Minorities feel safe under PM Narendra Modi, will vote for him: Shahnawaz Hussain

Thiruvananthapuram, April 5: Kerala Health Minister KK Shailaja on Sunday said that the state's preparations for containment of COVID-19 were satisfactory and added that PCR tests were going on in nine laboratories, in which upwards of eight thousand samples have been tested so far.

"Our strategy for the containment of COVID-19 is satisfactory. We are yielding good results from our strategy for tracing, isolation, testing & treatment. PCR test is going on in 9 laboratories. We have tested more than 8000 samples so far," Shailaja told ANI here.

She further said that the state government wanted to implement Rapid test in Kerala and added that they had ample PPEs and N95 masks.

"We want to implement Rapid Test in Kerala. Yesterday, we got 2000 kits; Right now, we have sufficient PPEs and N95 masks. If the number of COVID19 cases increases in the coming weeks then we will need more equipment," Shailaja said.

Keeping up with the need of the hour, the new administrative block of Kasaragod Medical College will soon be converted into a COVID-19 hospital for providing better treatment facilities to the coronavirus patients.

A team constituting 26 doctors and medical staff of the Government Medical College, Thiruvananthapuram will join the efforts of converting the new administrative block into a COVID-19 Hospital in Kasaragod on Sunday.

The total number of COVID-19 positive cases rose to 3,374 in India on Sunday, as per the data provided by the Ministry of Health and Family Welfare.

New Delhi, Feb 14: Senior Congress leader P Chidambaram on Thursday said there must be a "huge mass movement" if any Muslim was sent to detention camps in case the Supreme Court upheld the validity of the Citizenship Amendment Act (CAA).

Speaking at the JNU campus, the former Union minister said the CAA was an outcome of the "NRC fiasco" in Assam that left 19 lakh people out of the document.

The CAA was brought to accommodate the 12 lakh Hindus among the 19 lakh people who could not be included in the National Register of Citizens (NRC) in Assam, he claimed.

Replying to a question by a student on the best course of action if the CAA was upheld by the apex court, Chidambaram said, "When they touch the excluded...they will only be Muslims, to identify and throw them out, declare them stateless, there must be a huge mass movement, resisting any Muslim being thrown out or kept in detention camps."

He also said the Congress believed that the CAA must be repealed and there should be a political struggle so that the National Population Register (NPR) was pushed beyond 2024.

Claiming that the NRC, CAA and NPR were "closely connected" to each other, Chidambaram said, "The CAA was brought due to the NRC fiasco in Assam and the opposition to the CAA gave way to the NPR."

He asserted that the Congress was protesting against the CAA and the NRC across the country, but had consciously avoided going to Shaheen Bagh, as in that case, the ruling Bharatiya Janata Party (BJP) would brand the demonstration against the amended citizenship law as a "political" one.

"See, we are not going to Shaheen Bagh because that would be falling into the BJP's trap. If we go there, they (BJP) will say it is political," the senior Congress leader said.

Slamming the CAA and the NRC as instruments undermining the very basis of the formation of India, he said the country, instead, needed a "broad law" on refugees.

Speaking at an event against the NRC, CAA and NPR hosted by the Congress's student wing, NSUI, at the Jawaharlal Nehru University (JNU), Chidambaram accused the BJP of spreading lies against Opposition parties.

"The BJP says the Congress, the Left and other liberal parties are against citizenship to persecuted Hindus, Sikhs from Pakistan, Bangladesh. But we are not against those included, our opposition is against exclusion," he said.

Questioning the rationale behind the CAA, the former finance minister said it excluded people on the basis of religion.

"Why only three countries, what about other neighbouring countries — Nepal, Bhutan, China? What about others treated much worse? The Ahmadiyas and Shias of Pakistan, the Rohingyas of Myanmar, Tamil Hindus are equally persecuted, why are they left out?" he questioned.

Chidambaram also said the CAA did not cover persecution based on language, political ideology and economic deprivation.

Slamming the NRC, he wondered which country would accept those left out of the document.

"Which country is going to accept them? How will they go? Where will you send them? (Home Minister) Amit Shah saying that they are termites and he will throw them out by 2024 is talking through his hat," the senior Congress leader said.

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.