Yes Bank Depositors Rush to ATMs but Most Unable to Withdraw Cash after RBI's Moratorium

New Delhi, Jun 15: With an increase of 11,502 cases in the past 24 hours, the COVID-19 count in India reached 3,32,424 on Monday, according to the Union Health and Family Welfare Ministry.

The spike is marginally lower than the highest-ever spike of 11,929 new cases the country registered a day earlier.

With 325 deaths being reported from across the country, the toll due to COVID-19 has now reached 9,520.

The COVID-19 count includes 1,53,106 active cases while 1,69,798 patients have been cured and discharged or migrated so far.

Maharashtra with 1,07,958 cases continues to be the worst-affected state in the country with 53,030 active cases while 50,978 patients have been cured and discharged in the state so far. 3,950 deaths have been reported due to the infection so far from Maharashtra.

It is followed by Tamil Nadu with 44,661 cases and the national capital with 41,182 confirmed cases.

Jaipur/New Delhi, Jul 12: The crisis in Rajasthan Congress has deepened with state Chief Minister Ashok Gehlot and his deputy Sachin Pilot at loggerheads.

While Gehlot is blaming BJP for trying to destabilise the state government by poaching MLAs, Pilot is camping in Delhi to speak to the party leadership regarding the political turmoil in the state.

According to sources, Pilot has sought an appointment with party's interim president Sonia Gandhi but time for the meeting has not yet been given by her. Although Pilot met another party leader to apprise him about the situation in the state and spelled out his grievance.

As of now, many MLAs, who are believed to be in the Pilot camp, are also in Delhi to meet the party leadership. According to sources, the deputy chief minister has the support of nearly 30 Congress MLAs along with many independent legislators.

It is important to note that the controversy broke out in Rajasthan after Special Operation Group (SOG) sent a notice to Sachin Pilot to record his statement in the case registered by SOG in the alleged poaching of Congress MLAs in the state. The clash between Gehlot and Pilot is also over the post of PCC Chief as Gehlot Camp wants that 'One Leader One Post' formula to be implemented in Rajasthan. Currently, Sachin Pilot is heading the PCC besides holding the Deputy CM post.

Sources close to Sachin Pilot have informed that the young leader is upset with the notice issued to him. He believes it is aimed to record his phone calls and keep him under surveillance. Many of Pilot's supporters feel indignation and told Pilot that they cannot work with Ashok Gehlot. Also, Pilot is unlikely to attend the meeting called by Gehlot today, according to sources.

While the top leadership of the party is keeping mum, sources say it is keeping a watch on the development. General Secretary KC Venugopal has taken up the matter of the rift with the party's top brass with them not happy about it.

Rajasthan AICC Incharge Avinash Pandey told media persons: "Everything is under control. Few MLAs had issues and after discussion, they have returned back to Jaipur and others are also in touch. BJP's attempt of destabilising the government will not be successful in Rajasthan and government is stable."

Gehlot also held a meeting with ministers last night in Jaipur.  According to Gehlot camp, the top leadership is apprised of the development of the poaching attempt in the state. Amid Political Crisis Rajasthan CM Ashok Gehlot called a meeting of Ministers and all Cong MLAs tonight at his residence.

The Rajasthan crisis has alerted the other senior leaders of the party who have opined that the Madhya Pradesh incident should not get repeated in Rajasthan.

Former Union Minister and Rajya Sabha MP Kapil Sibbal tweeted, "Worried for our party. Will we wake up only after the horses have bolted from our stables?"

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.