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Yes Bank Latest Updates: Finance minister Nirmala Sitharaman said that the money of the depositors’ money is safe. “We can assure that all depositors that their money is safe, shall ensure this shall be resolved speedily and the bank is restructured,” she said at a press conference in Delhi on Friday. Sitharaman said that since 2017, the Reserve Bank of India (RBI) has been continuously monitoring the Yes Bank situation. Investigative agencies saw malpractices of some executives at Yes Bank, she said. Former finance minister and Congress leader P Chidambaram on Friday termed Yes Bank crisis as a completely “regulatory failure” and said there is no need to panic as the Reserve Bank of India placed restrictions on the bank. “It shows completely regulatory failure and I wonder if this is the end or there will be more in the line. Yet the government keeps absolute silence. PMC bank depositors are agitating every day before RBI offices in Mumbai. But the government did not respond,” Chidambaram told reporters in Delhi. “Let’s see what depositors of Yes Bank do. I think they are as worried as depositors of PMC Bank. Let’s see what unfolds now. Obviously, there is no need to panic,” he said. Shares in India’s fifth-largest private sector lender Yes Bank tumbled nearly 70% in the late morning trade to their lowest in over a decade on Friday, after the central bank took control of the bank and limited withdrawals because of a serious deterioration in its financial position. The Yes Bank share plunged 69.20 percent to Rs 12.40 on the BSE while on the NSE, it plummeted 65 percent to Rs 12.80 at around 11.45 am. The private lender’s m-cap fell to Rs 3,315 crore on Friday following the RBI move. The entire banking pack also came crashing in opening trade, with RBL Bank trading 15 percent lower, followed by IndusInd Bank which dropped 11 percent, SBI 7 percent and Axis Bank 4 percent on the BSE, PTI said. The BSE bankex was trading lower by nearly 3 percent. The broader market was also hit hard, with the BSE benchmark tanking 1,459.52 points On Thursday, Yes Bank was placed under a moratorium , with the Reserve Bank of India (RBI) taking over from its board for 30 days and saying it would work on a revival plan for the lender. Moody’s said the moratorium was credit negative as it affects timely repayment of depositors and creditors, adding that the lack of a coordinated, timely action on the lender highlights continued uncertainty over bank resolutions in India. [caption id=“attachment_5595711” align=“alignleft” width=“380”]  Representational image. Reuters.[/caption] “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.” 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. Shares of Yes Bank had zoomed 27 percent on Thursday on reports of the bailout. State Bank of India, the country’s largest lender, said late Thursday that its board had given its in-principle nod to explore an investment in Yes Bank. Shares of SBI tumbled 12% on Friday in their biggest intraday drop since October 2012 . “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,” said JPMorgan analyst Saurabh Kumar, in a note, as it cut its price target on Yes Bank to 1 rupee ($0.0135) from 55 rupees a share.
Yes Bank crisis Updates: We can assure all depositors that their money is safe, says Nirmala Sitharaman
YES Bank was placed under a moratorium, with e Reserve Bank of India (RBI) taking over from its board for 30 days
 "Yes Bank crisis Updates: We can assure all depositors that their money is safe, says Nirmala Sitharaman")
Moody’s downgrades Yes Bank’s ratings
#JustIn | Moody's downgrades Yes Bank's ratings pic.twitter.com/GU6lNdCaqj
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
Concern over Lord Jagannath’s Rs 545 cr in Yes Bank
Devotees of Lord Jagannath and priests at the centuries-old temple in Puri, Odisha, are worried following RBI restrictions on Yes Bank where Rs 545 crore is deposited in the deity’s name.
The RBI restrictions on Yes Bank have caused panic among the devotees, said senior ‘Daitapati’ (servitor) Binayak Dasmohaopatra.
“We demand a thorough probe and action against the persons responsible for depositing such a huge amount in a private bank for a little more interest,” he said.
Narendra Modi to take stock of the Yes Bank crisis
Sources say PM to take stock of the Yes Bank crisis. FM goes to brief PM about the resolution plan suggested by RBI; to inform PM about SBI's interest in picking up stake in Yes Bank#yesbankcrisis pic.twitter.com/2kpbbFoJRe
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
Solution being worked upon to revive bank before end of moratorium period: Yes Bank
Yes Bank Statement: A solution is being worked upon to revive the Bank well before the moratorium period of thirty days ends #JustIn #yesbankcrisis #YesBank pic.twitter.com/vJ5vJvPKHc
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
ICRA cuts Yes Bank’s ratings on tier-II & tier-I bonds
ICRA cuts Yes Bank's ratings on tier-II & tier-I bonds; says Yes Bank's bond rating cut factors moratorium placed on bank which will impact Yes Bank's ability to service liabilities@YESBANK #YesBankcrises pic.twitter.com/fmpaMOW1e1
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
Yes Bank shares plummet 56% at close after RBI jolt
Shares of Yes Bank came under massive selling pressure on Friday, plunging 56 percent at close, after the cash-strapped lender was placed under a 30-day moratorium.
On the BSE, the scrip sank 56.04 percent to close at Rs 16.20 as investors deserted the counter. During the trade, it nosedived 84.93 percent to Rs 5.55 — its 52-week low. It plummeted 54.89 percent to close at Rs 16.60 on the NSE.
The company’s market valuation also dropped Rs 5,266.23 crore to Rs 4,131.77 crore on the BSE.
Yes Bank’s new board to continue in office for 1 year
#yesbankcrisis | RBI draft plan: New Yes Bank board can ask key managerial staff to leave after due procedure#SchemeOfReconstruction #Draft #YesBank pic.twitter.com/CgkxMGDJFf
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
RBI sought change in Yes Bank management: Sitharaman
The finance minister said that the central bank had sought change in Yes Bank management after finding risky credit decision.
Attempts to get equity into Yes Bank did not materialise, says finance minister Nirmala Sitharaman giving background of RBI action against lender.
RBI draft plan of reconstruction for Yes Bank
#BreakingNews | #RBI announces #draft Scheme Of Reconstruction for #YesBank#yeabankcrisis pic.twitter.com/qL5rkLaDEJ
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
New board to be put in place after administrator does his job: Sitharaman
After the administrator does his job, a new board will be put in place. Deposits and liabilities will continue unaffected as before, the finance minister said.
Allaying the fears of the staff, she said that the employment and salary assured at least for one year.
Global Trust Bank, July 2004, was merged with Oriental Bank of Commerce, she said.
“How many people were held accountable for the challenges faced by all such banks?” Sitharaman asked.
Govt will not allow any institution to fall off the cliff: Finance minister
Sitharaman said that the government will not allow any institution to fall off the cliff.
The exposure of Yes Bank to some of the very stressed corporates has been since before 2014.
Anil Ambani group, Essel Group, DHFL, IL&FS, Vodafone are some of those very stressed corporates to which Yes Bank has been exposed, and this has been since before 2014.
Govt committed to protect interest of Yes Bank depositors: Sitharaman
Govt committed to protect interest of Yes Bank depositors. Asked RBI to ensure due process with urgency; expect Yes Bank recast plan to come into play by April 3: Finance Minister @nsitharaman#yesbankcrisis pic.twitter.com/ZHG7qv0HZT
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
RBI asked to find out where problem lies: Sitharaman
The finance minister said that the government has asked the RBI to find out and assess where the problem lies.
She said that the central bank has been asked to clearly identify the role played by individuals in the problem.
‘Investigative agencies found malpractices’
Since 2017, RBI has been continuously monitoring the Yes Bank situation, said the finance minister.
Investigative agencies found malpractices of some executives at Yes Bank, she said.
Rs 1 cr fine levied on Yes Bank in March 2019: Sitharaman
Finance minister Nirmala Sitharaman said that Rs 1 crore fine was levied on Yes Bank in March 2019. SEBI also began investigation into the bank from September 2019.
Govt and RBI monitoring situation, says Nirmala Sitharaman
Finance minister Nirmala Sitharaman has said that the government and RBI are monitoring the situation in the wake of withdrawal limits imposed on Yes Bank.
RBI announces scheme of reconstruction for Yes Bank
The RBI announced a draft scheme of reconstruction of the Yes Bank.
The RBI has invites suggestions and comments from members of public, including the banks’ shareholders, depositors and creditors on the draft scheme.
The draft scheme has also been sent to Yes Bank and State Bank of India for their comments. The suggestions and comments will be received by RBI up to Monday. The Reserve Bank will take a final view soon thereafter.
‘Yes Bank crisis will have an impact on SBI stock’
The SBI stock will come under substantial pressure as any merger with Yes Bank will negatively impact its performance over the next many quarters, said Ashika Institutional Equity Research.
“We may see substantial de-rating of SBI till more clarity emerges on this matter,” said Ashika Institutional Equity Research, a diversified financial services group.
“The depositors can shift their deposits from some weak private sector banks to public sector banks out of fear. Thus we may see a negative impact of the same on RBL, Indusind Bank, Laxmi Vilas Bank and some other private sector banks. Thus, the share prices of these banks may also come under pressure,” the research group said.
KredX suspends all transactions with Yes Bank
“We have stopped all inward and outward transactions with Yes Bank with immediate effect after the moratorium on the bank. We would like to highlight that KredX continues to function as normal with minimal disruptions to our services and will continue to work with our current banking partner, who we have already been in association with,” said Manish Kumar, CEO & co-founder, KredX
Instamojo withholds payouts to merchants with Yes Bank accounts
“We will be temporarily withholding payouts to merchants having Yes Bank accounts until further clarity on the situation. This is to ensure that no merchant’s funds get blocked. As an alternate, we have provided our merchants the option to change their registered bank from Yes Bank to another account,” said Sampad Swain, CEO & Co-founder, Instamojo.
Nippon India Mutual Fund marks down its investment in Yes Bank to zero
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.
In addition, the fund house has imposed a limit of Rs 2 lakh on fresh inflows into the impacted schemes till further notice, Nippon India MF said in a statement.
Yes Bank top loser this week with a cut of more than 50%
#MarketThisWeek | Yes Bank top loser this week with a cut of more than 50%; Financial giants, SBI & IndusInd Bank too among the top weekly losers pic.twitter.com/12bwZirIpq
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
Chidambaram’s statement will stoke panic among depositors: Rajiv Pratap Rudy
#YesBankCrisis – Former FM P Chidambaram's statements will stoke panic among depositors. It is wrong for him to make such statements. The govt is tackling this issue appropriately: Rajiv Pratap Rudy. pic.twitter.com/AZETXCOrOi
— News18 (@CNNnews18) March 6, 2020
Amit Malviya, BJP’s IT in-charge**, hits out at Rahul Gandhi**
No Rahul, it is P Chidambaram, your former finance minister, who is responsible for the mess India’s banks and economy are in...
— Amit Malviya (@amitmalviya) March 6, 2020
Don’t take my word for it. Listen to your former ally. https://t.co/zSeOIDYvGy pic.twitter.com/T1Mfq3iiNB
Nirmala Sitharaman to address media on Yes Bank crisis at 4.30 pm
#YesBankCrisis | Finance Minister @nsitharaman to address media over the Yes Bank issue at 4:30 pm pic.twitter.com/K7xXenAzrY
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
Banking sector continues to be sound, safe, says Shaktikanta Das
“Let me assure you that our banking sector continues to be sound and safe," Das said, adding that RBI was ready to effectively deal with the challenge ahead.
“We stand committed to maintaining stability of financial and banking sector,” he said.
PhonePe, Yes Bank partner, ‘regrets’ outage
Dear @PhonePe_ customers. We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap. We hope to be live in a few hours. Thanks for your patience. Stay tuned for updates!
— Sameer Nigam (@_sameernigam) March 6, 2020
Yes Bank resolution plan likely to be finalised in a day or two: Govt official
Yes Bank resolution plan likely to be finalised in a day or two, said a government official on Friday.
The resolution plan by RBI for the government approval is expected soon, the official said adding multiple investors have shown interest in to pick up stake in the private lender.
How Yes Bank’s bad loans piled up in a span of 4 years
Customers outside Yes Bank’s Fort branch, Mumbai
Maharashtra: People queue up outside Yes Bank's Fort Branch in Mumbai. The bank was placed under moratorium by Reserve Bank of India (RBI) and the withdrawal limit was capped at Rs 50,000, yesterday. pic.twitter.com/SEUglndblM
— ANI (@ANI) March 6, 2020
Security tightened in Yes Bank branches, ATMs in Mumbai
Security at Yes Bank headquarters, its branches and ATMs across Mumbai was tightened to avert any untoward incident, as hundreds of account holders of the crisis-hit private lender rushed to withdraw money, an official said on Friday.
The RBI on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account.
Account-holders rushed to branches of the bank and their ATMs in a panic to withdraw money on Friday morning, leading to chaos at many centres, including the one in south Mumbai’s Fort area.
“We have deployed police personnel outside the bank headquarters, its branch offices and ATM centres in the city to avert any kind of law and order issue,” a spokesperson of the Mumbai Police said.
How the Yes Bank loan book grew: P Chidambaram
Will the government confirm that the Loan Book of YES Bank has grown under the BJP’s watch as follows:
— P. Chidambaram (@PChidambaram_IN) March 6, 2020
FY2014: 55,000 cr
FY2015: 75,000
FY2016: 98,000
FY2017: 1,32,000
FY2018: 2,03,000
FY2019: 2,41,000
SBI, LIC to pick up 24.5% stake each in Yes Bank in govt-approved bailout
State Bank of India and Life Insurance Corporation of India are likely to pick up 24.5 percent stake each in Yes Bank in a government- and RBI-approved bailout of the beleaguered private-sector lender, reported CNBC-TV18.
The SBI-LIC consortium would likely appoint a new managing director and get board control of the bank.
RBI likely to come out with resolution plan today: Report
Sources tell @TimsyJaipuria that RBI is likely to come out with a resolution plan on #YesBank today#YesBankCrisis pic.twitter.com/zeKBRGlQNl
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
‘Let’s see what unfolds now’, says P Chidambaram
P Chidambaram,Congress: It shows complete regulatory failure. I wonder if this is the end or will there be more in the line.Yet govt keeps absolutely silent. Let's see what depositors of #YesBank do,I think they are as worried as depositors of PMC Bank. Let's see what unfolds now pic.twitter.com/UqXsyKbt9r
— ANI (@ANI) March 6, 2020
Priority to ensure Yes Bank customers are able to withdraw money within Rs 50,000 cap: FM
The immediate priority to ensure Yes Bank customers are able to withdraw money within Rs 50,000 cap, said Finance Minister Nirmala Sitharaman.
Both RBI and govt looking at Yes Bank issue in detail, we have taken a course which will be in everyone’s interest, says the finance minister.
The RBI as regulator is working for early resolution to Yes Bank issue; steps taken in interest of depositors, bank and economy, she said.
Yes Bank ATM in Parel runs out of cash
Mumbai: A Yes Bank ATM in Parel runs out of cash as people rushed to withdraw money following Reserve Bank of India's (RBI) decision to place the bank under moratorium & cap withdrawal limit at Rs 50,000. pic.twitter.com/IIID8Dz0lC
— ANI (@ANI) March 6, 2020
I have monitored situation with RBI for a couple of months: Nirmala Sitharaman
FM @nsitharaman says the RBI governor has assured of a quick resolution of the #YesBankCrisis pic.twitter.com/nRVmVWqvf6
— CNBC-TV18 (@CNBCTV18Live) March 6, 2020
Constantly in touch with RBI over Yes Bank, says Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said that the government is constantly in touch with the RBI over Yes Bank crisis.
She said that RBI Governor Shaktikanta Das has assured of a quick resolution.
“Can’t give any details of the resolution plan now,” said Sitharaman.
Timeline of India’s fifth-largest private sector lender’s fall
19 Sep, 2018: RBI refuses to give Chief Executive Officer Rana Kapoor an extension to his term—Kapoor to step down by end of January 2019
27 Nov: Moody’s cuts bank’s foreign currency issuer rating; changes outlook to ‘negative’ from ‘stable’ citing concerns over corporate governance
24 Jan 2019: Yes Bank hires the head of Deutsche Bank India Ravneet Gill as its new CEO
13 Feb: Yes Bank says RBI observed no divergences from central bank norms in the bank’s asset classification and provisioning
8 April: Pressed for capital, Yes Bank says it will consider raising funds by issuing shares and debt securities
26 April: Rising levels of bad loans trigger Yes Bank’s first-ever quarterly loss; Macquarie Research double-downgrades stock to ‘underperform’, stock tanks 30% on next trading day
14 May: RBI appoints ex-central bank Deputy Governor R. Gandhi as additional director to Yes Bank’s board—a rare move signalling an increased level of scrutiny on the lender
17 July: Yes Bank reports 91% drop in first-quarter profit, as provisions surge and asset quality deteriorates sharply; gross bad loan ratio stood at 5.01%
10 Sep: Yes Bank CEO Gill says lender is close to securing a deal to sell a minority stake to a global technology company to help boost its capital
3 Oct: CEO Gill says the bank is in talks with private equity firms, strategic investors and family offices to raise additional capital
31 Oct: Yes Bank gets binding investment offer of $1.2 billion from global investor, sends stock 39% higher
1 Nov: Yes Bank reports bigger-than-expected loss for the second quarter, as bad loan ratio deteriorates to 7.39% and provisions swell to 13.36 billion rupees
29 Nov: Yes Bank says it aims to raise up to $2 billion in a massive issue of new shares to institutional investors and family offices; says it is in talks to sell shares worth $1.2 billion to Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings, which he backs
10 Jan, 2020: Yes Bank rejects Braich’s investment, says will launch a $1.4 billion share sale, after a board member’s resignation casts more doubt on the lender’s future
12 Feb: The lender says it will delay disclosing its October-December earnings by at least a month, and that it was in talks with potential investors for a cash infusion
12 Feb: Bank says it received non-binding expressions of interest from JC Flowers, Tilden Park Capital Management, OHA (UK) and Silver Point Capital
5 March: The government places Yes Bank under moratorium, with RBI taking over from its board for 30 days and imposing limits on withdrawals to protect depositors
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