Yes Bank will not be merged with SBI, says Prashant Kumar

News Network
March 9, 2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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News Network
January 15,2020

Kolkata, Jan 15: The arrows of Mahabharata's Arjuna had atomic power, claimed West Bengal Governor Jagdeep Dhankhar, drawing sharp criticism from academicians, even as he joined a long list of politicians who have in recent years given bizarre interpretations linking mythology with science.

Speaking at the 45th Eastern India Science Fair and 19th Science and Engineering Fair on Tuesday, Dhankhar also claimed that flying objects existed during the period of Ramayana.

"It is said that the plane was invented in 1910 or 1911, but if we delve into our old scriptures we will see in Ramayana, we had 'uran khatola' (aircraft)," he said.

"Sanjaya narrated the entire war of Mahabharata (to Dhitarasthra) not from TV. The arrows of Arjuna in Mahabharata had atomic power in it," Dhankhar said, asserting that the world can no longer afford to ignore India.

According to Sanskrit epic Mahabharata, Sanjay, even after staying away from the battlefield, had narrated what was happening there to Dhritarashtra, who was blind.

Dhankhar, who has been in news for clashes with the Mamata Banerjee government ever since he assumed office in July last year, joins politicians such as Tripura Chief Minister Biplab Deb and UP deputy chief minister Dinesh Sharma to give odd interpretations of mythology.

While Deb had claimed that the internet existed during Mahabharata, Sharma suggested that godess Sita was a test tube baby.

Recently, Puducherry Lt Governor Kiran Bedi was trolled online for sharing a doctored video that claimed, "NASA recorded sound of sun -- Sun chants Om".

Indologist Nrisingha Prasad Bhaduri said governors appointed by the BJP government at the Centre are delving into everything and behave "as if they are know-alls".

"They fail to understand one thing that great writers have very strong power of imagination," Bhaduri said.

Scientist Sandip Chakraborty said such comments only hurt the scientific progress in India at the global forum.

"The ancient writers described all these things based on their imagination. It is true that India made a lot of progress during the ancient period, but such comments only damages the progress made by our scientific community," he said.

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Agencies
May 26,2020

New Delhi, May 26: As India ranked 10th in the global infection list, overtaking Iran, which was an early hotspot of coronavirus, India's top medical body has said the human trials of COVID-19 vaccine may begin at least in six months.

Dr. Rajni Kant, Director Regional Medical Research Centre and Head at the Indian Council of Medical Research (ICMR) said, "The virus strain isolated at the National Institute of Virology (NIV) laboratory in Pune will be used to develop the vaccine, and this strain has been successfully transferred to the Bharat Biotech International Ltd. (BBIL). It is expected that the human trials of the vaccine will begin in at least six months."

Queried on the focus areas as India inches closer to 1.4 lakh COVID-19 cases, Kant said we should not get anxious about the rapid increase in numbers, especially in the past week, which saw 5,000 Covid-19 cases daily, instead focus on protecting the most vulnerable group.

"We should not fear from increasing Covid-19 cases. The elderly and people with comorbidities need protection. This is the highly vulnerable group, and we need to deploy resources and develop strategies to keep the mortality rate as low as possible in this group," said Kant.

Initially, it was assumed that the country would require thousands of ventilators, but last week, the health ministry said only 0.45 per cent of COVID-19 cases need ventilator support.

Kant insisted the focus should be on five per cent to 10 per cent serious patients. "We are testing more than one lakh daily and our case fatality rate is already one of the lowest in the world. In absence of vaccine, people should follow social distancing guidelines," he added

On the significance of the recovery rate, Kant said the increasing recovery rate of the COVID-19 patients, which is at 41 per cent, is a bright spot in India's fight against deadly viral infection.

Queried on large scale COVID-19 cases in Mumbai, Delhi and Ahmedabad, Kant said the population density in these regions is very high, which proves to be the just right environment for the viral infection.

He insisted on developing robust cluster management strategies in the hard-hit coronavirus spots, and the movement of people should be curtailed in these areas.

"Currently, a lot of people are moving around easily and avoiding social distancing norms. The first phase of the lockdown was very effective, but now things have changed," added Kant.

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Agencies
March 22,2020

New Delhi, Mar 22: The central government on Sunday decided to suspend all metro train services across the country till March 31 in view of coronavirus outbreak.

In a message to managing directors of all metro train corporations, Union Housing and Urban Affairs Secretary Durga Shanker Mishra said this is being done in continuation of suspending metro services during 'Janta Curfew'.

"In view of the current global pandemic of this Corona Virus & for containing its further spread through inter-personal proximity, it has been decided to close down metro rail services on all operational networks across the country till 31 March 2020," Mishra tweeted.

In another tweet, he said by the act of social distancing, people can protect themselves and their dear ones, and win the fight against COVID-19.

India reported three more coronavirus deaths on Sunday, including the first casualty from Bihar, taking the toll to seven and the number of COVID-19 cases rose to 341, officials said.

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