Yes Bank posts standalone net loss of ₹18,560 crore

Agencies
March 15, 2020

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Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.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

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News Network
January 3,2020

New Delhi, Jan 3: The National Payments Corporation of India (NPCI) on Thursday said the homegrown payments technology RuPay will offer 40 per cent cashback for its international card users for transactions in select countries.

Indians travelling to the UAE, Singapore, Sri Lanka, the UK, the US, Spain, Switzerland and Thailand will be able to earn up to Rs 16,000 cashback per month by getting their RuPay International Card activated, the NPCI said in a release.

With RuPay International cards --JCB, Discover and Diners Club--customers using multiple cards can earn more cashbacks under the 'RuPay Travel Tales' campaign.

To avail the cashback benefit, customers will have to do a minimum transaction of Rs 1000 and the maximum cashback is capped at Rs 4,000 for a single transaction.

The offer can be availed by customers using RuPay International Card four times a month that can give them a chance of earning up to Rs 16,000 as cashback.

Praveena Rai, COO, NPCI said, "We always aim to create an end-to-end value proposition for RuPay International cardholders to make their overseas travel experience seamless and memorable. The campaign is not only providing an exciting platform for travelers to earn cashbacks but also motivating them to migrate towards digital transactions nationally and globally".

Apart from earning cashbacks, RuPay International cardholders can access to RuPay affiliated domestic/international airport lounges.

They also can avail attractive offers on booking international fights and hotels in association with Thomas Cook and Make My Trip, the release said.

RuPay has a partnership with Discover Financial Services (DFS) and Japan based JCB International, allowing RuPay users the access to across 190 countries.

As on date, there are over 1,100 banks live on RuPay platform including SBI, HDFC Bank, Axis bank, among others.

RuPay card base has crossed 600 million, half of which are in the mid and premium segments, NCPI said.

NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country.

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Agencies
April 23,2020

New Delhi, Apr 23: Delhi Police has booked Jamia students Meeran Haider and Safoora Zargar under the Unlawful Activities (Prevention) Act (UAPA) in a case related to communal violence in northeast Delhi over the Citizenship (Amendment) Act, said a lawyer.

Haider and Zargar, arrested for allegedly hatching a conspiracy to incite the communal riots in February, are in judicial custody. While Zargar is the media coordinator of Jamia Coordination Committee, Haider is a member of the committee.

The police has also booked Jawaharlal Nehru University student leader Umar Khalid under the UAPA in the case, said advocate Akram Khan who is representing Haider in the case.

Haider (35) is a PhD student and the president of RJD youth wing's Delhi unit, while Zargar is an MPhil student of Jamia Millia Islamia (JMI) university.

In the FIR, the police has claimed that the communal violence was a "premeditated conspiracy" which was allegedly hatched by Khalid and two others.

The students have also been booked for the offences of sedition, murder, attempt to murder, promoting enmity between different groups on grounds of religion and rioting.

Khalid had allegedly given provocative speeches at two different places and appealed to the citizens to come out on streets and block the roads during the visit of US President Donald Trump to spread propaganda at international level about how minorities in India are being , the FIR alleged.

In this conspiracy, firearms, petrol bombs, acid bottles and stones were collected at numerous homes, the FIR claimed.

Co-accused Danish was given the responsibility to gather people from two different places to take part in the riots, the police alleged.

Women and children were made to block the roads under the Jafrabad metro station on February 23 to create tension amidst the neighbourhood people, it said.

Over 20 film personalities, including Anurag Kashyap, Vishal Bhardwaj, Mahesh Bhatt and Ratna Pathak Shah, on Sunday had released a statement raising their voice against the arrest of the students and activists by Delhi Police for protesting against the Citizenship (Amendment) Act and demanded their release.

Following this, the police had said investigations into the JMI violence and northeast Delhi riot cases were done impartially, and arrests were made after analysis of forensic evidence.

In December last year, the police had allegedly entered the JMI campus after protests over the CAA, being held a few metres away from the varsity, turned violent.

Rajya Sabha MP and RJD leader Manoj Jha had tweeted, "Delhi Police called him for investigation and then received orders from above and arrested Meeran Haider, who has been helping people during the time of coronavirus outbreak."

The Jamia Coordination Committee (JCC), a group comprising students and alumni from the varsity, had condemned the arrest and demanded his immediate release.

"The country is facing a massive health crisis, however, the state machinery is busy harassing and framing student activists in false cases to suppress voices of dissent," they said.

The JCC said Haider was diligently working to provide ration to the needy during the lockdown. Communal clashes had broken out in northeast Delhi on February 24 after violence between citizenship law supporters and protesters spiralled out of control leaving at least 53 people dead and around 200 injured.

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News Network
July 2,2020

New Delhi, Jul 2: India's COVID-19 tally breached the 6 lakh cases mark with 19,148 new coronavirus cases being reported in the last 24 hours, informed the Union Ministry of Health and Family Welfare on Thursday.

The total cases now stand at 6,04,641 of which there are 2,26,947 active cases while 3,59,860 patients have been cured/discharged/migrated.

434 deaths have been reported in the last 24 hours taking the number of COVID-19 deaths in the country to 17,834.

Maharashtra, the worst-hit state, has a total of 1,80,298 cases including 8,053 fatalities. Meanwhile, Tamil Nadu has 94,049 cases inclusive of 1,264 deaths.

Delhi has 89,802 coronavirus cases including 2,803 deaths.

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