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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>A top homebuilder executive shared advice for getting a lower mortgage rate right now.</li><li>Taylor Morrison's Tawn Kelley suggested borrowing directly from a builder's mortgage arm.</li></ul><a target="_blank" href="https://markets.businessinsider.com/news/commodities/housing-market-mortgage-rates-bubble-shortage-supply-affordability-2023-11">High mortgage rates</a> have deterred many would-be homebuyers from purchasing a property over the last year.In September, according to the National Association of Realtors, <a target="_blank" href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales">the sales of existing homes in the US declined 15.4% from a year ago</a> — a sign that buyers are continuing to balk at the high cost of homeownership.But here may be a glimmer of hope: People may have more luck securing a lower mortgage rate if they buy a new-construction home. Mortgage industry veteran Tawn Kelley, the president of financial services at homebuilder Taylor Morrison, told Insider's Alex Nicoll that <a target="_blank" href="https://www.businessinsider.com/homebuilders-incentives-top-financing-tricks-by-tawn-kelley-2023-10">it's possible to secure a rate as low as 4.8% when buying a new home</a>.<a target="_blank" href="https://www.freddiemac.com/pmms">The typical rate right now is above 7%</a>, according to Freddie Mac.<div type="image" title="Tawn Kelley, president of financial services at Taylor Morrison." height="1908" width="1908" msid="104970583" hostid="261"></div>Kelley's tips include seriously considering taking out a mortgage with the builder of the new home and asking for every possible incentive.Many builders can provide lower interest rates or financing assistance, she said. While that may sound too good to be true, Kelley advises buyers not to automatically dismiss their homebuilder's mortgage offerings as a marketing ploy.At the end of the day, she added, builders just want to sell more houses. That's how they make the most profit. If offering a favorable mortgage helps them do that, don't second-guess the motivation."Finance sells homes, and a house doesn't become a home unless we have the ability to get that customer to the closing table, and they can qualify and confidently make their mortgage payments," Kelley said.Kelley also suggested that buyers negotiate with builders for every available incentive, as they could add up to substantial savings. Builder incentives include rate buydowns, mortgage rate locks, and forward commitments. (Read more about these incentives and how to get them <a target="_blank" href="https://www.businessinsider.com/homebuilders-incentives-top-financing-tricks-by-tawn-kelley-2023-10">in Nicoll's story</a>.)Taylor Morrison has been able to help customers <a target="_blank" rel="" href="https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-friday-3-2023-11">lower their rates</a> from around 8% to 4.875%, Kelley said, reducing the total monthly payment by a third.However, she warned that some financial incentives can increase over the course of the loan, including temporary rate buydowns.Failing to budget or plan accordingly could put homebuyers at risk of experiencing <a target="_blank" href="https://www.businessinsider.com/two-signs-real-estate-market-is-not-in-housing-bubble-2022-4">problems that cropped up during the 2008 housing crisis</a>, when many people who took out <a target="_blank" href="https://www.businessinsider.com/personal-finance/adjustable-rate-mortgage">adjustable-rate mortgages</a> failed to account for their monthly costs increasing as interest rates rose.Read more of Kelley's advice on getting a lower rate: <a target="_blank" href="https://www.businessinsider.com/homebuilders-incentives-top-financing-tricks-by-tawn-kelley-2023-10">A top homebuilder executive breaks down the secrets to getting a 4.8% mortgage in an era of 8% rates</a>

Yes, it's possible to get a 4.8% mortgage today &mdash; here's how

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

Hi! <a href="https://twitter.com/dandefrancesco">Dan DeFrancesco</a> in NYC, and it's time for one of my favorite annual traditions: the wildest outfits from the Met Gala. <a href="https://www.insider.com/met-gala-best-wildest-celebrity-red-carpet-looks-2023-5">Check out the pics here.</a>As entertaining as it is to see celebrities dress up in ridiculous costumes, <a href="https://www.insider.com/couture-cockroach-roach-red-carpet-met-gala-moment-2023-5">I really think the cockroach took the cake this year.</a>Today, we've got stories on <a href="https://www.businessinsider.com/fintech-finix-payments-processor-facilitator-richie-serna-2023-5">a payments startup looking to step its game up</a>, <a href="https://markets.businessinsider.com/news/stocks/short-seller-hindenburg-research-wall-street-legend-carl-icahn-enterprises-2023-5?_gl=1*tqano4*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4MzA1MzgyOS4xMTQuMS4xNjgzMDU2MjI2LjU1LjAuMA..">Carl Icahn getting a taste of his own medicine</a>, and <a href="https://www.businessinsider.com/what-hollywood-writers-wga-strike-means-for-tv-shows-movies">what the Hollywood writers' strike means for your favorite shows and movies</a>.But first, we're not out of the woods just yet.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://markets.businessinsider.com/news/stocks/pacwest-western-alliance-stock-regional-bank-crash-jpmorgan-jamie-dimon-2023-5"></a>1. <a href="https://knowyourmeme.com/memes/ah-shit-here-we-go-again">Ah shit, here we go again.</a>This is the banking crisis <a href="https://www.youtube.com/watch?v=5iln6fkwJOU" target="_blank" rel="noopener">that doesn't end.</a>Yes, it goes on and on, my friend.Some banks, started buying long-dated assets not knowing rates would rise. And they'll continue failing forever, just because...So, about that banking crisis being over.If the past few months have taught us anything, it's that the end is never really the end.When regulators announced they were <a href="https://www.businessinsider.com/us-government-bails-out-silicon-valley-bank-depositors-fdic-2023-3">backstopping deposits at Silicon Valley Bank</a>, some viewed it as bringing stability to the market. It didn't. When big banks pledged <a href="https://markets.businessinsider.com/news/stocks/first-republic-bank-svb-morgan-stanley-jpmorgan-talks-financial-aid-2023-3?_gl=1*oxwn0d*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4MzA0NzE5Mi4xMTIuMS4xNjgzMDQ4MTIxLjQ3LjAuMA..">$30 billion to First Republic</a> to calm nerves, it seemed like things would get better. They didn't.When the crisis went international and <a href="https://www.businessinsider.com/ubs-credit-suisse-deal-lacks-discretion-public-spotlight-2023-3">UBS was forced to acquire Credit Suisse</a>, it appeared we'd seen the worst of it. We hadn't.When JPMorgan stepped up <a href="https://www.businessinsider.com/first-republic-bank-taken-jpmorgan-fdic-fails-find-buyer-2023-5">to buy a still-ailing First Republic</a>, the world's top banker, <a href="https://www.businessinsider.com/jamie-dimon-jp-morgan-ceo-first-republic-bank-rescue-2023-3">Jamie Dimon</a>, deemed it the end of the crisis. (<a href="https://markets.businessinsider.com/news/stocks/jpmorgan-first-republic-rescue-banking-turmoil-citi-ceo-jane-fraser-2023-5?_gl=1*1s81v91*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4MzA0MjU3OS4xMTEuMS4xNjgzMDQzMjU4LjE3LjAuMA..">And he wasn't the only one.</a>) He was wrong.The ink is barely dry on JPMorgan's agreement with regulators and it seems more regional banks are feeling the pain. PacWest and Western Alliance both saw their shares slide considerably on Tuesday, <a href="https://markets.businessinsider.com/news/stocks/pacwest-western-alliance-stock-regional-bank-crash-jpmorgan-jamie-dimon-2023-5">Insider's Morgan Chittum reports.</a>It's not just investors that are skittish. Customers of regional banks are starting to ask questions about how safe their local lender is, <a href="https://www.ft.com/content/32342f88-2d24-4198-90f1-89eb23bd1def" target="_blank" rel="noopener">the Financial Times reports.</a>And to be honest, I get it. While I might not agree with the sentiment, I understand why anyone banking with a regional player might start second-guessing that choice. Which begs the question: Will this crisis ever officially end?First Republic's failure and acquisition by JPMorgan could lead more American's to reconsider their banking relationship and <a href="https://www.businessinsider.com/how-jpmorgan-benefits-from-first-republic-fdic-2023-5">move money to a bigger bank.</a> That, in turn, will lead to another bank failing, which means even more American's will reconsider their banking relationship and move money to a bigger bank.And that'll lead to...well, you get the idea.<a href="https://markets.businessinsider.com/news/stocks/pacwest-western-alliance-stock-regional-bank-crash-jpmorgan-jamie-dimon-2023-5">Here's more on how regional banks are still getting slammed despite JPMorgan's Jamie Dimon calling an end to the bank crisis.</a>In other news:<a href="https://www.businessinsider.com/what-hollywood-writers-wga-strike-means-for-tv-shows-movies"></a><div type="image" title="Stefon Saturday Night Live" height="1430" width="1908" msid="99964694" hostid="261"></div>2. Fintech Finix wants to play with big dogs. The startup became a payments processor as it looks to compete with industry giants like FIS and Fiserv that dominate the space. <a href="https://www.businessinsider.com/fintech-finix-payments-processor-facilitator-richie-serna-2023-5">Read more on CEO Richie Serna's strategy.</a>3. Ain't no fun when the rabbit's got the gun. The king of corporate takeovers has some barbarians at his own gate. Short seller Hindenburg Research <a href="https://markets.businessinsider.com/news/stocks/short-seller-hindenburg-research-wall-street-legend-carl-icahn-enterprises-2023-5?_gl=1*tqano4*_ga*NDEwMTkzOTE2LjE2NjYxMjcyNDQ.*_ga_E21CV80ZCZ*MTY4MzA1MzgyOS4xMTQuMS4xNjgzMDU2MjI2LjU1LjAuMA..">published a report on Carl Icahn's holding company</a>, Icahn Enterprises. Among the allegations: The firm has inflated asset valuations and runs like a Ponzi scheme. Icahn, for what it's worth, <a href="https://www.prnewswire.com/news-releases/icahn-enterprises-issues-statement-regarding-short-seller-report-301813690.html" target="_blank" rel="noopener">dismissed the report.</a> But that didn't stop an <a href="https://twitter.com/BillAckman/status/1653455633914396673">old Wall Street rival from getting his shots in.</a>4. Here's what some of the top execs in finance think about the Fed's plan for rates. With the Federal Reserve set to announce what it's going to do with interest rates, plenty of people have thoughts. <a href="https://www.businessinsider.com/milken-2023-federal-reserve-interest-rate-hike-outlook-preview-highlights-2023-5">Here's what five executives at the famous Milken Institute Global Conference had to say on Fed policy.</a>5. Betting big on media, entertainment, and gaming. Alignment Growth just raised $360 million with plans to invest in everything from live experiences to a video game developer. <a href="https://www.businessinsider.com/alignment-growth-bewkes-tsujihara-iosilevich-invest-360-million-media-sports-2023-5">More on why it's so bullish on the space.</a>6. These are all the CEOs saying AI is going to wipe out jobs at their companies. From IBM to Amazon, leaders at some of the biggest companies have hinted at the impact AI will have on their workforce. <a href="https://www.businessinsider.com/ai-tech-jobs-layoffs-ceos-chatgpt-ibm-2023-5">Here's what they've said so far on the topic.</a>7. Here's what could happen if the US defaults on its debt. There's been lots of talk about the US reaching its debt ceiling. So what does it all mean? If you're a masochist, <a href="https://www.businessinsider.com/what-happens-if-congress-doesnt-raise-debt-ceiling-jobs-retirement-2023-5">here's the worst-case scenario.</a>8. When the Airbnb you book is not where you think it is. Here's a wild story about a man whose home <a href="https://www.insider.com/airbnb-bait-switch-los-angeles-man-2023-2">was caught up in a bait-and-switch Airbnb scam.</a> And if you're considering booking an Airbnb for your next vacation, <a href="https://www.insider.com/airbnb-bait-and-switch-scam-how-to-get-money-back-2023-2">here's how to avoid some of the most common scams.</a>9. Put that wardrobe to use. Wondering what to do with those nice work clothes you never wear to the office anymore? (<a href="https://www.businessinsider.com/jpmorgan-new-in-office-policy-impacts-other-banks-2023-4">No offense, JPMorgan employees.</a>) You can make some serious cash renting them out. <a href="https://www.businessinsider.com/clothing-rental-business-how-make-money-2023-4">Here's how one woman made nearly $5,000 a month with the side hustle.</a>10. About the Hollywood writers' strike. Writers Guild of America members <a href="https://www.businessinsider.com/hollywood-writers-are-striking-over-pay-stopping-production-on-shows-2023-5">are officially on strike</a>. If you're wondering what that means for your favorite shows and movies, <a href="https://www.businessinsider.com/what-hollywood-writers-wga-strike-means-for-tv-shows-movies">here's a rundown.</a>Curated by Dan DeFrancesco in New York. Feedback or tips? Email <a href="mailto:ddefrancesco@insider.com">ddefrancesco@insider.com</a>, tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>, or <a href="https://affiliate.insider.com?h=b83e78f6bb45aba7034c3baf1ec66d1b6c1d3afa26264bdb8604d5b9f2351262&amp;postID=64513979c4cc6f2ceb729396&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fdan-defrancesco-29b12449%2F">connect on LinkedIn</a>. Edited by Jeffrey Cane (tweet <a href="https://twitter.com/jeffrey_cane">@jeffrey_cane</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

This is the banking crisis that doesn't end

<ul class="summary-list"><li>The White House doesn't have a backup plan if Congress doesn't raise the debt ceiling, Deputy Treasury Secretary Wally Adeyemo said.</li><li>He added that Biden will not consider using the 14th Amendment to address the crisis.</li></ul>President Joe Biden's administration officials are once again making clear they think it's Congress' job to raise the debt ceiling and avoid a default in a matter of days.As Treasury Secretary Janet Yellen warned multiple times this week, <a href="https://www.businessinsider.com/debt-ceiling-solution-yellen-warns-of-severe-hardship-mccarthy-biden-2023-5">the US could run out of money to pay its bills as soon as June 1</a>. Even with the increasingly tightening deadline, Biden and Speaker of the House Kevin McCarthy are still at odds over what should be included in an eventual debt ceiling agreement — and lawmakers on both sides of the aisle don't want to cave on their respective parties' demands. Conservative lawmakers, for example, want McCarthy to <a href="https://www.businessinsider.com/gop-lawmakers-dont-compromise-debt-ceiling-solution-student-debt-default-2023-5">hold the line on including provisions like banning student-loan forgiveness</a> and strengthening work requirements on federal programs in a deal, while progressive lawmakers have repeatedly warned Biden against caving to GOP priorities. That's why a group of Democratic lawmakers have called on Biden <a href="https://www.businessinsider.com/bernie-sanders-use-14th-amendment-get-rid-of-debt-ceiling-2023-5">to prepare to invoke a clause in the 14th Amendment</a> that experts have said would declare a default, and therefore the debt ceiling, unconstitutional, getting rid of the debate forever.But Deputy Treasury Secretary Wally Adeyemo has once again thrown cold water on that idea."The 14th Amendment can't solve our challenges," Adeyemo <a href="https://twitter.com/AlexThomp/status/1662075558023372809" target="_blank" rel="noopener">said</a> on CNN on Friday morning. "Now, ultimately, the only thing that can do that is Congress doing what it's done 78 other times, raising the debt limit. We don't have a Plan B that allows us to meet the commitments that we've made to our creditors, to our seniors, to our veterans, to the American people.""The only plan we have is the one that's worked for more than 200 years in this country, which is the United States of America needs to pay all these bills and pay them on time. And Congress has the ability to do that and the President is calling on them to act on that as quickly as possible," Adeyemo said, adding that "the question was whether the United States would use the 14th Amendment. I think the president and the secretary have been very clear that that will not solve our problems now. So yes, that is a no."Biden said during a recent press conference that <a href="https://www.businessinsider.com/is-the-14th-amendment-legal-debt-ceiling-solution-biden-default-2023-5">he thinks he has the authority to invoke the 14th Amendment</a>, but he added that "the question is: Could it be done and invoked in time that it would not be appealed and, as a consequence, pass the date in question and still default on the debt?" Yellen also <a href="https://www.businessinsider.com/is-the-14th-amendment-legal-debt-ceiling-solution-biden-default-2023-5">previously said</a> that "there would clearly be litigation around that; it's not a short-run solution. It's legally questionable whether or not that's a viable strategy."Still, as Insider previously reported, Democratic lawmakers <a href="https://www.businessinsider.com/bernie-sanders-use-14th-amendment-get-rid-of-debt-ceiling-2023-5">in support of going that route</a> to solve the crisis don't want the president to worry about the potential legal challenges. "There's a window before the Supreme Court signs off on it where there will, in fact, be uncertainty," Sen. Sheldon Whitehouse <a href="https://www.businessinsider.com/is-the-14th-amendment-legal-debt-ceiling-solution-biden-default-2023-5">said</a> on a press call last week. "But one would hope that you could find a way if really, the kind of consequences that we foresee are happening, to get quickly to the Supreme Court, have them resolve the question quickly, and frankly, the sooner you begin that process, the sooner you end that process."And Rep. Alexandria Ocasio-Cortez <a href="https://www.businessinsider.com/aoc-biden-bypass-gop-consider-14th-amendment-debt-ceiling-solution-2023-5">recently told Politico</a> that the 14th Amendment is an option where "the president should absolutely have this on the table.""It's not even a question of leverage, it's not a question of negotiation. It's a question of saving our economy from potential disaster," Ocasio-Cortez said. "And Kevin McCarthy has decided to take the entire US economy hostage in exchange for vague and unfocused demands or gestures, I should really call them. It is profoundly irresponsible. It is posing a threat to our economy. It poses a threat to our national security. And I believe that the chief executive has a responsibility to protect this country."

The White House does not 'have a plan B' if lawmakers fail to raise the debt ceiling — and Biden will not solve the crisis without Congress, the Deputy Treasury Secretary says

<ul><li><keyword id="8883506" type="UNKNOWN" weightage="20" keywordseo="yes-bank-founder-rana-kapoor">Yes Bank founder Rana Kapoor</keyword> was arrested by the Enforcement Directorate (ED) early today, March 8.</li><li>He has been arrested under the provision of the <keyword id="6355007" type="UNKNOWN" weightage="20" keywordseo="Prevention-of-Money-Laundering-Act">Prevention of Money Laundering Act</keyword> (PMLA).</li><li>Authorities claim he was not cooperating with the probe.</li></ul> The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money laundering charges here in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said. Kapoor's arrest at the ED office in Ballard Estate followed over 20 hours of questioning by the central agency after it raided his residence on Friday night. The arrest comes after charges of alleged financial irregularities and mismanagement in the operations of the private bank surfaced and the RBI and Union government initiated action to control its affairs. Officials said Kapoor, 62, will be produced before a local court during the day to obtain custody. The investigating officer of the case had recorded Kapoor's statement under the PMLA when he was first interrogated on Friday night at his upscale residence in 'Samudra Mahal' complex in Worli area here. He was brought to the ED office on Saturday noon for a fresh round of questioning. On Saturday, the agency widened its probe in the case as the premises of Kapoor's three daughters in Delhi and Mumbai were searched to gather more information and evidence. According to officials, Kapoor's wife Bindu and daughters -- Rakhee Kapoor Tandon, Roshni Kapoor and Radha Kapoor -- are allegedly linked to some companies to which the suspected "proceeds of crime" have been traced. The case against Kapoor is linked to the scam-hit DHFL as the loans lent by the bank to the company allegedly turned NPAs, they said. A Rs 600 crore worth loan extended by the DHFL to an entity is also at the centre of the ED probe, officials said. The central agency is also probing Kapoor's role in connection with the disbursal of loans to some corporate entities and the subsequent alleged kickbacks reportedly received in his wife's accounts. Other alleged irregularities are also under the agency's scanner including the one related to the alleged PF fraud in the Uttar Pradesh power corporation, they added. The CBI has recently taken over investigation into the Rs 2,267-crore Employees' Provident Fund fraud in Uttar Pradesh, where hard-earned savings of power sector employees were invested in Dewan Housing Finance Corporation (DHFL). The ED action came after the Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. As per the RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. PTI NES AD 03080721 NNNN

Yes Bank founder Rana Kapoor arrested by ED on charges of money laundering

<ul class="summary-list"><li>One day, I stopped and thought how I had let my life become what it was.</li><li>I decided to take a solo trip and left my kids with their dad.</li></ul>I sat down to drink my <a target="_blank" href="https://www.insider.com/coffee-good-for-you-3-cups-day-longer-lifespan-study-2022-9">coffee</a> and couldn't ignore the pit in my stomach. "I don't like this couch. It wasn't even my decision to own it," I thought.A sense of dread took over me: a monotonous day at my dead-end job, <a target="_blank" href="https://www.insider.com/guides/health/itemized-bill">bills to pay</a>, carpooling the kids from activity to activity, and too much <a target="_blank" href="https://www.insider.com/get-better-at-small-talk-2017-6">small talk</a> with the other <a target="_blank" href="https://www.insider.com/moms-microdosing-magic-mushrooms-psilocybin-say-makes-them-better-parents-2021-8">suburban moms</a>.How did I get here? I looked around me and felt like a stranger in my own life. This wasn't the life I wanted.<h2>I was having a midlife crisis</h2>Midlife crises are usually associated with things such as wrinkles and gray hairs — and yes, I have those, and no, I don't like them. But it isn't because I wish I looked younger (though I do).The reason I cringe at my wrinkles is that they're harsh reminders that time moves too quickly — reminders that there are more years behind me than ahead.On that day, on my small, navy couch, I suddenly felt like a bystander in my own life and couldn't help wonder: Is it too late to really start living?I knew I needed to make some serious changes, but I wasn't sure how. The only thing I knew for certain was that it required some soul-searching. So I packed a bag, left my kids with their dad, disconnected from all things screen-related, and planned a solo trip. I knew traveling alone would be uncomfortable and that the discomfort would pair well with soul-searching.<h2>The trip didn't look like what I had envisioned, but it gave me what I needed</h2>I checked into a fancy hotel, which offered all the luxurious amenities of the good life: fine dining, sophisticated art, concierge service, and a full spa.I was ready to indulge.I planned on sightseeing, window-shopping, reading, and writing. I told my kids I would be less available by phone than usual; I wanted to see who I was when I wasn't a mom. I wanted to escape the life I thought I hated and explore what my ideal life might look like. I expected to return home with a blueprint in hand. This would be my amazing new start.Instead, I sat in silence for nearly three days. I spoke with my children only once a day. I ate dinner alone. I didn't sightsee or shop or read or write. I spent a lot of time lying in bed, thinking, feeling, and analyzing.I thought that a massage, peace, and quiet would feel relaxing and fulfilling, and they did, to some degree. But by day two, I felt a void in my heart and soul. The days felt long, my mind wandered, and anxiety set in. I missed my kids terribly. I missed my bedroom, my front porch where I drink my coffee, and my blue couch. I didn't miss work (not even a little), but I did miss the 9-to-5 structure.<h2>I wanted love</h2>I tried and tried to decide what I would do differently. What did I want to be when I grew up? Where did I want to live? What kind of couch did I really want?I realized that all I ever really wanted was love: marriage, kids, and livelihood all around. And then it hit me. The couch that I hated so much? That couch was love. It was a gift from my mother at a time when I didn't have enough money to buy one myself — unconditional love.I was surrounded by it everywhere, from my kids and sisters and parents, even from myself. Maybe I didn't love my job or living in Simsbury, Connecticut, but those details don't make the life.Sometimes we need to step away from the life we have to see that it's everything we ever wanted. Sometimes we need to sit in the deafening silence to see how much we love and need the noise. Sometimes we need a gray hair and a wrinkle to remind us that there's so much life left to live. Even if there is only one day left, I can live a whole lot in that one day.That's my new midlife motto: Live life to the fullest. It's not about the job or the house or the car or the couch. It's about experiences, love, and laughter. Those are the details that make my life — my wonderful midlife life.

I took a midlife crisis vacation. It made me realize how I want to live the rest of my life.

<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 9 () The government is not considering to bring other private sector lenders under scrutiny in the aftermath of Yes Bank crisis that has left lakhs of customers worried if their hard earned money is really safe in banks."There is no such plan," said an official source when asked if the Yes Bank crisis preceded by Punjab and Maharashtra Co-operative (PMC) bank debacle calls for scrutiny of other lenders also.The official said that there has been timely action on part of both the government as well as the Reserve Bank of India (RBI)."The bailout plan has also been announced, so this will be contained," said the official. However, analysts expect that the new generation private sector lenders alongside the cooperatives could face slow growth in their deposits as the banking business is based on trust and confidence.S&amp;P Global Ratings said if Yes Bank's resolution process is prolonged, there is a risk the broader banking environment may take a hit. "The uncertainty may engulf weak financial-sector entities, including non-bank finance companies or private-sector banks. Companies with marginal credit profiles, perceived governance issues, and aggressive risk appetites are particularly vulnerable. These could suffer from extended risk aversion, resulting in rising borrowing costs," S&amp;P Global Ratings said.Yes Bank being put under administration has further eroded the confidence in the financial sector in India. After IL&amp;FS, DHFL and PMC Bank, this is a bigger setback given its size and profile, said Tarun Bhatia, MD &amp; Head of South Asia in the Business Intelligence and Investigations practice of Kroll.Brokerage firm Anand Rathi said deposit growth for select banks may slow down. "The banking system is based on goodwill and trust. Given the recent events (including at PMC and Yes), new age private banks and smaller regional banks may see slower deposit growth, Anand Rathi said in a note on 'India Banks? Likely contagion effect of Yes Bank'.It said although the regulator and the government have in both cases stepped in to safeguard the interests of depositors, "we expect retail investors to park their deposits in PSBs and select larger private banks".At least in the short run, deposit growth in new-age private and smaller regional banks could therefore significantly slow down. This may push up their cost of funds, eating into their margins. Loan growth of private banks with higher C/D (cost to deposit) ratios could be slower, it added."The event raises serious issues around corporate governance in the bank but will now bring all other mid and small size banks under scanner too. The cost of capital will increase for the banks and there could be increase in asset side risks with growing concern on the quality of portfolio they hold," said Bhatia of Kroll -- a division of Duff &amp; Phelps -- on Yes Bank development.During the moratorium period, Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.As per the RBI's draft reconstruction scheme, State Bank of India (SBI) will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan by infusing capital of Rs 2,450 crore. Bank's financial health is not sound as it has failed to raise enough capital under the new leadership of Ravneet Singh Gill, who took charge as managing director and CEO from March 1, 2019. Troubles at new generation private sector started brewing up ever since the Reserve Bank denied extension to its co-founder Rana Kapoor -- who now is in the custody of the Enforcement Directorate for financial mismanagement and money laundering charges -- to continue as MD and CEO in September 2018 and had asked the lender to find a new successor. KPM MKJ

Govt has no plans to bring other pvt sector lenders under scrutiny post Yes Bank crisis: Source

New Delhi, Mar 9 () S&amp;P Global Ratings on Monday said Shriram Transport Finance Company (STFC) will not be materially affected by the troubles at Yes Bank as the firm's exposure is currently less than 0.5 per cent of its net worth. Earlier in the day, STFC said it has a small exposure of Rs 50 crore to Yes Bank's hybrid securities in the form of upper Tier II bonds. The finance company had made this investment in 2010. Yes Bank has been placed under a moratorium by the RBI and withdrawals have been capped. In a reconstruction plan of the bank, government-owned SBI is likely to pick up 49 per cent stake in the troubled bank."S&amp;P Global Ratings believes STFC's low exposure to Yes Bank's hybrid securities will shield its financial profile. STFC does not hold any Additional Tier 1 (AT1) capital instruments of the bank," the rating agency said in a release. "Only AT1 instruments are currently envisaged to be permanently written down," it said. However, even if STFC is required to make provision for 100 per cent credit loss on this exposure, it will not materially affect its capitalisation given the exposure is currently less than 0.5 per cent of its net worth, it said. "But we believe other finance companies holding Yes Bank's hybrid securities in their treasury investments could see credit losses," said S&amp;P.The agency further said it continues to see risk of a potential deterioration in STFC's asset quality over the next few quarters. Slower economic growth and weaker economic activity in India could lower vehicle utilisation, affecting the cash flows of road transport operators. NKD NKD ANUANU

No material impact of Yes Bank crisis on STFC: S&P

(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

New Delhi, Mar 6 () The RBI superseding the board of Yes Bank casts light on governance risks in India's banking sector, Fitch Ratings said on Friday.Fitch said there is a risk that the already poor operating environment for the banking sector could suffer further impairment if the government's efforts to tackle problems in the bank fail to provide reassurance to depositors and investors."The Reserve Bank of India (RBI) takeover of Yes Bank casts light on governance risks in India's banking sector," Fitch Ratings, which has a negative outlook on India's banking sector, said in a statement.The central bank's takeover of Yes Bank appears intended to restore depositor confidence."However, we believe that there is a risk that the RBI's move could backfire if it prompts depositors to shift their money to institutions that are perceived to be safer. This could pose liquidity challenges, particularly for smaller private banks with weaker franchises or more limited access to support from parent entities," Fitch added.The global rating agency said it is also possible that the domestic wholesale debt markets may experience another crisis of confidence, resulting in a tightening of financing conditions. "This could overshadow the central bank's recent efforts to boost liquidity in the system, and thereby expose non-bank financial institutions and the real estate sector to further pressures," it said.Stating that the speed of the authorities' resolution of the situation at Yes Bank is likely to be an important factor in determining the reaction of depositors and financial markets, it said the onus ultimately falls on the regulator to orchestrate the process under powers provided by the RBI Act, which outlines voluntary or forced mergers as the available options.Yes Bank is a medium-sized private sector bank, which accounts for around 2 per cent each of system assets and deposits. The bank ran into trouble following the central's bank's asset quality reviews in 2017 and 2018, which led to sharp increases in its impaired loans ratio and uncovered significant governance lapses that led to a complete change of management. The bank subsequently struggled to address its capitalisation issues, against a background of sluggish economic growth and a tougher financing environment, Fitch added.The Reserve Bank on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account and superseded the board of the private sector lender with immediate effect.Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.As per RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. JDMKJ

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