Ready for COVID-19 impact: RBI Governor
4 years, 9 months ago

Ready for COVID-19 impact: RBI Governor

The Hindu  

Amid a carnage in the financial markets, the Reserve Bank of India on Monday said it was ready to take any policy measure to mitigate the effects of the coronavirus outbreak on the economy. At an unscheduled press conference to assuage market participants, RBI Governor Shaktikanta Das also assured depositors of the beleagured Yes Bank that the reconstruction was aimed at ensuring the safety of depositors’ money. Mr. Das said: “The RBI has several instruments at its command, and stands ready to take all necessary measures to ensure that the effects of COVID-19 pandemic on the Indian economy are mitigated and financial markets continue to function normally.” No rate cut However, market participants who were expecting an announcement of a cut in rates were disappointed. When asked why the interest rates were left unchanged Mr. Das said, “According to the prevailing law, the rate cut call has to be taken through the Monetary Policy Committee.

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History of this topic

Why PMC Bank, Yes Bank depositors in different circumstances: HC asks RBI, govt
4 years, 6 months ago

Why PMC Bank, Yes Bank depositors in different circumstances: HC asks RBI, govt

Live Mint  

New Delhi: The Delhi high court has directed Reserve Bank of India and Centre to file additional affidavits on reasons which propelled forging of the Yes Bank Reconstruction Scheme, 2020. The affidavits will have to state how depositors of PMC Bank are in different circumstances compared with those of Yes Bank. The court, in its order uploaded today, asked RBI …

Coronavirus Outbreak: RBI governor Shaktikanta Das meets NBFCs, MFs sector; reviews liquidity situation
4 years, 8 months ago

Coronavirus Outbreak: RBI governor Shaktikanta Das meets NBFCs, MFs sector; reviews liquidity situation

Firstpost  

Operations of NBFCs have commenced from Monday as the government eased restrictions for the lockdown. Mumbai: Reserve Bank governor Shaktikanta Das on Monday reviewed liquidity position and ways to promote lending to the MSME sector during a meeting with representatives of non-banking financial companies and mutual funds amid the lockdown induced by the COVID-19 pandemic. Some of the issues discussed …

Will add liquidity if needed, RBI assures Yes Bank depositors
4 years, 9 months ago

Will add liquidity if needed, RBI assures Yes Bank depositors

The Hindu  

Describing the reconstruction scheme for Yes Bank as credible and sustainable, Reserve Bank of India Governor Shaktikanta Das on Monday sought to assure the private bank’s depositors that their hard-earned money is safe. Watch | Yes Bank crisis explained “It is a very credible and sustainable restructuring plan,” Mr. Das said while addressing the media here on the Yes Bank …

RBI Press Conference | Highlights
4 years, 9 months ago

RBI Press Conference | Highlights

India TV News  

Reserve Bank of India governor Shaktikanta Das is holding a press conference as market mayhem continues due to coronavirus pandemic concerns. The Reserve Bank of India governor Shaktikanta Das has announced two-step mechanism to fight the global effects of COVID-19 but he stops short from announcing any rate cut. Big announcements from RBI governor Shaktikanta Das Press Conference - Yes …

Moratorium on Yes Bank to be lifted on March 18
4 years, 9 months ago

Moratorium on Yes Bank to be lifted on March 18

The Hindu  

The government has notified the reconstruction scheme for crisis-hit Yes Bank, according to which the r estrictions on withdrawals from its accounts will be lifted in “three working days” or on March 18. Watch | Yes Bank crisis explained Prior to this, on March 5, the RBI placed Yes Bank under a moratorium, restricting withdrawals to ₹50,000 per depositor till …

Customers sensed all was not well with Yes Bank, withdrew ₹18,110 cr deposits during Mar-Sep 2019
4 years, 10 months ago

Customers sensed all was not well with Yes Bank, withdrew ₹18,110 cr deposits during Mar-Sep 2019

The Hindu  

Deposits at Yes Bank witnessed a steady decline during the March-September period last year as customers withdrew over ₹18,100 crore, in a reflection of falling confidence in the bank. Data | The Yes Bank crisis explained in six charts Yes Bank, which has been put under a moratorium by the Reserve Bank till April 3, during which customers are not …

morning digest march 09, 2020
4 years, 10 months ago

morning digest march 09, 2020

The Hindu  

In the wake of the moratorium on private sector lender Yes Bank, the RBI clarified on Sunday that deposits of customers were safe. Hitting back at the BJP for suggesting ‘deep links’ between the Gandhi family and the arrested promoter of Yes Bank, Rana Kapoor, the Congress on Sunday termed the charges an attempt at “diverting attention from the bank …

Yes Bank crisis | Indian banks well capitalised, no reason to worry: Chief Economic Adviser
4 years, 10 months ago

Yes Bank crisis | Indian banks well capitalised, no reason to worry: Chief Economic Adviser

The Hindu  

In the wake of the moratorium on private sector lender Yes Bank, the RBI clarified on Sunday that deposits of customers were safe. “The RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of safety of their deposits in any bank,” it said. Allaying concerns over the banking sector health, Chief Economic …

Explained: Why did Yes Bank have to be bailed out?
4 years, 10 months ago

Explained: Why did Yes Bank have to be bailed out?

The Hindu  

The story so far: On the advice of the Reserve Bank of India, the government imposed a moratorium on Yes Bank with effect from 6 p.m. on March 5 up to April 3. Subsequently, the RBI superseded the private sector lender’s board and appointed as an administrator, Prashant Kumar, who was serving as chief financial officer and deputy managing director …

Yes Bank lent to 'stressed' corporates like Anil Ambani Group, Vodafone: Nirmala Sitharaman
4 years, 10 months ago

Yes Bank lent to 'stressed' corporates like Anil Ambani Group, Vodafone: Nirmala Sitharaman

India TV News  

Finance Minister Nirmala Sitharaman on Friday evening, said that Yes Bank had lent to "very stressed" corporates like Anil Ambani Group, Vodafone, Essel, DHFL, ILFS among others. During her interaction with the media, Nirmala Sitharaman said that Yes Bank had exposure to stressed corporate groups. "Solution being worked on to revive Yes Bank well before the moratorium period," Bank administrator …

Want to assure every depositor's money is safe: Sitharaman on Yes Bank crisis
4 years, 10 months ago

Want to assure every depositor's money is safe: Sitharaman on Yes Bank crisis

India TV News  

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. Further speaking on the crisis, Sitharaman said, "Both RBI and the government is looking at Yes Bank issue in detail, …

YES Bank Crisis: After PMC Bank, It's YES Bank Now, Which Is Next? Asks Chidambaram
4 years, 10 months ago

YES Bank Crisis: After PMC Bank, It's YES Bank Now, Which Is Next? Asks Chidambaram

ABP News  

New Delhi: Former Finance Minister and Congress leader P Chidambaram flayed the government for its inability to govern and regulate financial institutions. His statement came after Yes Bank was placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. Let's see what unfolds now,”he told reporters at the …

Your money is safe: Amid Yes Bank crisis, Nirmala Sitharaman assures depositors
4 years, 10 months ago

Your money is safe: Amid Yes Bank crisis, Nirmala Sitharaman assures depositors

India Today  

Finance Minister Nirmala Sitharaman has assured the depositors of Yes Bank they have nothing to worry about and that their money is safe. No need to worry," Union Finance Minister Nirmala Sitharaman said in her first reaction to the Yes Bank crisis. Both RBI and the government are looking at the Yes Bank issue in detailwe have taken a course …

Yes Bank allays investor concerns, says have ’enough liquidity’; stock jumps
5 years, 3 months ago

Yes Bank allays investor concerns, says have ’enough liquidity’; stock jumps

Live Mint  

New Delhi: Yes Bank managing director Ravneet Gill, in a conference call held for investors, analysts and other stakeholders on Thursday, allayed investor concerns, saying the bank has “enough liquidity”, according to market sources. We have been able to keep accounts with large exposures standard and see huge potential in recoveries from the underlying accounts,” a market source said, quoting …

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