BJP works for the interest of a few rich people, alleges Rahul Gandhi

New Delhi, Feb 4: Uttar Pradesh Chief Minister Yogi Adityanath on Monday accused Arvind Kejriwal of having a "partnership" with Pakistan and appealed to the people in Delhi to not vote for the AAP chief as it will make Pakistan happy.

Ramping up his attack on the Shaheen Bagh protest, Adityanath said that the protest against the Citizenship Amendment Act (CAA) is merely an excuse for people to vent their anger against the scrapping of Article 370.

"You must have seen their partnership on 370. Arvind Kejriwal used to speak in the same voice as Imran Khan on Article 370. You must have heard it.

"Now when elections are taking place in Delhi, who is speaking in favour of Arvind Kejriwal? It is the ministers of Pakistan. They are aware that Kejriwal is feeding 'biryani to protesters at Shaheen Bagh'," he said, referring to Pakistan minister Fawad Chaudhry's tweet asking Indians to defeat Prime Minister Narendra Modi.

Adityanath addressed three rallies on Monday in the national capital ahead of assembly elections.

"Will Pakistan decide who Indians should vote for. If voting for Kejriwal will make Pakistan happy, should it be done," he asked at a rally in Mehrauli.

Adityanath said his Delhi counterpart Kejriwal has become a "toy in the hands of anti-social and anti-India elements".

Addressing a rally in Vikaspuri in west Delhi, he said that Kejriwal is not bothered about key issues such as providing clean drinking water but is concerned about Shaheen Bagh, the anti-citizenship amendment act protest site.

At another rally in Uttam Nagar in west Delhi, Adityanath said Kejriwal has played with the emotions of the people of Delhi for the last five years.

"He obstructed the development of Delhi. And knowingly and unknowingly, he became a toy in the hands of anti-social and anti-India elements," Adityanath said.

The protest at Shaheen Bagh, he said, has disrupted traffic across the capital.

"A guest with an appointment to meet him at 9.30 am could only reach at 11. He told me he had left as early as 7 am but got stuck because of the traffic in Shaheen Bagh," he said.

The Uttar Pradesh chief minister also slammed Kejriwal for "sympathising" with elements who he said gave anti-India slogans in Jawaharlal Nehru University.

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.

Srinagar, Apr 4: Two militants were reportedly killed in an encounter with security forces in Kulgam district of Jammu and Kashmir on Saturday, police said.

The security forces launched a cordon and search operation based on intelligence inputs about the presence of militants in Hardmand Guri village in Kulgam, a police spokesperson said.

"This operation based on a credible police input was launched this morning. Two terrorists have been reportedly killed so far," the spokesperson said, adding that the exchange of fire was going on.

Earlier, the police tweeted on its official handle that three militants had been trapped in the cordon. "Same group of #terrorists trapped who killed 3 civilians recently," the police said.