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RBI places Yes Bank under moratorium, caps withdrawal at Rs 50,000

The Reserve Bank of India placed Yes Bank under a moratorium and restricted withdrawal from the capital-starved bank at Rs 50,000 in the next one month. This restriction came into effect from 6 pm on March 5 and will remain in place till April 3, 2020.

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The Reserve Bank of India placed Yes Bank under a moratorium and restricted withdrawal from the capital-starved bank at Rs 50,000 in the next one month. This restriction came into effect from 6 pm on March 5 and will remain in place till April 3, 2020.

The RBI also superseded the bank’s board and appointed an administrator for the period.

“This has been done to quickly restore depositors’ confidence in the bank, including by putting in place a scheme of reconstruction or amalgamation,” RBI said.

Since a bank and market-led revival is a preferred option over a regulatory restructuring, the Reserve Bank made all efforts to facilitate such a process and gave the adequate opportunity to the bank’s management to draw up a credible revival plan, which did not materialise. In the meantime, the bank was facing regular outflow of liquidity,” RBI noted.

Yes Bank cannot make an aggregate payment to a depositor of a sum exceeding Rs. 50,000 lying to his credit, in any savings, current or any other deposit account till April 3rd, said a government notification. The RBI however said it may allow payment of over Rs 50,000 to Yes Bank depositors an amount in excess of Rs. 50,000 like expenses for medical treatment, marriage and education.

During this restriction period, the bank can neither grant fresh loans nor renew old loans and is prevented from making investments, or disbursing payments in lieu of its liabilities and obligations.

The decision affected the stocks as shares of Yes Bank on Friday plunged by almost 25 per cent on the Bombay Stock Exchange at Rs 27.65.

On the National Stock Exchange, Yes Bank shares dropped by 20 per cent to Rs 29.45.

The entire banking unit plummeted in opening trade, with RBL Bank trading 15 per cent lower, followed by IndusInd Bank which dropped by 11 per cent, SBI by 7 per cent and Axis Bank by 4 per cent on the BSE.

Yes Bank depositors also multitude of problems today, as they hurried to withdraw cash from ATMs, including closed down machines and long queues.

Entertainment

Kapil Sharma warned by MNS for referring to Mumbai as Bombay on Netflix show

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Bollywood comedian Kapil Sharma has come under the radar of the Maharashtra Navnirman Sena (MNS) after the use of the term Bombay instead of Mumbai on his Netflix show The Great Indian Kapil Show. MNS spokesperson Ameya Khopkar issued a warning, stating that the usage of the city’s former name could hurt the sentiments of its residents and demanded that the correct name, Mumbai, be used.

The controversy arose during an episode featuring actress Huma Qureshi, her brother Saqib Saleem, and the Shetty sisters. While talking about her bond with Saqib, Qureshi referred to the city as Bombay, explaining that she felt at home with him despite not being originally from the city. This comment drew criticism from the MNS, who have historically been vocal about protecting the identity and pride of Mumbai.

In a post on X, Khopkar stated in Marathi, that even though 30 years have passed since Bombay was officially renamed Mumbai, the term Bombay is still frequently used by celebrity guests on The Kapil Sharma Show, Delhi-based Rajya Sabha MPs, show anchors, and in many Hindi films. He noted that the name change was officially recognized by the Maharashtra government in 1995 and by the Central Government in 1996, preceding similar renamings in other major cities such as Chennai, Bengaluru, and Kolkata.

Khopkar further emphasized the seriousness of the matter during a media interaction in Mumbai. He stated that Sharma had been working in Mumbai for many years and described the city as his land of work. He added that the people of Mumbai admire him and watch his shows, and warned that the city and its residents should not be insulted, cautioning Sharma against repeating the mistake.

He added that if the reference had been made unintentionally, the mistake should be corrected immediately. Khopkar stated that all guests on the show, including celebrities and the host, should be informed in advance to refer to the city as Mumbai. He warned that if this is not followed, the MNS would launch a strong agitation.

The Great Indian Kapil Show has recently been renewed for a third season. Its first two seasons, comprising 13 episodes each, premiered in 2024, featuring a mix of Bollywood celebrities and entertainers. The controversy marks one of the few instances where the city’s political groups have publicly intervened over the naming of Mumbai on popular entertainment platforms.

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Latest News

Indian-origin motel manager beheaded in the US

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In a horrifying incident in Dallas, Texas, an Indian-origin motel manager, Chandra Nagamallaiah, was brutally beheaded by a guest following an argument over a malfunctioning washing machine. The gruesome attack was carried out by 37-year-old Yordanis Cobos-Martinez in front of Nagamallaiah’s wife and children, leaving the family traumatized.

According to court records and affidavits, the confrontation began when Nagamallaiah reportedly told Cobos-Martinez not to use a broken washing machine at the Downtown Suites motel. The suspect became enraged, partly because the manager relied on a woman present for translation instead of speaking directly to him. Surveillance footage later revealed Cobos-Martinez producing a machete and repeatedly stabbing and cutting Nagamallaiah, despite the efforts of his wife and child to intervene.

The affidavit details that the victim tried to flee to the motel’s front office while screaming for help, but the attacker followed him and continued the assault. Cobos-Martinez removed Nagamallaiah’s key card and cellphone before ultimately beheading him. Disturbing footage reportedly shows the suspect kicking the severed head across the ground before throwing it into a trash bin.

Cobos-Martinez, a Cuban national with a long criminal history, including convictions for grand theft, carjacking, false imprisonment, and sexual offenses, was arrested shortly after the attack. Authorities found him a block away wearing a blood-soaked T-shirt, along with the victim’s key card and cellphone. U.S. Immigration and Customs Enforcement (ICE) officials noted that Cobos-Martinez should not have been in the country at the time, as previous attempts to deport him to Cuba were unsuccessful due to his criminal record.

The Department of Homeland Security described the beheading as unthinkable and stated that the case highlights the critical need for strict immigration enforcement. A witness to the attack told NBC DFW that they could not explain what they saw, describing the suspect as appearing there and not there at the same time, emphasizing the surreal and terrifying nature of the crime.

This shocking incident has left the Dallas community and Nagamallaiah’s family in deep distress, as authorities continue their investigation into the motive and circumstances surrounding the brutal murder.

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India News

AAP MP Sanjay Singh accuses J&K authorities of house arrest, Farooq Abdullah condemns move

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Aam Aadmi Party (AAP) MP Sanjay Singh on Thursday accused Jammu and Kashmir Lieutenant Governor Manoj Sinha of placing him under house arrest while he was in Srinagar to protest the detention of the party’s sole J&K MLA, Mehraj Malik.

Singh climbed the gate of a government guest house in Srinagar to meet National Conference (NC) chief Farooq Abdullah and later shared visuals of the interaction on social media. He said it was a very sad thing that Abdullah, who has served multiple terms as Chief Minister of Jammu and Kashmir, came to meet him at the guest house after learning about his alleged house arrest but was not allowed to do so. Singh further questioned the authorities’ actions, asking whether if this is not dictatorship, then what it is.

Malik, the MLA from Doda Assembly seat, has been detained under the Public Safety Act (PSA) on charges of disturbing public order. This marks the first instance of a sitting lawmaker being booked under the PSA, which allows authorities to detain individuals without charge or trial for up to two years. Singh alleged that Mr. Malik’s detention was retaliation for raising people’s issues in his constituency.

Abdullah also condemned the attempts to stop Singh from holding his protest. In a statement to news agency ANI, he said that preventing Singh from exercising his right to protest was absolutely wrong and accused the Lieutenant Governor Sinha of misusing his powers. He stressed that the right to protest is guaranteed by the Constitution of India, noting that Jammu and Kashmir being a union territory gives the LG significant authority, which, according to him, was being used for the wrong purposes. Abdullah questioned whether it was necessary to prevent Singh from speaking and asserted that this is not an autocracy, there is a constitution here.

Abdullah drew parallels with the recent unrest in Nepal, where protests led to the resignation of Prime Minister KP Sharma Oli, and cautioned that India must safeguard its Constitution to prevent similar circumstances. He urged the LG to uphold constitutional principles, warning that failure to do so could risk unrest, and emphasized the need to take care of the Constitution before such a fire breaks out in the country.

Other opposition leaders, including AAP chief Arvind Kejriwal and Shiv Sena (UBT) leader Sanjay Raut, also expressed concern over the move, condemning what they described as an infringement on democratic rights.

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