PM Narendra Modi dedicates scorpene-class submarine INS Kalvari to the nation

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

New Delhi, May 4: The government has not talked about charging anything from migrant labourers as 85 per cent of the transportation cost is borne by the railways and 15 per cent by state governments, the Centre said on Monday amid a row over the national transporter allegedly charging the workers for ferrying them home during the COVID-19-induced lockdown.

The government also said the process of transporting the stranded migrant labourers was being coordinated by states “except for one or two states”.

Asked if the migrant labourers were being charged for being ferried home, Joint Secretary at the Health Ministry Lav Agarwal said that as far as migrant labourers are concerned, the guidelines have clearly stated that under the infectious disease management one should stay where he or she is.

“Based on the request given from states for particular cases, permission was given to run special trains. Be it government of India or the Railways, we have not talked about charging from workers. Eighty-five per cent of the transportation cost is borne by the Railways, while states have to bear 15 per cent of the cost,” he told reporters.

“Based on the request of the states the process that started, under which limited number of stranded migrant labourers have to be transported for a particular reason, is being coordinated by the state governments, except for one or two states,” Agarwal said.

At the daily briefing on the COVID-19 situation, Agarwal also said that in the last 24 hours, 1,074 COVID-19 patients have recovered, the highest number of recoveries in one day.

The recovery rate stands at 27.52 per cent with 11,706 COVID-19 patients cured till now, he said.

Agarwal said in the last 24 hours, 2,553 novel coronavirus cases were reported, taking the number of overall cases to 42,533. The total number of active cases stands at 29,453, he said.

The joint secretary also said that the COVID-19 curve is relatively flat as of now and it was not right to talk in terms of when the peak would come.

“If we collectively work then the peak might not ever come, while if we fail in any way we might experience a spike in cases,” he said.

Amitabh Kant, Chairman of the Empowered Group dealing with civil society, NGOs, industries and international partners, said in 112 aspirational districts, “we worked with the collectors and in these 112 districts only 610 cases have been reported which is two per cent of the national level infection”.

In these 112 districts, 22 per cent of India's population resides, he said.

In a few districts like Baramulla, Nuh Rachi, Kupwara and Jaisalmer more than 30 cases have been reported, while in the rest of the places very few cases are there, Kant said.

New Delhi, Feb 2: The Congress on Sunday released its manifesto for Delhi polls, promising to implement unemployment allowance of Rs 5,000-7,500 per month and cashback schemes for water and power consumers, if voted to power.

Presenting the manifesto, Delhi Congress chief Subhash Chopra said the party will provide free power up to 300 unit per month.

The manifesto also committed to spend 25 per cent budget each year on fighting pollution and improving transport facilities.

An unemployment allowance of Rs 5,000 for graduates and Rs 7,500 for post graduates per month will be provided under the Yuva Swabhiman Yojna, he said.

The Congress will launch flagship cashback schemes for power and water supply to benefit consumers saving these resources. The party, if voted to power, will open 100 Indira Canteens to provide subsidised meals at Rs 15, Chopra said.

The Congress will challenge the Citizenship Amendment Act (CAA) in the Supreme Court and demand the Centre to withdraw the law. The party will also not implement the National Register of Citizens (NRC) and the existing form of the National Population Register (NPR), if voted to power in Delhi.