Rahim Uchil files plaint against Ramanath Rai for mispronouncing ‘Sulibele’

Mysuru, Mar 7: Karnataka Minister for Medical Education K Sudhakar on Saturday said that State Government may consider suspending the touch-based Biometric time and Attendance system for its employees in view of the COVID-19 threat.

Speaking to media persons while inspecting the medical infrastructure at KR Hospital here on Saturday, he said that many IT companies have already suspended the Biometric Attendance system in a bid to prevent the spread of the virus. Given the threat perception, the government was also contemplating the same and would consider it. However, he did not specify the date.

With regard to the preparedness to handle the threat, the Minister said the government was extremely cautious since last 20 days and had taken all precautionary measures. “All international passengers at the airport are being screened and so far nearly 1 lakh passengers have been screened and anyone with symptoms will be quarantined for 28 days.’’

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On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious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

Thiruvananthapuram, Jan 26: Sister Lucy Kalappura, one of the nuns who protested against rape accused Bishop Franco Mulakkal, on Saturday claimed that she is being targeted at the convent and not being provided food.

Sister Lucy was dismissed from Franciscan Clarist congregation for supporting sisters protesting against the Bishop.

"I am being targeted at the convent and not being provided food. When I asked the reason, I was told I have been dismissed from the convent and they are not responsible for feeding me," said Sister Lucy while speaking to the reporters.

She has alleged that all this began after the release of her autobiography "Karthavinte Namathil" which means 'In the name of God'. In her book she had alleged sexual misconduct among priests and nuns.

"They prepare food and after having it they lock it in the cupboard. When I asked the reason behind this, they told me that I have been dismissed," said Sister Lucy.

"Now I am managing it all by myself with egg and tapioca that grows in the convent compound. Earlier they used to keep the leftover lunch and I used to adjust with that, but after my book was released, they started to lock the food in the cupboard," she added.

Sister Lucy also claimed that she had filed three complaints with the police on August 19, August 20 and on December 13. They had taken her statement but no action was taken.

"If the police would have taken some action against the convent authorities, they would not have behaved this way. An FIR was registered based on the three complaints but no action was taken. This gives them more power to act against me. I have drafted a letter to the Chief Minister to raise my complaint," said Sister Lucy.

Bishop Mulakkal, a senior member of the Roman Catholic clergy in India, was arrested in 2018 following allegations by a nun that he repeatedly raped and sexually assaulted her at Kuravilangad convent between 2014 and 2016, a charge that he denies.