Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul class="summary-list"><li>Argentina secured $7.5 billion from the International Monetary Fund on Wednesday.</li><li>Some of the funds will be used to partially pay China back, sources told Reuters.</li></ul>The $7.5 billion disbursement that Argentina secured from the International Monetary Fund this week will go towards partially repaying China for currency swap line borrowings, <a href="https://finance.yahoo.com/news/exclusive-argentina-imf-money-pay-184857435.html" target="_blank" rel="noopener">sources told Reuters</a>.As soon as this week, Argentina is expected to use some of its bailout money to funnel the equivalent of $1.7 billion back to the People's Bank of China, after tapping $2.8 billion from the swap line in recent months.The swap line, first established in 2009, has been a saving grace for Buenos Aires amid a severe dollar shortage and a financial crisis roiling its economy. Apart from helping meet repayment requirements on a separate 2018 IMF loan, the $18 billion line has also been used to pay for imports into Argentina. Argentina is also using the latest IMF disbursement to pay back other lenders. That includes $1 billion borrowed from the Development Bank of Latin America (also known as CAF), and $775 million in special drawing rights from Qatar."The funds that will be disbursed today go in part to Qatar, to CAF and will lower the level of how much has been used from the swap line. Qatar will be paid in SDRs, China in yuan," a source at Argentina's central bank told Reuters, adding that the CAF loan will be repaid in dollars.The IMF's board approved the disbursement on Wednesday, which is part of a $44 billion program that is mostly being used to pay off an earlier IMF bailout. The next review is scheduled for November. Fall will also be notable for Argentina's upcoming presidential election, with mounting uncertainty of how this may impact the country's commitment to pay back the IMF. Meanwhile, the eventual winner will also have to contend with the country's triple-digit inflation and a collapse in the local peso. Frontrunner Javier Milei has garnered support with an idea to <a href="https://markets.businessinsider.com/news/currencies/argentina-peso-usd-javier-milei-presidential-candidate-dollarize-economy-primary-2023-8?utm_medium=ingest&amp;utm_source=markets">ditch the peso for the US dollar</a>, though this would be met with a number of legislative challenges.

Argentina plans to repay some yuan borrowings from Chinese currency swap using IMF bailout money

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

<ul class="summary-list"><li>Marc Andreessen and Ben Horowitz spoke at length in a podcast about American higher education. </li><li>The founders of the famed VC firm A16z agreed that a college education costs more than it is worth. </li></ul><a target="_blank" href="https://www.businessinsider.com/marc-andreessen-ai-will-not-kill-us-all-2023-9">Marc Andreessen</a> thinks student loan borrowers who received loan forgiveness are akin to companies and banks that got government bailouts rescuing them from bankruptcy.In a two-hour podcast titled "Crisis in Higher Ed &amp; Why Universities Still Matter," published by his firm <a target="_blank" href="https://www.businessinsider.com/marc-andreessen-horowitz-ai-copyright-2023-11">Andreessen Horowitz</a>, Andreessen took issue with people having some or all of their outstanding student debt erased in actions by the Biden administration.Noting that <a target="_blank" href="https://www.businessinsider.com/student-debt-relief-loan-forgiveness-coming-quickly-certain-borrowers-biden-2024-1">federal student loans</a> are the one form of debt that a person can not avoid through personal bankruptcy, Andreessen said "You now have direct bailouts.""In the last three years, the current administration has been doing a series of bailouts, where they've been doing arbitrary, top down erasure of the debt, which you know they call it 'forgiveness,'" Andreessen said. "This is a very clever word, which makes it sound wonderful of course. But what it means is just that other taxpayers, other people, are gonna foot the bill for it."Andreessen used the term bailout to describe what's better known as loan forgiveness several times, despite the <a target="_blank" href="https://www.law.cornell.edu/wex/bailout#:~:text=A%20bailout%20is%20when%20the,the%20survival%20of%20the%20company">formal definition of bailout</a> being "when the government gives financial support to rescue a company that is in financial trouble and possibly at risk for bankruptcy," according to Cornell's Legal Information Institute. Last year, the Biden administration stepped in to take over <a target="_blank" href="https://www.businessinsider.com/silicon-valley-bank-failure-long-term-impact-tech-vc-finance-2023-3">a failed Silicon Valley Bank</a> after a bank run on deposits. Andreessen Horowitz is a <a target="_blank" href="https://www.businessinsider.com/andreessen-horowitz-sticking-with-svb-setting-up-accounts-another-bank-2023-3">major SVB customer</a>, and the bank also invested billions in the firm's funds. So when regulators stepped in, and the Federal Deposit Insurance Corporation said that SVB's depositors wouldn't lose their deposits — despite its <a target="_blank" href="https://www.businessinsider.com/silicon-valley-bank-svb-particularly-scary-bank-failure-why-2023-3">$250,000 deposit insurance cap</a> — A16z benefited from that government action.The Biden Administration also had a broader student debt relief plan <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-blocked-supreme-court-strikes-down-debt-cancellation-2023-5">struck down by the US Supreme Court</a> last year, and it has moved forward with <a target="_blank" href="https://www.businessinsider.com/new-student-loan-repayment-plan-debt-relief-repayment-save-idr-2023-8">targeted relief programs</a> based on specific borrower criteria. The loss of repayment is expected to add to the federal deficit, but there is <a target="_blank" href="https://rooseveltinstitute.org/2022/08/17/canceling-student-debt-would-increase-wealth-not-inflation/">conflicting research</a> on what if any, negative ramifications there may be for the broader economy.In response to Andreessen's issue with student loan forgiveness, A16z cofounder Ben Horowitz responded with the argument that, although the action provides relief for some, it does not address "the real issue." That, according to Horowitz, is "that for a large swath of the population college is not worth the money.""What's happened is for a huge percentage of the degrees, the degree is worth less than than the job," Horowitz continued. "So, basically we as a society are running a scam and ripping off a huge percentage of our young people who are going to college with the clear expectation that they're going to get a higher quality job and they'll be able to pay for college. That's absolutely not the case and that's the real issue."Horowitz added that with all of the recent advances in technology, including things like <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">OpenAI's ChatGPT and generative AI</a>, technology that A16z invests in, a <a target="_blank" href="https://www.businessinsider.com/personal-finance/is-college-worth-it">college education</a> should cost much less."There is no knowledge that you can't get from your smartphone very cheaply and easily," Horowitz said, "so why am I paying $300,000 for the credential?"

Marc Andreessen says student loan forgiveness is a 'bailout.' Ben Horowitz thinks college is mostly 'a scam.'   

(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

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

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! If you're looking for something to watch, "<a target="_blank" href="https://www.businessinsider.com/moviepass-moviecrash-trailer-hbo-2024-5">MoviePass, MovieCrash</a>" debuts on HBO and Max today. The documentary chronicles the rise and fall of the movie-ticket-subscription company MoviePass, and is based on <a target="_blank" href="https://www.businessinsider.com/inside-story-moviepass-rise-fall-2019-8">award-winning reporting from Business Insider</a>.In today's big story, we're looking at how some millennials are <a target="_blank" href="https://www.businessinsider.com/how-much-millennials-need-for-retirement-savings-strategies-401k-ira-2024-5">falling behind with their retirement savings</a>.What's on deck:<ul><li>Markets: GPT-4 can already <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chatgpt-4-vs-humans-ai-financial-analysis-forecasting-new-study-2024-5">read and trade the market better than you</a>.</li><li>Tech: OpenAI's Sam Altman <a target="_blank" href="https://www.businessinsider.com/openai-sam-altman-new-era-tech-villian-chatgpt-safety-2024-5">had a rough few weeks</a> in the public eye. Now he's pledging to <a target="_blank" href="https://www.businessinsider.com/openai-sam-altman-signs-giving-pledge-donate-majority-wealth-2024-5">give away most of his money</a>.</li><li>Business: Denmark might have the solution to the interest-rate problem <a target="_blank" href="https://www.businessinsider.com/denmark-mortgage-rates-lock-in-effect-home-buying-selling-easier-2024-5">keeping US homeowners put</a>.</li></ul>But first, what's your (retirement) number?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Retirement math</h2><div type="image" title="retirement calculator illustration" height="500" width="1000" msid="110537815" hostid="261" sizebytes="30990"></div>For some millennials, the reality of their retirement plans is that they're a fantasy.A new survey shows the significant gap between how much millennials expect they need to retire ($1.7 million) and what they've roughly saved so far ($63,000), <a target="_blank" href="https://www.businessinsider.com/how-much-millennials-need-for-retirement-savings-strategies-401k-ira-2024-5">write Business Insider's Jacob Zinkula and William Edwards</a>.It's not the first time we've gotten troubling data about millennials' retirement plans. A 2022 Census Bureau survey found only 62% of Americans between the ages of 35 and 44 had a retirement account.But it's not just a lack of savings working against millennials' plans of riding off into the retirement sunset.Owning a home has proved elusive for the group, with some deeming themselves "<a target="_blank" rel="noopener" href="https://www.businessinsider.com/renting-housing-market-home-ownership-mortgages-affordability-real-estate-2024-5">forever renters.</a>" But forgoing homeownership could eventually pose serious problems, as millennials won't have home equity they could cash out to put toward their retirement.Meanwhile, student loans are the gift that keeps on giving… pain. A new student-loan forgiveness plan could bring more relief, but <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-borrowers-getting-closer-debt-cancellation-pushback-biden-2024-5">it won't be without its detractors</a>.And if you're hoping for a Hail Mary in the form of a fat inheritance to jumpstart your retirement plans, that's not looking great either. The rising cost of end-of-life care, coupled with people living longer, means your parent's money will be long gone before you <a target="_blank" href="https://www.businessinsider.com/boomer-wealth-transfer-myth-dont-count-on-inheritance-estate-planning-2023-10">can get your hands on it</a>.<div type="image" title="retirement chart" height="960" width="1378" msid="110537816" hostid="261" sizebytes="50804"></div>Retirement concerns aren't bound to certain economic classes.Obviously, people struggling to put food on the table or keep a roof over their heads don't have the luxury of saving for retirement.But even those further up the economic totem pole aren't necessarily saving for the future. High income <a target="_blank" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">doesn't always equate to financial security</a>.The problem isn't just saving money. It's also not knowing when enough is enough.Pop quiz: How long are you going to live for?I don't mean to be so crass, but that's something to consider when saving for retirement. And with advancements in medicine, that timeline could get stretched longer than expected. So much for "live long and prosper."If all this isn't terrifying enough — writing today's newsletter sent me nervously checking my retirement accounts a few times — millennials get a preview of how bad things can be. Many peak boomers are <a target="_blank" href="https://www.businessinsider.com/peak-boomers-retiring-economy-americans-assets-social-security-struggles-2024-4">entering retirement woefully unprepared</a>.But there is a bright side! Maybe retirement kind of stinks?People keen to get there quickly — financial independence, retire early — are <a target="_blank" href="https://www.businessinsider.com/millennials-retiring-early-fire-movement-financial-independence-millionaire-savings-work-2024-5">finding themselves working again</a>.<h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Humanoid robot" height="1000" width="2000" msid="110537817" hostid="261" sizebytes="27474"></div><ol><li>OpenAI is coming for Wall Street. GPT-4 is already better than humans at <a target="_blank" href="https://markets.businessinsider.com/news/stocks/chatgpt-4-vs-humans-ai-financial-analysis-forecasting-new-study-2024-5">analyzing financial statements</a>, according to a new study. The model was also able to beat the market with its trading strategies.</li><li>Yes, interest-rate hikes are still on the table. Minneapolis Fed President Neel Kashkari said another surprise from the economic data <a target="_blank" href="https://www.businessinsider.com/interest-rate-hikes-cuts-fed-policy-outlook-kashkari-inflation-target-2024-5">could have the central bank raising rates again</a>. It shows how, despite the market's eager anticipation, the Fed isn't in a rush to lower rates.</li><li>The stock market rally isn't over just yet. That's according to UBS, which raised its <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-target-earnings-growth-recession-risk-2024-5">price target for the S&amp;P 500 from 5,400 to 5,600 points</a> on Tuesday. Diminishing recession risk and strong earnings growth will power the benchmark index higher, the Swiss bank said.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Sam Altman" height="3811" width="5593" msid="110537819" hostid="261" sizebytes="467328"></div><ol><li>Sam Altman is pledging to give away most of his wealth after a tough few weeks. The OpenAI CEO and his partner, Oliver Mulherin, are the latest to <a target="_blank" href="https://www.businessinsider.com/openai-sam-altman-signs-giving-pledge-donate-majority-wealth-2024-5">sign the Giving Pledge</a>, joining a high-profile list of tech billionaires. The announcement follows recent exits from OpenAI's safety team and a dispute with Scarlett Johansson <a target="_blank" href="https://www.businessinsider.com/openai-sam-altman-new-era-tech-villian-chatgpt-safety-2024-5">that brought scrutiny against Altman</a>.</li><li>Google is cleaning up its new AI search feature. Some of the odd answers AI Overviews has been known to spit out — <a target="_blank" href="https://www.businessinsider.com/google-ai-glue-pizza-i-tried-it-2024-5">like putting glue on pizza</a> — <a target="_blank" href="https://www.businessinsider.com/google-removing-strange-ai-overviews-search-answers-pizza-glue-2024-5">are being disabled</a>. A Google spokesperson previously told BI the answers were "generally very uncommon queries and aren't representative of most people's experiences."</li><li>The rich get richer. Seven US tech billionaires have enjoyed a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-tech-billionaires-net-worth-ai-stocks-nvidia-meta-microsoft-2024-5">$230 billion surge in wealth</a> this year thanks to the AI-powered stock market rally. Nvidia cofounder and CEO Jensen Huang has led the charge, with his personal fortune jumping by over $50 billion in 2024.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="House with Danish flag flying in the sunlight, while next door, a house with an American flag is being rained on" height="900" width="1200" msid="110537820" hostid="261" sizebytes="56420"></div><ol><li>Denmark has a solution for America's broken housing market. Millions of Americans are stuck in their homes to avoid taking on a high mortgage rate. But America could solve the lock-in effect if it followed Denmark's lead incentivizing homeowners to <a target="_blank" href="https://www.businessinsider.com/denmark-mortgage-rates-lock-in-effect-home-buying-selling-easier-2024-5">trade in their low rates for a more expensive ones</a>.</li><li>Adam Neumann has given up on WeWork. Neumann, who cofounded WeWork, told BI the company is "emerging from bankruptcy with <a target="_blank" href="https://www.businessinsider.com/adam-neumann-gives-up-plan-buy-back-wework-2024-5">a plan that appears unrealistic and unlikely to succeed</a>." The bankruptcy deal, which cut Neumann out of the equation, includes $450 million in equity funding and plans to wipe away billions of debt.</li><li>It was a rough Memorial Day weekend for Hollywood. Moviegoing has been in decline since the early 2000s – because <a target="_blank" href="https://www.businessinsider.com/hollywood-movies-mad-max-garfield-memorial-day-decline-prices-internet-2024-5">there's just no way around the internet</a> and the competition it provides for everything, BI's Peter Kafka writes.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/china-weapon-war-machine-gun-toting-robot-dog-military-drills-2024-5">China's latest weapon of war is a gun-toting robot dog</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chipotle-customers-film-workers-over-small-portion-sizes-2024-5">Chipotle customers are roasting the chain for its portion sizes — and filming their orders in hopes of getting more food</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/lucid-ceo-comments-tesla-losing-its-way-elon-musk-distracted-2024-5">Lucid CEO says Tesla is 'losing its way'</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/why-melinda-french-gates-leaving-foundation-after-divorce-2024-5">Melinda French Gates explains why she's leaving the foundation she started with Bill Gates 3 years after their divorce</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tax-breaks-puerto-rico-loophole-wealthy-americans-irs-policy-whistleblower-2024-5">The IRS has failed to police the huge tax breaks offered by Puerto Rico, whistleblower claims</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/buzzfeed-vivek-ramawsamy-letter-jonah-peretti-2024-5">Vivek Ramaswamy has a plan for BuzzFeed. There's just one problem</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/openai-board-member-details-sam-altman-lied-allegation-ousted-2024-5">Ex-OpenAI board member reveals what led to Sam Altman's brief ousting</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Today's earnings: HP and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting earnings</a>.</li><li>Sheryl Sandberg is stepping down from Meta's board of directors.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

For some millennials, the reality of their retirement plans is that they're a fantasy

New Delhi, Mar 13 () Cash withdrawal restrictions and other moratorium conditions on Yes Bank will be lifted within 3 days of "very soon" to be notified SBI-led bailout plan for the beleaguered lender, Finance Minister Nirmala Sitharaman said on Friday. Meanwhile, private sector lender ICICI Bank has announced to invest Rs 1,000 crore for an equity in excess of 5 per cent in the crisis-ridden bank. HDFC will also infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank. Sitharaman said the central bank is engaged with other financial institutions for investment as part of the scheme to resurrect Yes Bank under RBI imposed moratorium since March 5. Cash withdrawal from the bank was capped at Rs 50,000. "Today the Cabinet has approved reconstruction scheme for the Yes Bank as was proposed by the RBI," she said. "The decision to provide a reconstruction scheme keeps at its core the protection of depositors' interest, keeps at its core providing stability to Yes Bank and also keeps at its core keeping a stable financial environment, banking system," she added. The minister said the bank was being monitored for past one year. She said the State Bank of India (SBI) will invest up to 49 per cent of the equity in Yes Bank and other investors are also being invited. RBI has been engaged in lot of engagements to bring in other investors, she added. "After the notification of the scheme, within 3 (working) days the moratorium will be lifted and within 7 days, a new board will be constituted," Sitharaman said, adding that the notification will be issued "very soon". There will be two directors from the SBI on the new board of the Yes Bank. The administrator will vacate the office within 7 days of notification and new board will take charge. Following the moratorium, the RBI had superseded the board of Yes Bank and placed it under an administrator, Prashant Kumar, former deputy managing director and CFO of SBI. 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 26 per cent of shareholding. It would be 75 per cent in case of other investors. The authorised capital of Yes Bank too has been increased to Rs 6,200 crore "so that we can accommodate immediate and also subsequent raising of capital requirements", the finance minister said. As per RBI's draft reconstruction scheme for the bank, its authorised capital was to be Rs 5,000 crore. 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. The minister declined to comment on a query regarding write-off of AT1 (Additional Tier-1) bonds, saying the matter is in court. In a stock exchange filing, ICICI Bank said it will invest Rs 1,000 crore in Yes Bank for cash consideration. The decision on the investment, it said was taken at the board meeting of ICICI Bank held on Thursday. This investment is likely to 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. HDFC also announced investing Rs 1,000 crore in Yes Bank for an equity stake. Meanwhile, Axis Bank said it will invest up to Rs 600 crore in Yes Bank for up to 60 crore shares as part of the reconstruction plan for the cash-strapped peer lender. "The Board of Directors of Axis Bank Ltd at its meeting held today has accorded approval to invest a sum of up to Rs 600 crore for acquiring up to 60 crore equity shares of Rs 2 each of Yes Bank Limited, for cash, at a premium of Rs 8 per equity share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949," Axis Bank said in a regulatory filing. Since the RBI action on Yes Bank, the central agencies ED and CBI have arrested Yes Bank's co-founder and former CEO Rana Kapoor for alleged money laundering and corruption, while his wife Bindu and three daughters are also being quizzed by these agencies for their role in siphoning of public funds. One of the biggest charges against Kapoor is that he illegally benefitted to the tune of Rs 3,000 crore by lending to certain troubled companies like DHFL, Anil Ambani group and Essel Group -- all the loans worth around Rs 20,000 crore that have turned into bad debt. NKD KPM MJH BKS ANZ RVK

Moratorium on Yes Bank to go soon; govt approves bailout plan

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

(Eds: Adding details) New Delhi, Mar 13 () ICICI Bank on Friday said it will invest Rs 1,000 crore in Yes Bank 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

Late last year, my wife and I closed on a deal for an apartment in a hilltop town in Umbria. Soon after, I posted a question for my fellow participants in a Facebook group called Expats in Italy: "Is it just my imagination, but is there an uptick in Americans, in particular, looking to purchase property in Italy?" As the responses poured in, many of them sounded a distinct thematic note.From a woman in Montana who was planning to move to Tuscany: "Yes, it's true! I bought a hilltop village home … for a song compared to US prices. Don't want to be in US anymore. It's expensive and sick of all the political crap and shootings." From a woman in Texas: "An insurrection by a narcissist who couldn't accept election loss combined with his gun and abortion policies made moving more of a necessity than just a dream." From a man in Tennessee: "I'm an American ready to flee America for Italy. I doubt I'm alone."Not alone, indeed. Granted, my unscientific survey was limited to a self-selected group of people with a declared fancy for one particular foreign country renowned for its artistic and cultural treasures, scrumptious cuisine, and exquisite landscapes. Still, it was striking that the specter of <a target="_blank" href="https://www.businessinsider.com/trumps-brags-sexy-thrifty-fussy-are-hush-money-evidence-da-2024-3">Donald Trump</a> — a looming shadow I hadn't even mentioned in my question — was on so many minds.Every four years, as Americans gird themselves to choose a president, there's talk, mainly among Democrats, of leaving the country. I'm off for Canada if unacceptable candidate X wins! And every four years, the promised exodus fails to materialize. It's mostly just therapeutic venting. This time is different.The alarm over Trump's potential triumph in November is far starker than the fears stoked by past presidents. "A Trump dictatorship is increasingly inevitable," a recent Washington Post headline warned. The Atlantic devoted an entire issue to the authoritarian horrors in store for America "If Trump Wins." Every four years or so, Gallup asks Americans ages 15 and up: "Ideally, if you had the opportunity, would you like to move PERMANENTLY to another country?" At the end of George W. Bush's presidency, the number responding "yes" was 11%. During <a target="_blank" href="https://www.businessinsider.com/barack-obama-michelle-obama-net-worth-2018-7">Barack Obama's tenure</a>, it was 10%. During Trump's presidency, it hit 16%. That's some 40 million Americans who wanted to leave their country behind, for good.Young people are even more likely to be hopeful expats. Among those under 30, 24% wanted to leave America at the close of Bush's tenure, 18% during Obama's, and 30% during Trump's. As with all things Trump, there was a sharp gender divide: Only 20% of young men wanted to flee America, compared to a whopping 40% of young women.Americans already living overseas are bracing for a wave of new expats. "There will be more people moving abroad after the election if it is Trump," said Doris Speer, the president of the Association of Americans Resident Overseas, a nonpartisan group based in Paris. Stressing that she was expressing her own views, not those of her organization, Speer emphasized that Trump is far from the only reason Americans are eyeing the exits. That's true: Housing prices in America are high, remote work is allowing for unprecedented mobility, and global respect for the United States has been eroding for decades, dating back to the war in Iraq. Fewer and fewer Americans, pollsters have found, believe "the American Dream — that if you work hard you'll get ahead — still holds true." In 2012, it was 53%. By October 2023, it was down to 36%.A second <a target="_blank" href="https://www.businessinsider.com/category/donald-trump">Trump</a> presidency, Speer said, could serve as a "catalyst" that further fuels the growing diaspora of Americans living in exile. After November, Europe could well become what Canada was for draft dodgers during the Vietnam War: a political asylum for Americans fed up with their own country. Call them Trump's Exiles.For those casting a worried eye abroad, the economic draw is not insignificant. When I was looking to buy an apartment in Umbria, in central Italy, I found that prices for turnkey places were about a third of the price of condos in Sedona, Arizona. Property taxes and homeowners insurance are also relatively modest in Italy. Gas is more expensive, but the mouthwatering fare at local restaurants — wild-boar ragù, anyone? — is way cheaper. Politics aside, the dollars-and-cents pull to leave America is strong.But a rising tide of conservatism at home is clearly driving more Americans to consider a move abroad. The <a target="_blank" href="https://www.businessinsider.com/scotus-rules-trump-eligibility-campaign-president-colorado-super-tuesday-2024-3">Supreme Court's</a> decision to overturn Roe v. Wade — one of Trump's signature accomplishments — has aroused widespread anger and discontent. But while America is cracking down on reproductive rights, Europe is expanding them. Abortion is now permitted in nearly all European countries, including Catholic countries such as Portugal, Spain, and Italy. Prompted by tightening US policies, France just enshrined the right to abortion in its constitution — the first country ever to take that landmark step.Americans are also sickened by the never-ending rash of horrific school shootings, despite majority support for gun control. From the United Kingdom to Norway, gun-ownership laws are much stricter than in the United States, which is home to nearly half of the world's civilian-owned guns. All of which makes it no surprise that Democrats are far more likely to flee America than Republicans. Since 2015, Democrats Abroad, the foreign-based arm of the Democratic National Committee, has nearly tripled its membership, which now numbers in the hundreds of thousands. "When we do voter registration, we register everybody," Martha McDevitt-Pugh, the international chair of Democrats Abroad, told me on a Zoom call from her base in the Netherlands. "And we come overwhelmingly across Democrats who want to vote." Hollywood is further stoking a seductive image of expat life. Netflix's smash hit "Emily in Paris" — an inspiration for a new generation of American Francophiles, heirs to the likes of Ernest Hemingway and James Baldwin — is now shooting its fourth season. Leggett International, a real-estate agency based in France, hosts webinars targeting prospective US buyers, who comprise the largest share of its foreign clientele. In "Expats," the new Amazon Prime series set in Hong Kong, Nicole Kidman's character, in the throes of a bedroom frolic with her husband, asks: "Don't you ever miss it, home?" He energetically replies: "I like my life here." Then there's the growing trend of "digital nomads," who reject the antiquated concept of a fixed office in a post-COVID world. By one estimate, there are already some 17 million Americans roaming the globe — nearly half of all digital nomads worldwide. In the age of remote work, young people without enough savings or the credit to purchase foreign property suddenly find themselves able to pack up and leave America. And those who may depart in the wake of a second <a target="_blank" href="https://www.businessinsider.com/trump-met-with-elon-musk-for-potential-campaign-donation-nyt-2024-3">Trump</a> presidency can enjoy another benefit of life abroad. The website <a target="_blank" href="http://NomadList.com">NomadList.com</a> helpfully informs remote workers that there are now 429 cities where marijuana is legal, from Bangkok to Buenos Aires.In fairness, those who flee America to escape MAGA may find themselves confronted by a host of unpleasant surprises. The headaches start with the red tape. On any given day, my Expats in Italy Facebook group teems with the sort of questions that can drive a novice foreign-property owner batty. Why won't my Italian utility company let me pay my bill with a US credit card? (Answer: Because it won't.) Property bidders must have their offers officially registered with the local municipality and verified by the godlike person known as the "notaio," an official of ancient standing who drafts and authenticates the raft of documents for a fair-size fee. Then there are the tax-reporting requirements. In 2010, Congress enacted the Foreign Account Tax Compliance Act, which was designed to keep wealthy Americans with substantial foreign assets from evading their tax obligations. But as often happens with such laws, it's not just bank executives with villas on the Côte d'Azur who have been swept up in the enforcement net. Under <a target="_blank" href="https://www.businessinsider.com/irs-free-tax-filing-tool-eligible-states-2024-2">IRS rules</a>, a taxpayer with aggregate financial assets of just over $50,000 can be subject to reporting requirements. American Citizens Abroad, an expat lobbying group, is pushing to ease the compliance burdens, so far without luck.American expats can also face a political backlash. In Portugal, which has attracted a sizable contingent of Californians, local activists have taken to the streets to protest increases in rent that they blame on the influx of foreigners. "Welcome to Portugal, the new expat haven," read a headline in The Los Angeles Times on the invasion of Golden Staters. "Californians, please go home."John Galey, a semiretired management consultant in California, is moving in the opposite direction. With his passion for Italy, especially its wines, he has visited the country more than a dozen times, and he has long considered owning property there. In a recent email, he told me that his "planning and research would accelerate if Trump wins in November." Even as a self-described "political centrist," he believes that "the consequences of a 'retribution presidency' (plus the ensuing chaos) could be dire for the country."I can see his point. My wife and I are both Trump decriers, although we didn't begin our Italy property search to find a refuge from MAGA-infused America. But now that we own a place, we see it as something of a respite from Trumpland. And we are learning Italian.<a target="_blank" href="https://www.businessinsider.com/author/paul-starobin">Paul Starobin</a> is the author of "<a target="_blank" href="https://globalreports.columbia.edu/books/putins-exiles/">Putin's Exiles: Their Fight for a Better Russia</a>," and the host of the "<a target="_blank" href="https://newbooksnetwork.com/category/academic-partners/america-and-beyond-with-paul-starobin">American and Beyond</a>" podcast on the New Books Network.

You Searched For "yes bank bailout plan" and got 9 results

Argentina plans to repay some yuan borrowings from Chinese currency swap using IMF bailout money

Filip De Mott

Yes Bank gets Rs 250 crore from IDFC First Bank

PTI

Marc Andreessen says student loan forgiveness is a 'bailout.' Ben Horowitz thinks college is mostly 'a scam.'

Kali Hays

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

BI India Bureau

For some millennials, the reality of their retirement plans is that they're a fantasy

Dan DeFrancesco

Moratorium on Yes Bank to go soon; govt approves bailout plan

PTI

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

PTI

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

PTI

If Trump is reelected, Americans are planning to flee in droves

Paul Starobin

Popular Keywords

Buying Guides