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Ratings firm <keyword id="6359483" type="COMPANY" weightage="20" keywordseo="Crisil">Crisil</keyword> has reaffirmed BBB rating on <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>'s over Rs 18,000 crore bonds on the back of continued support by the country's largest lender SBI. Crisil has assigned its 'CRISIL BBB/Stable' rating to the Tier II bonds (under Basel III) of Rs 13,941 crore and infrastructure bonds of Rs 3,780 crore of Yes Bank, the recently bailed out lender said in a regulatory filing on Saturday. The agency has also reaffirmed its 'CRISIL A2' rating on certificates of deposit of Yes Bank. BBB ratings are of moderate safety with regard to servicing of financial obligations. While debt securities with A2 rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such instruments carry low credit risk. "The ratings are underpinned by the expectation of continued extraordinary systemic support from key stakeholders and sizeable ownership by State Bank of India (SBI). "Crisil has taken note of <keyword id="9362711" type="COMPANY" weightage="20" keywordseo="the-yes-bank-ltd-reconstruction-scheme">the Yes Bank Ltd Reconstruction Scheme</keyword>, 2020, (the Scheme) that was notified by <keyword id="1576501" type="COMPANY" weightage="20" keywordseo="The-Government-of-India">the Government of India</keyword> on March 13, 2020," Crisil said on the rating rationale. The reconstruction scheme followed the imposition of a moratorium on Yes Bank by the government on March 5, 2020, including the RBI, in order to bolster the bank's liquidity. The moratorium was lifted on March 18, 2020, and the bank has since been providing full-fledged banking services to customers. Under the reconstruction scheme, Yes Bank has, among other measures, got equity infusion of Rs 10,000 crore by 8 entities, mainly banks led by SBI. "However, the ability of the bank to limit further deposit outflow, and to build a strong retail liabilities franchise and a stable and sound operating business model with strong compliance and governance framework over the medium term, needs to be demonstrated," said the Indian arm of <keyword id="9362712" type="LOCATION" weightage="20" keywordseo="the-sp-global">the S&amp;P Global</keyword>. Crisil also said the bank's asset quality is weak and the impact of the shift in business model to focus on granular retail segments will need to be seen over a longer period. "These will be key rating monitorables. The nationwide lockdown declared by government to contain the spread of Covid-19 pandemic has impacted disbursements and collections of financial institutions," the agency said. The lockdown and restrictions are now being lifted in phases. Any delay in return to normalcy will increase pressure on collections and hence asset quality, it added. Further, moratorium to Yes Bank customers may impact collections in near-term and any change in payment discipline of borrowers can affect delinquency levels post the moratorium, Crisil said. "Given this, gross non-performing assets (NPAs) could rise due to weakening in most sectors. This may increase the credit cost in fiscal 2021, thereby impacting the profitability of the bank, and will be a key monitorable," it said. KPM BAL

Crisil affirms Yes Bank ₹18,000 crore bonds rating at BBB

SBI Chairman Rajnish Kumar on Saturday said the bank has received the draft scheme of reconstruction for crisis-hit Yes Bank. Bank officials are doing due diligence of the draft scheme, he added. "We have received draft scheme of reconstruction for Yes Bank. Our investment and legal team is doing due diligence," Kumar told reporters here. He also said many potential investors have approached SBI after seeing the draft scheme. Kumar further said the interest of shareholders will not be compromised. On Friday, the RBI announced a draft scheme of reconstruction for cash-starved Yes Bank. In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. The draft came a day after the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The RBI also superseded the board of the private sector lender, which is now being headed by former deputy managing director and CFO of SBI Prashant Kumar. See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a>

SBI says its evaluating draft reconstruction scheme for Yes Bank

New Delhi, Mar 13 () The Union Cabinet on Friday approved reconstruction scheme for Yes Bank under which SBI will acquire 49 per cent stake in the crisis-ridden private sector bank. Finance Minister Nirmala Sitharaman said the Union Cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve Bank. On March 5, the RBI imposed a moratorium on Yes Bank, restricting withdrawals to Rs 50,000 per depositor till April 3. The RBI also superseded the board and placed it under an administrator, Prashant Kumar, former deputy managing director and CFO of SBI. Giving details about the scheme, Sitharaman said SBI will invest for 49 per cent equity in Yes Bank and other investors are also being invited. There will be a three year lock-in period for all the investors, she said. However, the lock-in period for SBI would be only for the 26 per cent of the shareholding. The authorised capital of the lender has been increased to Rs 6,200 crore from Rs 1,100 crore, the finance minister said. Sitharaman said the scheme has been approved with the objective of protecting the interest of depositors and providing stability to Yes Bank as well as to the entire financial system. The moratorium on the bank will be lifted within 3 days of notification of the reconstruction scheme, while its board will be in place in 7 days, she said. On Thursday, SBI said it will invest Rs 7,250 crore in Yes Bank, which is much higher than Rs 2,450 crore it had planned initially for 49 per cent stake in the private sector lender that began operations in 2004. NKD KPM MJH RVK

Cabinet approves reconstruction scheme for Yes Bank as proposed by RBI

<ul><li>Finance minister Nirmala Sitharaman has asked the Reserve Bank of India (RBI) to identify the people who played a role in creating the <keyword id="8873513" type="UNKNOWN" weightage="20" keywordseo="yes-bank-crisis">Yes Bank crisis</keyword>.</li><li>She has also asked the RBI to assess the adequacy of regulatory and supervisory norms in India.</li><li>Sitharaman wants the crisis to be resolved under due process of law, but with a sense of urgency.</li></ul> Within a day after superseding Yes Bank’s board, the Reserve Bank of India (RBI) released a new scheme for the reconstructed bank. As per the RBI draft, the altered capital of Yes Bank stands at The Reserve Bank of India (RBI) released its new scheme for the reconstruction of Yes Bank. The plan alters Yes Bank’s capital to ₹5,000 crore and also said that a strategic investor will bring in 49% equity into it. 
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 As per the banking regulator, the strategic investor which could be the State Bank of India (SBI) and the Life Insurance Corporation (LIC), will not reduce holding below 26% before three years. In addition, Finance Minister Nirmala Sitharaman also provided assurance to depositors and employees, in a press conference. “Deposits and liabilities will continue unaffected as before. Employment and salary assured, at least for one year,” she said. FM asks RBI to ‘identify the role played by individuals’ Sitharaman also asked the RBI to find out which individuals are responsible for the Yes Bank’s troubles. “I’ve asked the RBI to go into assessing what has caused these difficulties for Yes Bank. Clearly identify the role played by individuals in creating the problem and not-so-comprehensively addressing the problem,” she told reporters at a press conference in Delhi after recapping the timeline of events that led to the private bank’s financial crisis. 
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 The RBI issued a moratorium last night capping withdrawals from Yes Bank at ₹50,000 for the coming month, which was a long time coming, according to Sitharaman. India’s top bank has reportedly been monitoring the activities of Yes Bank since 2017. In addition to finding the perpetrators, Sitharaman has also asked the RBI to analyse India’s current regulatory norms for loopholes. “I’ve also asked the RBI to tell me about the adequacy of the extent of the regulatory norms, supervisory norms. If found inadequate — where and why? I’ve asked them for a report on this,” she said. Assuring depositors’ that their interest is “completely safeguarded”, the finance minister said that the RBI will be addressing the problem as quickly as possible. “I want the RBI to ensure that the due process of law is set to roll with a sense of urgency so that we can find out who led to this problem of this size of magnitude in the Yes Bank,” she said. See also: <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-mobile-and-net-banking-down-after-rbi-limits-withdrawals-to-50000/articleshow/74499754.cms">Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000</a>

Finance Minister assures employment and salary at Yes Bank at least for one year

The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) has asked state governments not to transfer their deposits out of private sector banks saying apprehensions about the safety of deposits in private lenders are highly misplaced. In a letter written to chief secretaries of all states, the central bank said moving deposits out of private sector banks could have implications for banking and financial sector stability. The letter came after reports suggested that some state governments have advised government bodies and other entities under their jurisdiction to transfer their funds held with private sector banks to public sector lenders. This follows the crisis at <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> where the RBI has superseded the bank's board and placed restrictions on withdrawals. "We strongly believe that such a move can have banking and financial sector stability implications," the RBI wrote. "We feel that apprehension on the safety of deposits in private sector banks is highly misplaced and will not be in the interest of stability of the financial system in general and the banking system in particular." It requested state governments to reconsider any decision they might have taken in this regard or are in the process of taking such decision. "The Reserve Bank has adequate powers to regulate and supervise the private sector banks and by using these powers, it has ensured that the depositors' money is entirely safe," the letter said. The RBI said the resolution of weak private sector banks in the past has been done in a manner that the depositors are not put to loss. "It is precisely with a view to retaining depositors' confidence in private sector banks and mitigating their hardship that, after the imposition of a moratorium on <keyword id="436044" type="DOMAIN" weightage="20" keywordseo="Yes-Bank-Ltd">Yes Bank Ltd</keyword>, the RBI has drawn up a draft scheme without any delay and we are making every effort to expedite the finalisation of the scheme," it added.

RBI assures state governments that their deposits are safe in private banks

Mumbai, Mar 11 () The reconstruction of crisis-hit Yes Bank may further aggravate liquidity issues for the already cash-starved non-banking lenders, according to a report by Fitch Ratings. Last week, the Reserve Bank of India announced a draft scheme of reconstruction for Yes Bank. The scheme was announced a day after the RBI imposed a moratorium on the bank, restricting withdrawals to Rs 50,000 per depositor till April 3. An extended credit squeeze will likely exacerbate asset quality risks for the financial sector, including non-banking financial companies (NBFCs), which are already facing pressure from a general economic and property-sector slowdown, and an evolving coronavirus situation, Fitch Ratings said in a note. "The non-bank financial institutions (NBFIs) will likely face renewed pressure on funding and liquidity following the RBI's (Reserve Bank of India) takeover of Yes Bank," the rating agency said. Under the scheme, the additional tier-1 (AT1) capital, issued by the Yes Bank under basel-III framework, will have to be written down permanently. "This may trigger another round of investor risk aversion that tightens market access and raises overall funding costs for borrowers, with wholesale NBFCs likely to remain more vulnerable in this situation," it said. The RBI's planned reconstruction scheme broadly protects the deposits and liabilities of the bank. It said there may also be knock-on effects for NBFCs if smaller private banks start to face deteriorating depositor confidence. Banks have been an important source of liquidity for NBFCs amid the funding squeeze in the local debt markets over the past 18 months, and any weakness in bank deposit funding would constrict liquidity available for lending to the NBFC sector, the note said. It said these events add to the challenging operating environment for the country's NBFCs, with rising uncertainty over funding conditions in the near term. This is notwithstanding recent improvement following multiple supportive measures by the authorities, the agency said. HV HRS

Yes Bank reconstruction may further aggravate liquidity issues for NBFCs: Report

New Delhi, Mar 7 () The State Bank of India (SBI) on Saturday announced it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore and clarified that all the deposits and liabilities of the reconstructed bank will continue in the "same manner". The crisis-hit Yes Bank, which failed to garner investor support in raising capital, was on Thursday superseded by a Reserve Bank appointed administrator, in consultation with the central government, and customers have been restricted with a withdrawal cap of Rs 50,000 only till April 3. "Yes Bank has 255-crore shares of Rs 2 per share. SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 per cent of the share capital of the reconstructed bank," the State Bank said in a statement. "SBI shall not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital," it added. The SBI also said that a board of directors will be constituted at the reconstructed Yes Bank comprising chief executive and managing director, non-executive chairman and non-executive directors. "SBI shall have nominee directors appointed on the board of the reconstructed bank. RBI may appoint additional directors to the board. The members of the board so appointed shall continue in office for a period of one year, or until an alternate board is constituted by Yes Bank Ltd," the statement said. The RBI has appointed Prashant Kumar, former deputy managing director and chief financial officer of SBl, as an administrator of Yes bank. Earlier, the Reserve Bank had released the draft of Scheme of Reconstruction of Yes Bank and invited suggestions and comments up to Monday, March 9, 2020. It said that all the employees of the reconstructed Yes Bank shall continue in their service with the same remuneration and on the same terms and conditions of service, at least for a period of one year. "The board of directors of the reconstructed bank will, however, have the freedom to discontinue the services of the key managerial personnel (KMPs) at any point of time after following the due procedure," the SBI statement noted. All the deposits with and liabilities of the reconstructed bank will continue in the same manner, the country's largest lender said, adding, the instruments qualifying as additional tier-1 capital shall stand "written down permanently, in full". Also, the offices and branches will continue to function in the same manner and the bank reconstructed bank would be allowed to open new offices and branches or close down existing offices or branches, the SBI said. "Rights and liabilities of the reconstructed bank all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature shall be effective to the extent and in the same manner, as was applicable before the scheme," it added. Earlier in the day in Mumbai, SBI Chairman Rajnish Kumar said that it had set a maximum investment limit of Rs 10,000 crore for Yes Bank reconstruction process. "I have already set the (investment) boundary of Rs 10,000 crore," Kumar told reporters in Mumbai. The cap of Rs 10,000 crore is based on the assumption of higher capital requirement by the bank, he added. Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor. The SBI chief also said that the once it will complete its due diligence, it will go back to the RBI with bank's comments. KPM MKJ

SBI to buy 49% stake in Yes Bank for Rs 2,450 cr; deposits, liabilities at reconstructed bank to continue in 'same manner'

IDFC First Bank on Sunday said it will make an equity investment of Rs 250 crore in beleaguered Yes Bank to acquire 25 crore equity shares. "...duly authorized committee of the Board of Directors of IDFC FIRST Bank Ltd had at its meeting held on March 14, 2020 accorded approval for an equity investment of upto Rs 250 crores comprising upto 25 crore equity shares at a price of Rs 10 each and face value of Rs 2 each, under the proposed Scheme of Reconstruction of Yes Bank Ltd under the Banking Regulation Act, 1949, subject to regulatory and government approval(s), if any," the bank said in a BSE filing. Earlier on Saturday, Federal Bank had committed to investing Rs 300 crore in Yes Bank for subscription of its 30 crore shares. The Centre on Saturday notified the YES Bank Limited Reconstruction Scheme, 2020, a day after the Union Cabinet approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Finance Minister Nirmala Sitharaman said on Friday. As per the reconstruction scheme, moratorium on the troubled lender will be lifted on March 18. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden bank and take 49 per cent equity. As per the rescue plan, ICICI Bank will invest Rs 1,000 crore, mortgage lender HDFC Rs 1,000 crore, Axis Bank Rs 600 crore, Kotak Mahindra Bank Rs 500 crore, Bandhan Bank and Federal Bank Rs 300 crore each. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only for 26 per cent of shareholding. It would be 75 per cent in case of other investors. KKS RVK

Yes Bank gets Rs 250 crore from IDFC First Bank

Shares of Yes Bank on Monday zoomed over 30 per cent after State Bank of India (SBI) said it will pick up 49 per cent stake in the cash-strapped lender for Rs 2,450 crore. The scrip witnessed a sharp rise, spiking 29.63 per cent to Rs 21 on the BSE. On the NSE, it jumped 32.20 per cent to Rs 21.35. SBI on Saturday announced it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore and clarified that all the deposits and liabilities of the reconstructed bank will continue in the "same manner". "Yes Bank has 255-crore shares of Rs 2 per share. SBI will be issued 245 crore shares at a price of Rs 10 per share for Rs 2,450 crore. This will be 49 per cent of the share capital of the reconstructed bank," the State Bank said in a statement. SBI Chairman Rajnish Kumar had earlier said that it had set a maximum investment limit of Rs 10,000 crore for Yes Bank reconstruction process. SBI shares were trading over 4 per cent lower at Rs 258.50 on the BSE. Yes Bank has been struggling to raise capital amidst its dwindling financial health. It sought to raise USD 2 billion initially during this fiscal, which was then pruned to USD 1.2 billion as it could not rope in any investor. See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a>

Yes Bank shares shoot up by 30% after SBI decides to buy stake

The CBI carried out searches at seven locations on Monday in connection with the <keyword id="8878575" type="UNKNOWN" weightage="20" keywordseo="yes-bank-scam">Yes Bank scam</keyword> pertaining to the Rs 600 crore alleged bribe to the family of its co-founder <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> by DHFL, officials said. Teams of CBI officers are carrying out operations at the residence and official premises of the accused in Mumbai, they said. The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with <keyword id="152129" type="COMPANY" weightage="20" keywordseo="Kapil-Wadhawan">Kapil Wadhawan</keyword>, DHFL promoter, for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said. According to the <keyword id="522895" type="ORGANIZATION" weightage="20" keywordseo="CBI-FIR">CBI FIR</keyword>, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL). In return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said. See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-a-new-scheme-to-rescue-yes-bank-will-be-released-shortly-says-shaktikanta-das/articleshow/74506268.cms">RBI has a new 'scheme' to rescue Yes Bank — will be released shortly, says Shaktikanta Das</a>

Yes Bank scam escalates as CBI carries out searches to connect Rana Kapoor to DHFL promoter Kapil Wadhawan

<ul><li>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the RBI. </li><li>Aside from SBI, the Reserve Bank of India is also in talks with other private investors to rescue the bank. </li><li>Private investors who get shares of Yes Bank cannot have to retain 75% of their stake for three years.</li></ul>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the Reserve Bank of India (RBI). "It will protect depositor's interest, revive the troubled bank, and stabilise India's financial system," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said. Separately, ICICI Bank said that the board has approved for an equity investment of up to ₹10 billion in equity shares of Yes Bank. The rumour mill in the market was expecting more investment in Yes Bank from the state-owned Life Insurance Corporation of India (LIC). However, the Finance Minister clarified that the RBI is in talks with other private investors to rescue the bank The authorised capital of Yes Bank has been raised manifold to ₹6200 crore from the current ₹1,100 crore current. The limit on withdrawals by depositors will be lifted on the third working day after the official notification of the cabinet decision, at 6 pm. The Reserve Bank of India placed Yes Bank under moratorium and capped the withdrawal by depositors at ₹50,000 till April 3. 
 
 
 
 
 
 
 
 
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 The State Bank of India (SBI) will buy 725 crore shares in Yes Bank at ₹10 per share, which adds up to an investment of ₹7,250 crore, giving the country's largest bank a 49% stake in the troubled private bank. The SBI will not reduce its holding below 26% for at least three years from the date of investment. Those private investors who get shares of Yes Bank cannot sell 75% of their stake for three years. "A new board, having at least 2 directors of SBI, will take over within 7 days of the issuance of notification," Sitharaman added. The decision has come a day before the much-awaited quarterly earnings, which have been delayed by a month, from Yes Bank. The numbers are expected to reveal the depth of the rot in the bank which has gone from being one of the country's top banks to embattled one, neck-deep in bad loans, and one with a history of scandals under its earlier promoter Rana Kapoor who was recently forced out by the RBI. With the money of millions of Indian depositors stuck at the bank, the government and other authorities have come together to rescue the bank and stop it further wrecking India's financial system. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms" data-type="tilCustomLink" target="_blank">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms" data-type="tilCustomLink" target="_blank">Finance Minister assures employment and salary at Yes Bank at least for one year</a>

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

New Delhi, Mar 16 () Crisis-hit <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> will get excluded from all indices of the leading stock exchange BSE with effect from March 20, the entity handling these indices said on Monday. In a circular sent to all its members, the BSE said the BSE S&amp;P Index Committee has decided to remove Yes Bank from all the S&amp;P BSE indices with effect from this Friday, March 20. The decision has been taken in light of the recent developments relating to Yes Bank Limited, in particular the Gazette notification dated March 13, 2020, on 'Yes Bank Limited Reconstruction Scheme, 2020' and the potential impact on the ability of market participants to fully replicate S&amp;P BSE Indices, it added. "Effective at the open of Friday, March 20, 2020, Yes Bank Limited will be removed from all S&amp;P BSE indices," it said. These indices include S&amp;P BSE AllCap, S&amp;P BSE LargeCap, S&amp;P BSE LargeMidCap, S&amp;P BSE Finance, S&amp;P BSE BANKEX, S&amp;P BSE CARBONEX and S&amp;P BSE Private Banks Index (INR). These indices also include S&amp;P BSE Enhanced Value Index, S&amp;P BSE Dividend Stability Index, S&amp;P BSE Diversified Financials Revenue Growth Index (INR), S&amp;P BSE 100 ESG Index (INR), S&amp;P BSE 500, S&amp;P BSE 200, S&amp;P BSE 100, S&amp;P BSE SENSEX Next 50, S&amp;P BSE 100 LargeCap TMC (INR), S&amp;P BSE 250 LargeMidCap Index (INR) and E&amp;P BSE SENSEX Next 50 TMC (INR). The NSE has also announced that Yes Bank will be excluded from all its indices. BJ HRS See Also - <a href="https://www.businessinsider.in/business/news/the-last-time-you-could-buy-reliance-industries-share-below-1000-a-piece-was-in-mid-2018/articleshow/74656518.cms">Coronavirus has wiped out all Reliance Industries’ gains in the last two years</a>

Yes Bank to be removed from all BSE indices from March 20

(Eds: Adding details) New Delhi, Mar 13 () <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> on Friday said it will invest Rs 1,000 crore in <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> as part of the RBI's reconstruction plan for the crisis-hit lender. The decision was taken at ICICI Bank's board meeting held on Thursday. "The Board... accorded approval for an equity investment of up to Rs 10 billion in equity shares of Yes Bank Limited, comprising up to 1 billion equity shares at a price of Rs 10 per share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949, subject to regulatory and government approval," ICICI Bank said in a regulatory filing. This investment will result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank, with the final shareholding to be determined based on the final Scheme of Reconstruction and share issuance thereunder, it added. The RBI superseded Yes Bank's board on March 5 and put the lender under a moratorium, restricting withdrawals to Rs 50,000 per account till April 3. Finance Minister Nirmala Sitharaman on Friday said the moratorium will be lifted in three days. On the cost of acquisition of shares in Yes Bank, ICICI Bank said it is for cash consideration of Rs 10 billion wherein it will acquire 1 billion equity shares of face value of Rs 2 at a premium of Rs 8 per share. ICICI Bank also clarified that this is not a related party transaction. Total assets of Yes Bank Ltd stood at Rs 3,46,576 crore as end of September 2019. The bank posted a net loss of Rs 486 crore for the first half ended September of the current fiscal year on a total income of Rs 17,421 crore. Yes Bank will on Saturday (March 14) announce its third quarter results, which was delayed amid the bank's capital raising plans. As per the RBI approved reconstruction plan for Yes Bank, the country's largest lender SBI will pick-up 49 per cent stake in the cash-strapped private sector lender by infusing Rs 7,250 crore. Also, SBI will have to maintain at least 26 per cent shareholding for three years. Briefing reporters after the cabinet meeting here, Sitharaman said the reconstruction scheme keeps at its core the protection of depositors' interest, providing stability to Yes Bank and keeping a stable financial environment and banking system. Stock of ICICI Bank closed at Rs 447.45 on BSE, up 5.28 per cent from the previous close. KPM ABM

You Searched For "the yes bank ltd reconstruction scheme" and got 13 results

Crisil affirms Yes Bank ₹18,000 crore bonds rating at BBB

PTI

SBI says its evaluating draft reconstruction scheme for Yes Bank

PTI

Cabinet approves reconstruction scheme for Yes Bank as proposed by RBI

PTI

Finance Minister assures employment and salary at Yes Bank at least for one year

Prabhjote Gill

RBI assures state governments that their deposits are safe in private banks

PTI

Yes Bank reconstruction may further aggravate liquidity issues for NBFCs: Report

PTI

SBI to buy 49% stake in Yes Bank for Rs 2,450 cr; deposits, liabilities at reconstructed bank to continue in 'same manner'

PTI

Yes Bank gets Rs 250 crore from IDFC First Bank

PTI

Yes Bank shares shoot up by 30% after SBI decides to buy stake

PTI

Yes Bank scam escalates as CBI carries out searches to connect Rana Kapoor to DHFL promoter Kapil Wadhawan

PTI

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

Sriram Iyer

Yes Bank to be removed from all BSE indices from March 20

PTI

ICICI Bank to infuse Rs 1,000 cr in Yes Bank as part of bailout plan

BI India Bureau

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