Top headlines: SBI may buy stake in Yes Bank, EPFO cuts interest rate

From SBI likely to buy stake in Yes Bank to Coronavirus' impact on the trade, Business Standard brings you the top headlines of the day

The world added 31,000 ultra-high net worth individuals (UHNWIs) to its fold in 2019. The UN calculated the cost to the world economy because of the coronavirus outbreak. Here is what else is making news this evening.


SBI to bail out Yes Bank?

The government has approved a plan for India’s biggest lender, State Bank of India, to lead a consortium that will buy a stake in troubled Yes Bank Ltd., Bloomberg News reported citing unnamed sources. Shares of State Bank of India (SBI) fell over 5 per cent in the intra-day session to recover later after on the news. Yes Bank, on the other hand, zoomed. Read more...
 

Interest rate on employee provident fund reduced

Retirement fund body Employees Provident Fund Organisation (EPFO) lowered the interest rate on deposits to 8.50 per cent for the current financial year (FY20) from 8.65 per cent in 2018-19. The decision was taken at a meeting of the central board of trustees (CBT) of the EPFO. Read more...

World's ultra-HNI count up 6.4% in 2019

The world added 31,000 ultra-high net worth individuals (UHNWIs) to its fold in 2019, taking the total number of such people – those with a net worth of $30 million or more – to 513,200, says the Knight Frank Wealth Report for 2020. This translates into a 6.4 per cent jump over 2018. India, according to Knight Frank, ranks 12th and had 5,986 such individuals in 2019, which is likely to reach 10,354 by 2024. Read more...

Sachin Bansal's wife alleges dowry harassment

A dowry harassment complaint has been filed against Flipkart co-founder Sachin Bansal by his wife Priya Bansal in Bengaluru, a media report said. Priya has alleged that her father had spent ₹50 lakh on the wedding and had given Sachin ₹11 lakh in cash instead of a car. She also alleged that her husband was pressurising her to transfer properties in her name to him, and after she refused to do so, she was harassed by her in-laws. Read more...

Coronavirus could wipe out $348 mn, says UN

The trade impact of the coronavirus epidemic for India is estimated to be about $348 million and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade, according to a UN report. Estimates published by United Nations Conference on Trade and Development said that the slowdown of manufacturing in China due to the coronavirus (COVID-19) outbreak is disrupting world trade and could result in a 50 billion dollar decrease in exports across global value chains. Read more...