Three mutual fund houses UTI MF, Nippon India MF and PGIM India MF on Friday decided to side-pocket their exposures to Yes Bank bonds following the rating downgrade of troubled private lender's debt instruments.
Yes Bank was the biggest lender to loan defaulter travel firm Cox & Kings with total claims of over Rs 2,285 crore, according to a list of financial creditors prepared by the resolution professional of the debt-ridden firm.
HDFC Mutual Fund's schemes have no outstanding exposure to debt securities issued by Yes Bank.
The Enforcement Directorate raided Yes Bank founder Rana Kapoor's residence on Friday, in connection with a money-laundering probe against him. The action comes just a day after the crisis-hit bank was placed under a moratorium with withdrawals capped at Rs 50,000.
The RBI superseding the board of Yes Bank casts light on governance risks in India's banking sector, Fitch Ratings said on Friday
Yes Bank Crisis: Yes Bank on Friday evening sought to calm everyone down by issuing a statement and said that the moratorium imposed by Reserve Bank of India was "temporary" and all efforts are being made to revive the bank.
Asset management companies are staring at a Rs 3,345.48-crore hole in their books with their exposure to the equity and bonds of Yes Bank, which is under a 30-day moratorium, according to data from Morningstar.
State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan, with Finance Minister Nirmala Sitharaman assuring that depositors' money is safe.
Vadodara Smart City Development, a Special Purpose Vehicle (SPV) of the Vadodara Municipal Corporation (VMC), withdrew Rs 265 crore in the nick of time. The company withdrew the huge amount just a day before the Reserve Bank of India (RBI) imposed a moratorium.
Nagpur University's whopping sum of Rs 191 crore is stuck with the crisis-hit Yes Bank, an official said today. The RBI had on Thursday imposed a moratorium on the crisis-hit private lender, capping the withdrawal limit at Rs 50,000.
The famed Jagannath Temple in Puri has a deposit of over Rs 592 crore in crisis-ridden Yes Bank
Yes Bank Crisis: Yes Bank on Friday evening sought to calm everyone down by issuing a statement and said that the moratorium imposed by Reserve Bank of India was "temporary" and all efforts are being made to revive the bank.
YES bank crisis: A strategic investor like SBI will have to pick up 49 per cent stake in Yes Bank and stay invested for at least three years, as per the RBI's draft scheme of reconstruction for the crisis-hit lender announced on Friday.
Paytm Payments Bank took a dig on its rival PhonePe in the wake of obstructions it faced due to using cash-strapped Yes Bank platform for transactions.
Yes Bank Crisis: Distress calls and long queues of customers were witnessed at various branches of Yes Bank after the Reserve Bank of India put a withdrawal limit of Rs 50,000 on Thursday
In what can be a relief to thousands of Yes Bank employees, Finance Minister Nirmala Sitharaman said on Friday that Yes Bank employees will continue to get salary. Yes Bank is currently in crisis and Reserve Bank of India has set a maximum withdrawal cap of Rs 50,000 for depositors.
Yes Bank Crisis: Soon after the RBI placed the Yes Bank under a moratorium and restricted withdrawal limit to Rs. 50,000 per account until April 3, 2020, Reserve Bank of India’s Governor Shaktikanta Das today tried to boost the sentiments of the existing bank’s customers by saying that the central bank will protect all depositors' money.
The Reserve Bank of India Friday rolled out "scheme of reconstruction", a revival plan 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.
Finance Minister Nirmala Sitharaman lashed out at "government in power from 2004 to 2014" and appeared to hold it responsible for the crisis in Indian banking system. United Progressive Alliance (UPA) under former Prime Minister Manmohan Singh was in power from 2004 to 2014.
Nippon India Mutual Fund on Friday said it has marked down the value of its investments to zero in bonds issued by troubled private sector lender Yes Bank.
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