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ЁЯТР ЁЯТж HAPPY HOLI ЁЯТж ЁЯТР
☕ 10.03.2020: Today's Banking / Financial News at a Glance
ЁЯНТ Private banks slower than PSBs in cutting lending rates : Though private banks are behind state-run lenders in cutting lending rates, they are faster in cutting term deposit rates. The banking sector has been criticised for being slow in transferring the benefits of central bank rate cuts to the customers. In 2019, the Reserve Bank of India (RBI) cut its repo rate by 135 basis points to the current rate of 5.15 percent.In January 2020, the Weighted Average Lending Rate (WALR) on outstanding loans of private banks is the same (11.06 percent) as the comparable period a year ago, according to central bank data. For public sector banks (PSBs), the WALR in January 2020 was 9.59 percent, 21 basis points lower than 9.8 percent in January 2019. But, private sector lenders have been faster than their state-run counterparts in cutting the rates on term deposits. In January 2019, their Weighted Average Domestic Term Deposit Rate (WADTDR) on outstanding deposits was 51 basis points lower from a year ago, against the 29 basis points cut by PSBs. - Moneycontrol.com
ЁЯНТ No concern regarding safety of deposits in any bank, assures RBI : The Reserve Bank of India (RBI) on Sunday assured depositors that there is "no concern regarding the safety of their deposits in any bank". "Concern has been raised in certain sections of media about the safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk (Weighted) Assets Ratio (CRAR) and not on market capitalization," RBI tweeted. "RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of the safety of their deposits in any bank," it added. Earlier today, Chief Economic Advisor KV Subramanian also said that the m-cap ratio is an incorrect way to measure the safety and solvency of a bank. He further added that Capital to Risk (Weighted) Assets Ratio (CRAR) is the standard measure for the safety of a bank. Pointing out figures, the CEA said that Indian banks have 80 per cent more capital than the globally mandated norm for CRAR. "The m-cap ratio is a totally incorrect measure to assess the safety or solvency of a bank. Instead, what experts and regulators worldwide use is CRAR. The global norm for CRAR is 8 percent. Compared to that, our banks have on average 14.3 per cent CRAR," he said. - Live Mint
ЁЯНТ Chalasani Venkat Nageswar gets additional charge of DMD, CFO of SBI : State Bank of India (SBI) on Monday said Chalasani Venkat Nageswar has been given additional charge of deputy managing director and chief financial officer (CFO) of the bank. “Chalasani Venkat Nageswar, Deputy Managing Director, International Banking Group, has been given additional charge of deputy managing director and CFO with immediate effect till further orders,” the country’s largest lender said in a filing to the Bombay Stock Exchange (BSE). SBI stock was trading at Rs 259.35, down 4.10 per cent, on the BSE. - Business Line
ЁЯНТ Investors’ total AT-1 bond exposure to Indian banks at ₹93,000 crore: ICRA : Investors have total bets of over ₹93,000 crore on the additional tier-I bonds in Indian banks and a complete write-down proposed in the Yes Bank restructuring may lead to risk aversion, according to a report by domestic rating agency ICRA.The report comes two days after IndusInd Bank virtually dropped a plan for the issue of the AT-1 bonds by deferring a board meet following the Yes Bank package by the RBI, implementation of which is set to erode investments.As part of the SBI-led restructuring package announced by the RBI, there is a proposal to write down the entire outstanding on AT-1 bonds, which has been pegged at ₹8,695 crore by ICRA on Monday. Investors have reportedly approached the banking regulator seeking help. The proposal is “likely to further increase the risk aversion of investors as the investors will factor in a higher probability of write-downs on these bonds”, ICRA said in the report. - Business Status
ЁЯНТ SC asks RBI to frame norms for banks to give issuer details in cases of cheque bouncing : The Supreme Court has asked the Reserve Bank of India (RBI) to draw up norms for banks to give police and complainants in cheque-bouncing cases the contact details of those who have issued the instruments. This will include permanent addresses, email IDs and mobile phone numbers of the accused and can be done by printing the information on the cheque or the dishonour memo, it said. “A separate software-based mechanism may be developed to track and ensure the service of process on the accused in cases relating to an offence under Section 138 of the Negotiable Instruments Act,” Justice L Nageshwar wrote on behalf of the bench, which was led by Chief Justice of India SA Bobde. “Banks, being important stakeholders in cases of this nature... it is their responsibility to provide requisite details and facilitate an expeditious trial mandated by law,” the court said. “An information-sharing mechanism may be developed where the banks share all the requisite details available of the accused, who is the account holder, with the complainant and the police for the purpose of execution of process.” - Economic Times
ЁЯНТ Financial audits failed repeatedly, govt should make cost accounting must to check bank NPAs: ICMAI : Financial audits have failed repeatedly and the government should make cost accounting mandatory to keep a tab on non-performing assets at lenders, which can prevent cases like Yes Bank, the Institute of Cost Accountants of India (ICMAI) said on Monday. The NPA mess, which runs into over Rs 10 lakh crore, has originated from a "systemic disregard" to cost accounting and cost audit information in the past few years, ICMAI President Balwinder Singh said. The comments come days after Yes Bank was put under a moratorium by the government and the Reserve Bank of India (RBI) due to an inability to raise capital. The country's largest lender State Bank of India has been forced to lead a scheme of restructuring and has committed Rs 10,000 crore. The statutory body's president recommended making cost audits mandatory for evaluation of all large new loan proposals and their periodic review to check rising non-performing assets (NPAs). "Cost statements can provide unit-wise and product-wise profitability based on stringent cost accounting standards, which offer significantly more insights than the corporate-level financial information presently available to the lenders," he said. - Economic Times
ЁЯНТ NCLAT upholds CCI order on Adani Gas for abuse of dominant position : The NCLAT has upheld the fair trade regulator CCI's order, holding Adani Gas Limited (AGL) "guilty of of abuse of dominant position" while supplying piped natural gas to industrial customers in Faridabad. However, a two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya reduced the quantum of penalty from four per cent of the average annual turnover of the relevant three years to one per cent, observing that it would be "commensurate with and proportionate to the level of proved abusive conduct of AGL". Competition Commission of India (CCI) had on July 3, 2014 imposed a penalty of Rs 25.67 crore on AGL after finding its Gas Supply Agreement (GSA) imposing unfair conditions upon the complaints of Faridabad Industries Association. CCI had also directed AGL to cease and desist from indulging in conduct found to be in contravention of the provisions of the Competition Act. - Economic Times
ЁЯНТ PhonePe transactions back to normal after Yes Bank fiasco : As the Yes Bank fiasco hit UPI-based transactions last week, PhonePe that was solely using Yes Bank's services worked overnight with the National Payments Corporation of India (NPCI) and ICICI bank to ensure all its services were up and running within a day. PhonePe, with close to 20 crore users, saw an extended service outage, which started immediately after the RBI moratorium on Yes Bank on March 5, lasting for nearly 24 hours.The company worked with the NPCI and ICICI bank, its new UPI partner.All merchant payment settlements were restored by Friday noon and all consumer wallet, credit and debit card payments were restored by 3 pm, the company said in a statement.All UPI services were restored by Friday night, with PhonePe users continuing to use their UPI @ybl handles."Friday was an extraordinarily difficult situation with little precedence. We are grateful to the RBI, NPCI, Yes Bank, and ICICI for working collectively to ensure that millions of our customers and merchants were not inconvenienced a minute longer than necessary," said Sameer Nigam, Founder and CEO PhonePe. - Live Mint
ЁЯНТ Allow Puri Jagannath Temple to withdraw Rs 545 cr from YES Bank: Odisha FM : Odisha Finance Minister Niranjan Pujari has written to Union Finance Minister Nirmala Sitharaman requesting her to issue instructions to RBI to allow Puri Jagannath Temple administration to withdraw the temple's fund of Rs 545 crore from the crisis-hit Yes Bank. "The administration, governance and management of the Jagannath Temple in Puri and its properties are vested in a committee called Shree Jagannath Temple Managing Committee (MC) by virtue of provisions contained in the Shree Jagannath Temple Act, 1954. On the basis of discussion of the Managing Committee, Shree Jagannath Temple Administration (SJTA) manages the day to day affairs of the shrine," Pujari wrote to the Union Finance Minister. "Various funds related to the temple - Foundation Fund, Corpus Fund and Temple Fund - are being managed by the Managing Committee. Out of these funds, an amount of Rs 545 crore has been deposited with Yes Bank, Puri. These deposits are maturing in the month of March of 2020 itself," he added. - Business Standard
ЁЯНТ Kotak Mahindra Bank joins race for Lakshmi Vilas Bank : Billionaire Uday Kotak-led Kotak Mahindra Bank is keen to play the white knight and rescue the fund-starved Chennai-based Lakshmi Vilas Bank (LVB) as part of a proposed transaction under the supervision of the Reserve Bank of India (RBI), multiple sources have told Moneycontrol. “Kotak Mahindra Bank is a late entrant in the race for Lakshmi Vilas Bank and is evaluating the acquisition of a majority stake. It has joined other strategic and private equity suitors,” one of the sources said. The bank submitted a proposal for Lakshmi Vilas Bank to the RBI, which has held discussions with other interested parties as well, another source said. “If the deal fructifies, it can further bolster Kotak Mahindra Bank’s presence in South India,” the source added. - cnbctv18.com
ЁЯНТ Yes Bank scam: CBI carries out searches at 7 locations in Mumbai; LOC issued : The CBI carried out searches at seven locations in Mumbai on Monday in connection with the Yes Bank scam pertaining to the Rs 600 crore alleged bribe to its co-founder Rana Kapoor's family by scam-hit DHFL and issued a look out circular against the accused to prevent their escape, officials said. The CBI has named five companies and seven individuals including Kapoor, his wife Bindu and daughters Roshini, Raakhe and Radha as accused in its FIR. Dewan Housing Finance Corporation Limited (DHFL) and RKW Developers Private Limited and their then directors Kapil Wadhawan and Dheeraj Wadhawan, respectively also figure as accused in the FIR. - economic times
ЁЯНТ Moratorium on Yes Bank may be lifted by Saturday: Prashant Kumar : The administrator of Yes Bank Prashant Kumar has said that the lender has full liquidity support from the Reserve Bank of India and State Bank, to deal with any flight of deposits from the bank. In an interview with ET, Kumar a former CFO with SBI, also said that more clarity on the liquidity support will emerge in 3-4 days and post which they expect to lift the moratorium on withdrawals by Saturday. - economic times
ЁЯНТ Working to restore all services, says Yes Bank administrator : RBI-appointed Yes Bank administrator Prashant Kumar on Monday said the lender is working to restore all banking services for its customers as soon as possible. "I think for us, the first priority is the customers and how to provide the seamless business to our customers and like you must have seen on the very first day, all our ATMs were up for the customers," Kumar said in an interview to a TV channel.He said, since Saturday evening even the ATMs of other banks were available for customers for cash withdrawal."And in our branches, our staff is reaching out to customers. They are dealing with their issues. I would also like to take this opportunity to thank all our customers who have really cooperated with us, who have shown lot of patience. And I think this is the faith in the brand of Yes Bank," Kumar told CNBC TV 18. - economic times
ЁЯНТ Yes Bank saw exit of bulk deposits before RBI move : Yes Bank’s deposits are understood to have shrunk far below the Rs 2 lakh crore reported at end September 2019. Thursday’s moratorium was preceded by withdrawals of bulk deposits following a downgrade in December 2019 itself. On Saturday, the bank also saw heavy retail withdrawals as it was plugged back into the interbank ATM network. Following this development, depositors could withdraw from any ATM in the country.
ЁЯНТ No material impact of YES Bank crisis on Shriram Transport Finance: S&P : S&P Global Ratings on Monday said Shriram Transport Finance Company (STFC) will not be materially affected by the troubles at YES Bank as the firm’s exposure is currently less than 0.5 per cent of its net worth. Earlier in the day, STFC said it has a small exposure of ₹50 crore to Yes Bank’s hybrid securities in the form of upper Tier II bonds. The finance company had made this investment in 2010. “S&P Global Ratings believes STFC’s low exposure to Yes Bank’s hybrid securities will shield its financial profile. STFC does not hold any Additional Tier 1 (AT1) capital instruments of the bank,” the rating agency said in a release. - Business Line
ЁЯНТ Banking stocks slide to 13-month low amid fallout from YES Bank crisis : Shares in Indian banks slumped to a more than 13-month low on Monday as the crisis at YES Bank Ltd spooked investors and sparked concerns about the broader sector. "The main contagion effect would be on the depositor base of private sector banks," Macquarie analyst Suresh Ganapathy said in a note to clients on Monday. Noting the collapse of YES Bank comes close on the heels of a string of other collapses, Ganapathy said it was shaking "depositor confidence in the financial system." - Business Standard
ЁЯНТ Market updates: Sensex, Nifty close 5% lower; troubled Yes Bank gains 30% : The benchmark indices today ended on a negative note. The two started off with the shock from the oil market. Thus taking cues from world markets, the Indian indices dropped drastically. The coronavirus fear had a tight grip on the markets. The broader benchmark NSE Nifty ended at 10,451.45, a drop of 538 points or 4.90 per cent. All the sectoral indices also ended in red. The list was led by Nifty Metal (7.72% drop), Media (6.67%) and PSU Bank (6.07%). Yes Bank and BPCL were top gainers with 30.96 and 4.55 per cent increase, respectively. ONGC and Vedanta were the top laggards with over 15 per cent change. The 30-pack indice BSE Sensex closed at 35,634.95, dropping 1941.67 points or 5.17 per cent.
ЁЯНТ Rupee slips past 74/USD on weak equities, coronavirus-led slowdown fears : The rupee on Monday slipped past the 74-level against the US dollar to settle at 74.14 (provisional), down 27 paise tracking heavy selling in domestic equity market amid rising concerns over coronavirus-led economic slowdown. Forex traders said the rupee
Have a Good day.. "ЁЯМ╗ЁЯСйЁЯСйЁЯСзЁЯСж
ЁЯТР ЁЯТж HAPPY HOLI ЁЯТж ЁЯТР
☕ 10.03.2020: Today's Banking / Financial News at a Glance
ЁЯНТ Private banks slower than PSBs in cutting lending rates : Though private banks are behind state-run lenders in cutting lending rates, they are faster in cutting term deposit rates. The banking sector has been criticised for being slow in transferring the benefits of central bank rate cuts to the customers. In 2019, the Reserve Bank of India (RBI) cut its repo rate by 135 basis points to the current rate of 5.15 percent.In January 2020, the Weighted Average Lending Rate (WALR) on outstanding loans of private banks is the same (11.06 percent) as the comparable period a year ago, according to central bank data. For public sector banks (PSBs), the WALR in January 2020 was 9.59 percent, 21 basis points lower than 9.8 percent in January 2019. But, private sector lenders have been faster than their state-run counterparts in cutting the rates on term deposits. In January 2019, their Weighted Average Domestic Term Deposit Rate (WADTDR) on outstanding deposits was 51 basis points lower from a year ago, against the 29 basis points cut by PSBs. - Moneycontrol.com
ЁЯНТ No concern regarding safety of deposits in any bank, assures RBI : The Reserve Bank of India (RBI) on Sunday assured depositors that there is "no concern regarding the safety of their deposits in any bank". "Concern has been raised in certain sections of media about the safety of deposits of certain banks. This concern is based on analysis which is flawed. Solvency of banks is internationally based on Capital to Risk (Weighted) Assets Ratio (CRAR) and not on market capitalization," RBI tweeted. "RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of the safety of their deposits in any bank," it added. Earlier today, Chief Economic Advisor KV Subramanian also said that the m-cap ratio is an incorrect way to measure the safety and solvency of a bank. He further added that Capital to Risk (Weighted) Assets Ratio (CRAR) is the standard measure for the safety of a bank. Pointing out figures, the CEA said that Indian banks have 80 per cent more capital than the globally mandated norm for CRAR. "The m-cap ratio is a totally incorrect measure to assess the safety or solvency of a bank. Instead, what experts and regulators worldwide use is CRAR. The global norm for CRAR is 8 percent. Compared to that, our banks have on average 14.3 per cent CRAR," he said. - Live Mint
ЁЯНТ Chalasani Venkat Nageswar gets additional charge of DMD, CFO of SBI : State Bank of India (SBI) on Monday said Chalasani Venkat Nageswar has been given additional charge of deputy managing director and chief financial officer (CFO) of the bank. “Chalasani Venkat Nageswar, Deputy Managing Director, International Banking Group, has been given additional charge of deputy managing director and CFO with immediate effect till further orders,” the country’s largest lender said in a filing to the Bombay Stock Exchange (BSE). SBI stock was trading at Rs 259.35, down 4.10 per cent, on the BSE. - Business Line
ЁЯНТ Investors’ total AT-1 bond exposure to Indian banks at ₹93,000 crore: ICRA : Investors have total bets of over ₹93,000 crore on the additional tier-I bonds in Indian banks and a complete write-down proposed in the Yes Bank restructuring may lead to risk aversion, according to a report by domestic rating agency ICRA.The report comes two days after IndusInd Bank virtually dropped a plan for the issue of the AT-1 bonds by deferring a board meet following the Yes Bank package by the RBI, implementation of which is set to erode investments.As part of the SBI-led restructuring package announced by the RBI, there is a proposal to write down the entire outstanding on AT-1 bonds, which has been pegged at ₹8,695 crore by ICRA on Monday. Investors have reportedly approached the banking regulator seeking help. The proposal is “likely to further increase the risk aversion of investors as the investors will factor in a higher probability of write-downs on these bonds”, ICRA said in the report. - Business Status
ЁЯНТ SC asks RBI to frame norms for banks to give issuer details in cases of cheque bouncing : The Supreme Court has asked the Reserve Bank of India (RBI) to draw up norms for banks to give police and complainants in cheque-bouncing cases the contact details of those who have issued the instruments. This will include permanent addresses, email IDs and mobile phone numbers of the accused and can be done by printing the information on the cheque or the dishonour memo, it said. “A separate software-based mechanism may be developed to track and ensure the service of process on the accused in cases relating to an offence under Section 138 of the Negotiable Instruments Act,” Justice L Nageshwar wrote on behalf of the bench, which was led by Chief Justice of India SA Bobde. “Banks, being important stakeholders in cases of this nature... it is their responsibility to provide requisite details and facilitate an expeditious trial mandated by law,” the court said. “An information-sharing mechanism may be developed where the banks share all the requisite details available of the accused, who is the account holder, with the complainant and the police for the purpose of execution of process.” - Economic Times
ЁЯНТ Financial audits failed repeatedly, govt should make cost accounting must to check bank NPAs: ICMAI : Financial audits have failed repeatedly and the government should make cost accounting mandatory to keep a tab on non-performing assets at lenders, which can prevent cases like Yes Bank, the Institute of Cost Accountants of India (ICMAI) said on Monday. The NPA mess, which runs into over Rs 10 lakh crore, has originated from a "systemic disregard" to cost accounting and cost audit information in the past few years, ICMAI President Balwinder Singh said. The comments come days after Yes Bank was put under a moratorium by the government and the Reserve Bank of India (RBI) due to an inability to raise capital. The country's largest lender State Bank of India has been forced to lead a scheme of restructuring and has committed Rs 10,000 crore. The statutory body's president recommended making cost audits mandatory for evaluation of all large new loan proposals and their periodic review to check rising non-performing assets (NPAs). "Cost statements can provide unit-wise and product-wise profitability based on stringent cost accounting standards, which offer significantly more insights than the corporate-level financial information presently available to the lenders," he said. - Economic Times
ЁЯНТ NCLAT upholds CCI order on Adani Gas for abuse of dominant position : The NCLAT has upheld the fair trade regulator CCI's order, holding Adani Gas Limited (AGL) "guilty of of abuse of dominant position" while supplying piped natural gas to industrial customers in Faridabad. However, a two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya reduced the quantum of penalty from four per cent of the average annual turnover of the relevant three years to one per cent, observing that it would be "commensurate with and proportionate to the level of proved abusive conduct of AGL". Competition Commission of India (CCI) had on July 3, 2014 imposed a penalty of Rs 25.67 crore on AGL after finding its Gas Supply Agreement (GSA) imposing unfair conditions upon the complaints of Faridabad Industries Association. CCI had also directed AGL to cease and desist from indulging in conduct found to be in contravention of the provisions of the Competition Act. - Economic Times
ЁЯНТ PhonePe transactions back to normal after Yes Bank fiasco : As the Yes Bank fiasco hit UPI-based transactions last week, PhonePe that was solely using Yes Bank's services worked overnight with the National Payments Corporation of India (NPCI) and ICICI bank to ensure all its services were up and running within a day. PhonePe, with close to 20 crore users, saw an extended service outage, which started immediately after the RBI moratorium on Yes Bank on March 5, lasting for nearly 24 hours.The company worked with the NPCI and ICICI bank, its new UPI partner.All merchant payment settlements were restored by Friday noon and all consumer wallet, credit and debit card payments were restored by 3 pm, the company said in a statement.All UPI services were restored by Friday night, with PhonePe users continuing to use their UPI @ybl handles."Friday was an extraordinarily difficult situation with little precedence. We are grateful to the RBI, NPCI, Yes Bank, and ICICI for working collectively to ensure that millions of our customers and merchants were not inconvenienced a minute longer than necessary," said Sameer Nigam, Founder and CEO PhonePe. - Live Mint
ЁЯНТ Allow Puri Jagannath Temple to withdraw Rs 545 cr from YES Bank: Odisha FM : Odisha Finance Minister Niranjan Pujari has written to Union Finance Minister Nirmala Sitharaman requesting her to issue instructions to RBI to allow Puri Jagannath Temple administration to withdraw the temple's fund of Rs 545 crore from the crisis-hit Yes Bank. "The administration, governance and management of the Jagannath Temple in Puri and its properties are vested in a committee called Shree Jagannath Temple Managing Committee (MC) by virtue of provisions contained in the Shree Jagannath Temple Act, 1954. On the basis of discussion of the Managing Committee, Shree Jagannath Temple Administration (SJTA) manages the day to day affairs of the shrine," Pujari wrote to the Union Finance Minister. "Various funds related to the temple - Foundation Fund, Corpus Fund and Temple Fund - are being managed by the Managing Committee. Out of these funds, an amount of Rs 545 crore has been deposited with Yes Bank, Puri. These deposits are maturing in the month of March of 2020 itself," he added. - Business Standard
ЁЯНТ Kotak Mahindra Bank joins race for Lakshmi Vilas Bank : Billionaire Uday Kotak-led Kotak Mahindra Bank is keen to play the white knight and rescue the fund-starved Chennai-based Lakshmi Vilas Bank (LVB) as part of a proposed transaction under the supervision of the Reserve Bank of India (RBI), multiple sources have told Moneycontrol. “Kotak Mahindra Bank is a late entrant in the race for Lakshmi Vilas Bank and is evaluating the acquisition of a majority stake. It has joined other strategic and private equity suitors,” one of the sources said. The bank submitted a proposal for Lakshmi Vilas Bank to the RBI, which has held discussions with other interested parties as well, another source said. “If the deal fructifies, it can further bolster Kotak Mahindra Bank’s presence in South India,” the source added. - cnbctv18.com
ЁЯНТ Yes Bank scam: CBI carries out searches at 7 locations in Mumbai; LOC issued : The CBI carried out searches at seven locations in Mumbai on Monday in connection with the Yes Bank scam pertaining to the Rs 600 crore alleged bribe to its co-founder Rana Kapoor's family by scam-hit DHFL and issued a look out circular against the accused to prevent their escape, officials said. The CBI has named five companies and seven individuals including Kapoor, his wife Bindu and daughters Roshini, Raakhe and Radha as accused in its FIR. Dewan Housing Finance Corporation Limited (DHFL) and RKW Developers Private Limited and their then directors Kapil Wadhawan and Dheeraj Wadhawan, respectively also figure as accused in the FIR. - economic times
ЁЯНТ Moratorium on Yes Bank may be lifted by Saturday: Prashant Kumar : The administrator of Yes Bank Prashant Kumar has said that the lender has full liquidity support from the Reserve Bank of India and State Bank, to deal with any flight of deposits from the bank. In an interview with ET, Kumar a former CFO with SBI, also said that more clarity on the liquidity support will emerge in 3-4 days and post which they expect to lift the moratorium on withdrawals by Saturday. - economic times
ЁЯНТ Working to restore all services, says Yes Bank administrator : RBI-appointed Yes Bank administrator Prashant Kumar on Monday said the lender is working to restore all banking services for its customers as soon as possible. "I think for us, the first priority is the customers and how to provide the seamless business to our customers and like you must have seen on the very first day, all our ATMs were up for the customers," Kumar said in an interview to a TV channel.He said, since Saturday evening even the ATMs of other banks were available for customers for cash withdrawal."And in our branches, our staff is reaching out to customers. They are dealing with their issues. I would also like to take this opportunity to thank all our customers who have really cooperated with us, who have shown lot of patience. And I think this is the faith in the brand of Yes Bank," Kumar told CNBC TV 18. - economic times
ЁЯНТ Yes Bank saw exit of bulk deposits before RBI move : Yes Bank’s deposits are understood to have shrunk far below the Rs 2 lakh crore reported at end September 2019. Thursday’s moratorium was preceded by withdrawals of bulk deposits following a downgrade in December 2019 itself. On Saturday, the bank also saw heavy retail withdrawals as it was plugged back into the interbank ATM network. Following this development, depositors could withdraw from any ATM in the country.
ЁЯНТ No material impact of YES Bank crisis on Shriram Transport Finance: S&P : S&P Global Ratings on Monday said Shriram Transport Finance Company (STFC) will not be materially affected by the troubles at YES Bank as the firm’s exposure is currently less than 0.5 per cent of its net worth. Earlier in the day, STFC said it has a small exposure of ₹50 crore to Yes Bank’s hybrid securities in the form of upper Tier II bonds. The finance company had made this investment in 2010. “S&P Global Ratings believes STFC’s low exposure to Yes Bank’s hybrid securities will shield its financial profile. STFC does not hold any Additional Tier 1 (AT1) capital instruments of the bank,” the rating agency said in a release. - Business Line
ЁЯНТ Banking stocks slide to 13-month low amid fallout from YES Bank crisis : Shares in Indian banks slumped to a more than 13-month low on Monday as the crisis at YES Bank Ltd spooked investors and sparked concerns about the broader sector. "The main contagion effect would be on the depositor base of private sector banks," Macquarie analyst Suresh Ganapathy said in a note to clients on Monday. Noting the collapse of YES Bank comes close on the heels of a string of other collapses, Ganapathy said it was shaking "depositor confidence in the financial system." - Business Standard
ЁЯНТ Market updates: Sensex, Nifty close 5% lower; troubled Yes Bank gains 30% : The benchmark indices today ended on a negative note. The two started off with the shock from the oil market. Thus taking cues from world markets, the Indian indices dropped drastically. The coronavirus fear had a tight grip on the markets. The broader benchmark NSE Nifty ended at 10,451.45, a drop of 538 points or 4.90 per cent. All the sectoral indices also ended in red. The list was led by Nifty Metal (7.72% drop), Media (6.67%) and PSU Bank (6.07%). Yes Bank and BPCL were top gainers with 30.96 and 4.55 per cent increase, respectively. ONGC and Vedanta were the top laggards with over 15 per cent change. The 30-pack indice BSE Sensex closed at 35,634.95, dropping 1941.67 points or 5.17 per cent.
ЁЯНТ Rupee slips past 74/USD on weak equities, coronavirus-led slowdown fears : The rupee on Monday slipped past the 74-level against the US dollar to settle at 74.14 (provisional), down 27 paise tracking heavy selling in domestic equity market amid rising concerns over coronavirus-led economic slowdown. Forex traders said the rupee
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