The RBI superseded Yes Bank Thursday but the crisis began much earlier with a CEO known for taking risks, corruption allegations against Chairman and insider trading allegations.
According to ED officials, the raid on Rana Kapoor is in connection with loans given by Yes Bank to finance company DHFL, which turned into non-performing assets.
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.
While investors hastened to dump bonds, the sensex plunged as much as 3.8%, one of the biggest declines in Asia, and the rupee weakened to a record low.
The crisis at India’s fourth-largest private lender, Yes Bank, is a reflection of the wider set of problems being faced by India’s banking and financial sector.
The Finance Minister said the crisis-ridden bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis.
Indian govt officials last month skipped Turkish National Day celebrations in Delhi, in a message to Ankara following its support for Islamabad, particularly during Operation Sindoor.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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