and insurance players have their head offices in the BKC business district. "BJP has been in power for six years. It means that the bank was witnessing withdrawal of deposits from customers. in spoke to at least three other retail investors who claim they were lured by Yes Bank managers into buying the high-risk bonds. 20 PM: After Friday's volatile trading session, YES Bank ended 56 per cent lower at Rs 16. The Reserve Bank of India's RBI draft revival plan for Yes Bank assured all depositors that their money is safe. State Bank of India, the country's largest lender, is exploring a wide range of rescue options for struggling Yes Bank including a complete buyout of its private-sector rival, Reuters reported, quoting sources familiar with the matter. 5 Hours HTTPS To serve content relevant to a region pfuuid Times Internet 1 Year HTTPS Uniquely identify each user fpid Times Internet 1 Year HTTPS Browser Fingerprinting to uniquely identify client browsers How much top defaulters, including Anil Ambani, Essel, owe Yes Bank? 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. A day after the Reserve Bank of India RBI suspended the Yes Bank's board for a period of 30 days "owing to serious deterioration in the financial position of the Bank" and imposed a withdrawal limit of Rs 50,000 on its account holders till April 3, Finance Minister Nirmala Sithraman assured depositors that there will be no loss to any Yes Bank depositor. Sandeep, equally baffled by his relative's loss, said, "I got to know about the severity of the issue only after RBI stepped in. RBI Governor Shaktikanta Das also assured the apex bank would take "very swift action" on the YES Bank's revival process. No additional sign-up required. We also use cookies to administer our sites and for research purposes, zeenews. The bank has asked its customers not to pay heed to rumours about its financial health. Another Rs 200 crore will be used for working capital requirements and other general corporate purposes as part of RBI's resolution plan for stressed assets. We are working for restructuring, protecting depositors' interest and investors' money, she further says. 65 on the National Stock Exchange. The 45-year-old shopkeeper was left shocked and dejected after the RBI's draft resolution plan wrote off all Basel III AT1 perpetual bonds. Credit ratings agency last month put Yes Bank under review stating that the lender's "standalone viability" is "getting increasingly challenged by its slowness in raising new capital", after lowering them the previous month. She put her maximum money into these bonds hoping it would give her regular yearly income. Please review and accept these changes below to continue using the website. as of last trading session• However, people can still withdraw money up to Rs 5 lakh under certain "emergency" conditions like medical treatment, higher education; for paying obligatory expenses in connection with marriage or in case of any unavoidable emergency. 11 PM: Employment and salaries continued for at least one year, assures the Finance Minister. 09 on the downside in the first few minutes of trade, and the broader NSE Nifty benchmark dropped to a low of 10,827. They are also facing issues in accessing net banking as there has been a spike in the number of people trying to login its website. Deeper trust issue The money of Yes Bank depositors or savings account holders will be safe but those who have exposure to AT1 bonds, a category of high-risked and unsecured bonds, will suffer. "All documentation is there and they mention the risks involved in buying such bonds," he said. Image Source : FILE Will Yes Bank shut down? The merger is causing problems now in restoring good health of IDBI Bank, she further says. Top RBI sources have said that the YES Bank issue will be resolved in just a month. If you do not want cookies to be dropped on your device, you can adjust the setting of your Internet browser to reject the setting of all or some cookies and to alert you when a cookie is placed on your device. This order came into effect from 6:00 pm today. 58 PM: How can you withdraw up to Rs 5 lakh from YES Bank YES Bank depositors can't withdraw more than Rs 50,000 for a month, but the RBI may allow YES Bank depositors to withdraw up to Rs 5 lakh in case of an 'emergency'. Recently, Yes Bank landed in fresh trouble after its former director Uttam Prakash Agarwal resigned and wrote a letter to market regulator Sebi, seeking a regulatory probe into insider trading. "My mother bought them on January 31, 2019, and was told repeatedly it is absolutely safe to invest in these bonds. Once the administrator inspects the book and prepares a report, the RBI will have a clear picture of asset quality of the bank. The SBI too agreed on Thursday to conduct a viability assessment into buying a stake in Yes Bank, news agency Reuters reported. "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 55 a share. He said there is no reason for him to lie to them. 25 am: RBI will come with a scheme shortly, says governor Shaktikanta Das The RBI governor Shaktikanta Das said on Thursday that the central bank is working on very swiftly and smoothly and RBI will come up with a scheme very shortly. MUMBAI: The word about Yes Bank in finance circles was that it was a lender which never said no to risky borrowers who had built a highly leveraged position. — Rahul Gandhi RahulGandhi 1. Is there a third bank in the line? The central bank had found serious violations of banking regulations by the promoters of Bank of Rajasthan, including those on corporate governance. 54 AM: Top RBI sources say YES Bank issue will be sorted out in a few days. We're in trouble, Holi is coming," say customers. Just a day ago, a group of affected retail investors submitted a fresh letter to Finance Minister Nirmala Sitharaman, requesting her to take urgent action as their "life savings are at stake". in and agreed that he sold these bonds legally with proper documentation to Baldev Arora. This is absolutely non-acceptable. He asked us to reach the Yes Bank communication team for a comment on the matter. ," Chidambaram said in a tweet. This cookie policy should be read together with our. Insights• Is there a third bank in the line? We do not control the setting of these cookies so please check the websites of these third parties for more information about their cookies and how to manage them. 53 PM: YES Bank crisis: Chidamabaram says govt's ability to run financial institutions exposed Former P Chidambaram P Chidambaram hit out at the government on Friday, saying its "ability to govern and regulate financial institutions stands exposed". If you subscribe to a newsletter or otherwise register with the Sites, these cookies may be correlated to you. This is the first time in 27 years that insurance limit on bank deposits has been revised during Budget 2020 in February. 35 AM: What can YES Bank customers do? 20 AM: What's YES Bank's financial position The financial position of Yes Bank has undergone a steady decline over the last few years because of its inability to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits. I have a feeling that it will not be allowed to fail, Chairman Rajnish Kumar said. If you want to remove previously-stored cookies, you can manually delete the cookies at any time from your browser settings. SBI should take over the loan book of YES Bank for one rupee, recover the loans, and simultaneously assure the depositors that their money will be safe and will be returned. Now we've the first ever scheduled commercial bank to fail: Yes Bank. The bank has also experienced serious governance issues and practices in recent years, leading to a steady decline. By using this site, you agree to the Terms of Service and Privacy Policy. This will help the RBI take a decision on a merger with other bank or put more capital from public sector banks PSBs and other institutions. The plan is expected to be announced anytime after confirmation from the investing banks. The RBI wants to investigate and do a full inspection under charge of an administrator. 56 PM: FM Sitharamam said that new YES Bank CEO appointed will be appointed on September 18. However, if you select this setting you may be unable to access certain parts of the sites. in also spoke to a retired finance professional, who claims to have been duped, but by the broader system. 04 PM: YES Bank stock has no value for minority shareholders: ICICI Direct "Like the large NCLT cases, a bailout involves bringing in fresh equity at extremely beaten down value like 1-2 by the fresh buyer. 62 Net Cash used in Investing Activities 14,191. 59 PM: In September 2018 RBI said leadership has to be changed, says the Finance Minister 4. Welcome User Business Standard is happy to inform you of the launch of "Business Standard Premium Services" As a premium subscriber you get an across device unfettered access to a range of services which include:• Over the past year, several private lenders including Yes Bank are under financial stress. Bhattacharjee now risks losing a principle of Rs 10 lakh which he invested to buy one such AT1 bond. 13 Dec 2020, 03:45PM IST "Overall credit card spends of the industry are back to pre-Covid levels. Such cookies and other technologies helps us to identify you and your interests, to remember your preferences and to track use of zeenews. The matter of hiking deposit insurance coverage came to the fore after Mumbai-headquartered Punjab and Maharashtra Co-operative Bank PMC Bank came under RBI scanner last year. The RBI directive applies to both current and savings accounts, under which YES Bank customers can't withdraw more than Rs 50,000 in a month. 47 AM: Does RBI cap applies to both current and savings accounts? It the YES Bank revival process will be done very swiftly, very fast. Can it shirk its responsibility? These third-party service providers use persistent Cookies to help us improve user experience, manage our site content, and analyse how users navigate and utilize the sites. I want to assure every depositor that their money shall be 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. Axis Trustees Services, which is representing a wide category of bond investors, is discussing a relief plan with RBI for affected bondholders. 2 billion investment offer from Canadian investor and Hong Kong-based SPGP Holdings - an offer about which many analysts expressed doubt. But after hearing news about Yes Bank's crisis, Baldev Aroroa's heart sank. For the quarter ended 30-09-2020, the company has reported a Consolidated Interest Income of Rs 4431. Access to 17 plus years of content archives• Yes Bank was placed under moratorium by Reserve Bank of India RBI and the withdrawal limit was capped at Rs 50,000, yesterday. " Allaying concerns over reports of its weakening financial health, earlier, Yes Bank had said the lender's capital adequacy is at a comfortable level and efforts are being made to further strengthen it. "The RBI Governor has assured me that the matter will be resolved soon. There are actually six reasons why the RBI superseded the board of Yes Bank. The bond investors allege "it was a coordinated effort of the Yes Bank management" and added that such bonds should not have been sold to retail investors. "In terms of the provisions of the Banking Regulation Act, the Reserve Bank will explore and draw up a scheme in the next few days for the bank's reconstruction or amalgamation and with the approval of the Central Government, put the same in place well before the period of moratorium of thirty days ends so that the depositors are not put to hardship for a long period of time. For instance, we will recognize your user name and remember how you customized the sites and services, for example by adjusting text size, fonts, languages and other parts of web pages that are alterable, and provide you with the same customizations during future visits. These were heavily issued during FY17 and FY18, with an initial call option after five years. "I'm in constant touch with RBI," she added.。 。 。 。 。 。 。

>

Yes Bank News: Rana Kapoor, a veteran banker who never said no to risky loans

。 。 。 。 。

>

YES Bank share price live today

。 。 。 。 。 。

>

Yes Bank Latest news: Yes Bank revival plan finalised, to include equity and debt

。 。 。 。 。

>

Yes Bank News: Rana Kapoor, a veteran banker who never said no to risky loans

。 。 。 。 。 。 。

>

Yes Bank News: Rana Kapoor, a veteran banker who never said no to risky loans

。 。 。 。 。 。

>

Yes Bank Latest News

。 。 。 。 。 。 。

>

Yes Bank News: Cheated by a system and bank we trusted: Yes Bank AT1 bondholders cry for help

。 。 。 。 。

>