Finance Minister Nirmala Sitharaman on Yes Bank crisis Friday said that the RBI Governor has assured her there will be no loss to any Yes Bank depositor, a day after the central bank imposed a moratorium on the banking institution.
"No Yes Bank," Congress leader Rahul Gandhi said on Friday, taking a dig at the BJP-led government over the moratorium placed on Yes Bank, and alleged that Prime Minister Narendra Modi and his "ideas" had destroyed the country's economy.
A day after the RBI superseded the board of India's fourth-largest private sector lender Yes Bank, State Bank of India (SBI) Chairman Rajnish Kumar on Friday said the problem at hand is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.
Senior Congress leader and former Finance Minister P Chidambaram has hit out at the Centre over Yes Bank crisis accusing the government of a complete regulatory failure. Chidambaram's statement has come after Yes Bank was put under moratorium and depositors withdrawal limit was capped at Rs 50,000.
Equity benchmark indices tumbled during early hours on March 06 after another overnight steep fall on Wall Street with banking stocks seen coming under pressure after the Reserve Bank of India (RBI) placed Yes Bank under a moratorium and took over its board. At 10:15 am, the BSE S-P Sensex was down by 1,036 points or 2.69 per cent to 37,435 while the Nifty 50 dived by 306 points or 2.72 per cent at 10,963. All sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 5 per cent, private banks by 4.5 per cent, metal by 4.2 per cent and realty by 3.8 per cent. Among stocks, Yes Bank crashed by 29.89 per cent to Rs 25.80 per share after the RBI said it is superseding the board of troubled private sector lender with immediate effect.
The Reserve Bank of India (RBI) has come out with a "scheme of reconstruction" for the crisis-ridden Yes Bank, which was placed on moratorium with withdrawal limit capped at Rs 50,000. The central bank today said the State Bank of India (SBI) has expressed willingness to invest in crisis-ridden Yes Bank.
After RBI capped withdrawal limit of Rs 50,000 on Yes Bank's depositors, people were witnessed queuing up outside Yes Bank ATM's across cities as many of them have run out of cash. The National Stock Exchange (NSE) has also imposed restrictions on Yes Bank shares in various segments, including futures and options.
SBI Chairman Rajnish Kumar on Friday arrived in Parliament to meet Finance Minister Nirmala Sitharaman to discuss the Yes Bank issue.
The Payments firm PhonePe suffered an outage in its services on Thursday after its banking partner Yes Bank was placed under a moratorium by the government.
The categories placed under restriction include debt, securities lending and borrowing scheme, currency derivatives, commodity derivatives, futures and options, as per notification by NSE.
Former SBI's chief financial officer, Prashant Kumar has been appointed as the new administrator of Yes Bank after a moratorium has been imposed by the RBI on the bank and withdrawal limit to its customers has been capped at Rs 50,000. Kumar's appointment has been made by the RBI.
RBI Governor Shaktikanta Das on Friday said that the Yes Bank resolution will be done very swiftly and 30 days is the outer limit.
The Reserve Bank on India's moratorium and withdrawal cap on Yes Bank is credit negative, and the lack of coordinated action action highlights continued uncertainty around bank resolutions, Moody's Investors Service said on Friday.
Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender.
Yes Bank Crisis: In a rare move, the capital-starved Yes Bank was placed under a moratorium on Thursday, with the the central bank capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. Know what it mean for depositors and its impact
AIMIM chief Asaduddin Owaisi has hit out at the Centre after RBI imposed a moratorium on Yes Bank, capping withdrawal limit to Rs 50,000 asking are our savings safe from banks.
Reserve Bank of India (RBI) has put Yes Bank under moratorium and capped its withdrawal limit to Rs 50,000 for its account holders per month. Board of Directors has been superseded for period of 30 days.
The government restricted withdrawal from capital starved Yes Bank at Rs 50,000 in the next one month. This restriction will remain till April 3, 2020.
The SBI board has given the largest lender an "in-principle" approval to invest in the capital-starved Yes Bank. The central board of SBI discussed the matter at a meeting on Thursday, it informed the exchanges.
The Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank and capped withdrawals at Rs 50,000 per account till further orders
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