RBI was forced to step in after Yes Bank’s latest effort to raise new capital failed to materialise and the lender ‘was facing regular outflow of liquidity’.
The rescue plan will throw a lifeline to Yes Bank which has been struggling to raise capital since the middle of last year, as it has faced a surge in bad loans.
SBI chairman Rajnish Kumar says he’s certain ‘some solutions will emerge’ to steady Yes Bank, which has been on a prolonged quest to raise new capital.
The RBI assessed that Yes Bank’s non-performing assets stood at Rs 111.6 billion as of March 31, more than the Rs 78.8 billion the bank had disclosed for the year.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
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