RBI sought change in Yes Bank management after finding risky credit decision, says finance minister Nirmala Sitharaman

Mar 6, 2020 5:07 PM

Strategic investor bank cannot reduce its holding in Yes Bank below 26 pc before 3 years: RBI

Mar 6, 2020 5:04 PM

No accountholder shall be entitled to get any compensation from the Reconstructed bank on account of the changes occurred in the Reconstructed bank by virtue of the Scheme: RBI

Mar 6, 2020 5:04 PM

All the deposits with and liabilities of the Reconstructed bank, except as provided in the scheme, and the rights, liabilities and obligations of its creditors, will continue in the same manner and with the same terms and conditions, completely unaffected by the Scheme: RBI

Mar 6, 2020 5:04 PM

Any defect in the constitution or any vacancy in the Board shall not invalidate any meetings conducted by the Board or any decision taken by it: RBI

Mar 6, 2020 5:03 PM

The members of the Board so appointed shall continue in office for a period of one year, or until an alternate Board is constituted by Yes Bank Ltd. through the normal procedure laid down in its Memorandum and Articles of Association, whichever is later: RBI

Mar 6, 2020 5:03 PM

Reserve Bank of India may appoint Additional Directors in exercise of the powers conferred by the Banking Regulation Act, 1949: RBI

Mar 6, 2020 5:02 PM

The investor bank shall have two nominee directors appointed on the Board of the Reconstructed Bank: RBI

Mar 6, 2020 5:01 PM

The investor bank shall agree to invest in the equity of the reconstructed bank to the extent that post-infusion it holds 49 percent shareholding in the reconstructed bank at a price not less than Rs 10 with a face value of Rs 2 and premium of Rs 8. The investor bank shall not reduce its holding below 26 percent before completion of three years from the date of infusion of the capital: RBI

Mar 6, 2020 5:01 PM

The authorised capital shall stand altered to Rs 5,000 crore and number of equity shares will stand altered to Rs 2,100 crore of Rs 2 each aggregating to Rs 4,800 crore: RBI

Mar 6, 2020 4:58 PM

RBI announces scheme of reconstruction for YES Bank and the authorised capital of the bank shall stand altered to Rs 5,000 crore: RBI

Mar 6, 2020 4:57 PM

Former FM P Chidambaram slams BJP on Yes Bank crisis, says loan book grew under Modi govt##Former FM P Chidambaram slams BJP on Yes Bank crisis, says loan book grew under Modi govt

Mar 6, 2020 4:34 PM

Thank you, readers! Here are the main highlights from today’s trading session##Thank you, readers! Here are the main highlights from today’s trading session

- Market Ends With Major Cuts But Off Intra-day Lows

- Sensex and Nifty End At 6-month Lows, Nifty Bank At 5-month Low

- Sensex Closes 894 Points Lower After Falling 1,000 Points Intra-day

- Nifty Settles With A Cut Of 280 Points After Slipping 440 Points Intra-day

- Midcap Index Closes 395 Points Lower, Nifty Bank Falls 1,014 Points

- Yes Bank Falls Up To 85 percent Intra-day After Govt Announces 1-month Moratorium

- Yes Bank Erases Market Cap Of Over Rs 5,000 Crore Today

- 46 Of 50 Nifty Stocks Close In The Red; Yes Bank, Tata Motors, Zee Ent Top Losers

- Bajaj Auto, Maruti and Eicher Higher In A Weak Trading Session

- Rupee Weakness Against Dollar Fails To Lift IT Stocks, Nifty IT Down 1.3 percent

- Tata Motors Falls 9 percent As Company Expects Coronavirus To Impact JLR’s Full Year Margin By 1 percent

- Market Breadth Favours Declines, But Improves To 1:4 At Close From 1:15 At The Opening

Mar 6, 2020 3:44 PM

Closing Bell: Sensex, Nifty plunge as Yes Bank woes hit banking stocks##Closing Bell: Sensex, Nifty plunge as Yes Bank woes hit banking stocks

Indian shares tumbled on Friday, as banking stocks came under pressure after the country’s central bank placed troubled lender Yes Bank under a moratorium and took over its board. The meltdown in global markets on rising coronavirus fears also weighed on the sentiment. The BSE Sensex ended 894 points lower at 37,576 while the Nifty50 index settled 289 points higher at 10,979.

Yes Bank stock hit an over decade low and was the biggest percentage loser on the blue-chip index, falling over 55 percent. The Reserve Bank of India said late on Thursday it had taken over the Mumbai-based bank’s board for 30 days and imposed limits on withdrawals, due to a serious deterioration in the fifth-largest private sector lender’s financial position.

The Nifty Bank index also fell as much as 3.5 percent, also weighed by over 6 percent slide in shares of top lender State Bank of India. The state-owned bank said late on Thursday its board had given an in-principle approval to explore an investment opportunity in Yes Bank.

Meanwhile, the broader markets were also in the red with the Nifty Midcap index and Nifty Smallcap index down 2.4 percent each. Among stocks, Bajaj Auto, GAIL, Maruti Suzuki, Asian Paints, and Eicher Motors were the top gainers on the Nifty50 index, while Yes Bank, Tata Motors, Zee, Tata Steel, and SBI led the losses.

Mar 6, 2020 3:35 PM

Yes Bank crisis: Panic is totally unwarranted from depositors perspective, says First Global’s Shankar Sharma##Yes Bank crisis: Panic is totally unwarranted from depositors perspective, says First Global’s Shankar Sharma

On Yes Bank fiasco, Sharma said, “The panic is totally unwarranted. From an equity holder’s perspective, it is a genuine panic because you are going to go down to zero.” “I have said in several forums that in a bank there is nothing called book value,” added Sharma. As regards to panic from depositors, I don't think there is any cause for that because the government has done the right thing because in a situation like this there can be a run, he added. READ MORE

Mar 6, 2020 3:17 PM

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