31 Air Conditioners, 25 Heaters Were Installed at Sheila Dikshit's Official Residence

New Delhi, Mar 2: As communal violence spiked in north-east Delhi earlier this week, Hindu, Muslim and Sikh residents of a colony came together and stood guard against frenzied mobs which ran riot in nearby areas vandalising homes, shops and torching cars.

They have not let their guard down even as the situation is limping back to normalcy following four days of violence that has claimed at least 42 lives and left over 200 injured.

The B-Block colony in Yamuna Vihar has a Hindu-dominated Bahjanpura on one side and Muslim populated Ghonda on the other.

People from all faiths in the locality sit outside their homes at night and deal with any suspected outsider, Arib, a dentist in his 30s, said.

"It is the sloganeering by mobs that causes panic in the dead of night. Such slogans are from both sides and we hear groups of people moving forward towards our area.

"This is where we let the Muslim locals deal with Muslim groups and Hindu residents deal with Hindu groups coming from outside," he said.

Businessmen, doctors and people working at government offices stuck together as violence reached its crest on Monday and Tuesday, and have been guarding the locality round the clock.

Earlier, the locals had claimed inadequate police deployment in the area, but were satisfied as patrolling by security personnel increased in the last two days.

Charanjeet Singh, a Sikh who owns a transport firm, said residents have ensured that not too many people gather to guard the colony at night. It has been decided not use sticks or rods, an idea which seems to have worked in maintaining peace, he said.

"I was 10 years old when we came to this locality from Uttar Pradesh's Meerut in 1982. There were riots in 1984 and tension in 2002, but even then our area remained peaceful. We have always been united and that is the way we have helped each other," Singh, who is now in his 50s, told PTI.

Faisal, a businessman in his 30s, said after two days of major violence, there was palpable tension in the area. "Nobody could sleep in the neighbourhood even on Wednesday and Thursday when the situation was brought under control," he said.

Faisal said around 4 am on Wednesday, three to four miscreants had torched a car, but were chased away by vigilant residents. They raised an alarm and others gathered, saving other vehicles parked nearby from being damaged, he added.

On the idea of not keeping sticks while guarding B-Block, Singh said, "Violence begets violence, crowd begets crowd. We thought if somebody would see sticks or rods in our hands from a distance and large crowds standing guard, it is likely they would want to come prepared. This could fuel violence."

"Now, if there is some young man returning late in the night, we identify if he belongs to our area. If not, we normally inform him about the situation and guide him to his destination, if required," he added.

Seventy-year-old V K Sharma said people in his colony never had any trouble with each other, as he blamed "outside elements" for the violence in north-east Delhi.

"Some people have some problem with symbols. If they find a particular religion's symbol on a shop, home or a car, they vandalise it.

"This is on both sides, Hindus as well as Muslims. But not all people in all religion are like that. There are good people who outnumber these handful people involved in violence," he said.

The violence happened for two days but it would take months for fear to subside, Sharma said, as he took out his two granddaughters, aged nine and two, out for ice cream.

"I cannot reduce the tension outside my home, but at least I can make these kids feel good by reducing their craving for ice cream,” he added.

Colony resident Shiv Kumar, a property consultant, and Wasim, a government official, said they too were members of this voluntary guards' team of the colony which stays up at night to fend off miscreants.

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

New Delhi, April 3: The Government on Thursday launched a mobile app developed in public-private partnership as part of efforts to contain the spread of coronavirus.

"The app, called 'AarogyaSetu' will enable people to assess themselves the risk for their catching the coronavirus infection," an official release said.

It said that the app will calculate this based on their interaction with others, using cutting edge Bluetooth technology, algorithms and artificial intelligence.

"Once installed in a smartphone through an easy and user-friendly process, the app detects other devices with AarogyaSetu installed that come in the proximity of that phone. The app can then calculate the risk of infection based on sophisticated parameters," the release said.

It said that the app will help the government take necessary timely steps for assessing risk of spread of COVID-19 infection and ensuring isolation where required.

"The app's design ensures privacy. The personal data collected by the app is encrypted using state-of-the-art technology and stays secure on the phone till it is needed for facilitating medical intervention," the release said.

It said the app is available in 11 languages and has highly scalable architecture.

"This app is a unique example of the nation's young talent coming together and pooling resources and efforts to respond to a global crisis. It is at once a bridge between public and private sectors, digital technology and health services delivery," the release said.