Finance Minister Nirmala Sitharaman said the moratorium on the Bank will be lifted within 3 days of notification of the scheme and its board will be in place in 7 day.
Bank’s lending growth was substantially over the average credit growth of the banking industry, with experts saying the board should have been more proactive in flagging it.
The RBI plan to write down Yes Bank’s perpetual securities threatens to hurt fund-raising when India’s economy is growing at the slowest pace in 11 years.
The biggest error in the plan executed to rescue Yes Bank was to trap depositors through Rs 50,000 withdrawal cap. It was both unnecessary and dangerous.
The RBI superseded Yes Bank Thursday but the crisis began much earlier with a CEO known for taking risks, corruption allegations against Chairman and insider trading allegations.
SBI has already obtained an 'in-principle' approval to explore investment opportunities in Yes Bank and a former SBI CFO has been appointed as an administrator.
On 6 December 1948, TT Krishnamachari spoke in the Constituent Assembly during a debate on Article 19, supporting it as it is, including how it's framed in the matter of religion.
Extreme weather events have impacted 50% of corporate respondents to a recent survey. This underlines the importance of significant action now to increase climate resilience.
Air force chief says HAL needs to churn out 24 aircraft per year. It is important for IAF to have indigenous weapons systems to deal with any security challenges, he says.
How come Indonesia, Malaysia, Turkey and Sri Lanka remain constitutional, democratic and stable despite Islam and Buddhism respectively, but Pakistan, Bangladesh and Myanmar don’t?
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