Proceeds to be used to shore up liquidity
The company has cash on hand of approximately Rs 700 crore in the form of investment in liquid mutual fund
From Markets bracing for stormy days to Mukesh Ambani loses Asia's wealth crown, Business Standard brings you top business headlines of the day
According to a note by ICRA, the RBI move can have negative repercussions for the entire AT-1 bond market, which currently stands at around Rs 93,669 crore
YES Bank administrator Prashant Kumar said that the moratorium imposed by the Reserve Bank of India could be lifted before the end of this week
SBI's YES Bank investment raises questions
Here's a selection of Business Standard Opinion pieces for the day.
The Sensex fell nearly 2,000 points, as foreign investors liquidated their investments for safe haven assets such as US bonds. As prices of bonds rise, yields fall.
For 2019-20, the Centre had estimated average crude price of $55 a barrel, and for 2020-21, it has been assumed at $50 a barrel.
Hopeful that moratorium on withdrawal will be lifted by Friday, says bank administrator
Former RBI governor, Urijit Patel, had said in the aftermath of the blowout at PNB that the banking regulator was better positioned when it came to the oversight of private banks.
If you are paying a personal/home loan or doing SIPs, shift ECS mandate to another bank. It just might make sense to have one account with a nationalised bank
Kumar's mettle was tested in field while leading Kolkata circle as chief General Manager and as general manager in erstwhile Maharashtra and Goa circle.
The bank, which had over Rs 2.09 lakh crore in deposits, was put under moratorium last Thursday due to an inability to raise capital. Its board was superseded and Kumar was placed as the administrator
RBI on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.
Why did the Reserve Bank have to take the moratorium route to sew the deal? Why now?
The development comes after YES Bank on Thursday was put under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board
RBI said it would work on a revival plan, as part of which bonds classified as AT1 capital will be written down "permanently, in full"
The risk premiums for AT1 instruments of private sector banks in India will spike in the aftermath of the Yes Bank bailout according to the rating agency
The company further noted that "the company had invested in Upper Tier II Bonds of Yes Bank Ltd of Rs 50 crores in the year 2010 and the same are outstanding as on date"