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The RBI also superseded the bank’s board and appointed an administrator for the period.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.
Dust storm, light rain expected in Delhi-NCR today, heatwave conditions to abate
IMD claimed in a tweet that Thunderstorm dust with light to moderate intensity rain and gusty winds with speed of 30-50 km/hr would occur over and adjoining areas of many places of Delhi, North Delhi, North East Delhi, North west Delhi, West Delhi, Central Delhi, East delhi and NCR( Loni Dehat, Hindon AF station, Ghaziabad, Indrapuram, Chapraula) Sonipat, Rohtak, Kharkhoda (Haryana) Baraut, Bagpat, Meerut, Khekra, Modinagar, Kithor , Garhmukhteshwar, Pilakhua, Hapur ,Gulaoti ,Siyana ,Sikandrabad , Bulandshahr , Jahangirabad (UP)
On Wednesday, a dust storm with light to moderate rain is expected in numerous locations in Delhi and the National Capital Region (NCR). The India Meteorogical Department (IMD) stated the city’s maximum and minimum temperatures are predicted to be in the range of 40 and 25, respectively.
The IMD tweeted an advisory that thunderstorms, dust with light to moderate intensity rain and gusty winds with speed of 30-50 km/hr would occur over and adjoining areas of many places of Delhi, North Delhi, North East Delhi, North West Delhi, West Delhi, Central Delhi, East Delhi and NCR (Loni Dehat, Hindon AF station, Ghaziabad, Indirapuram, Chapraula) Sonipat, Rohtak, Kharkhoda (Haryana), Baraut, Bagpat, Meerut, Khekra, Modinagar, Kithor, Garhmukhteshwar, Pilakhua, Hapur, Gulaoti, Siyana, Sikandrabad, Bulandshahr, Jahangirabad (UP).
For the next two hours, light to moderate intermittent rain is expected over and near Adampur, Hissar, Hansi, and Meham (Haryana).
On Thursday, May 18, light rain is predicted for in Delhi based on the seven-day prediction for the city. The sky will mainly be cloudy, with the potential of a light rain or drizzle, according to the weather office.
The air quality will continue to be deteriorated in the city after strong winds with dust swept across the Delhi-NCR on Tuesday. Following this, visibility had reduced to 1000 metres. Kuldeep Srivastava, the head of regional forecasting centre, said the dry atmosphere is one of the reasons for the dust storms.
Following Tuesday’s severe winds and dust storm that blasted across the Delhi-NCR, the city’s air quality had taken an alarming dip.
The monsoons, which are awaited across India, are likely to make landfall in Kerala on June 4. Usually, the monsoon arrives on May 31 or June 1 but the delay will be made up as the phenomenon progresses on its south-west to north-east arc. With extreme temperatures right from a cold sytart to May to dust-laden winds in mid-May, the weather in the country is paying the price for accelerating climate change.
Security lapse at Navjot Singh Sidhu’s Patiala home, says it will not deter him from raising his voice against Punjab
After his release from jail, he slammed the ruling Aam Aadmi Party (AAP) government for its law and order in the state.
Congress leader Navjot Singh Sidhu has filed a complaint with the Punjab Police after he spotted a suspicious person wrapped in a grey blanket on his terrace. He alleged a security lapse at his Patiala home. He couldn’t catch him as he fled after his servant raised an alarm.
Taking to Twitter, Sidhu said, Today on the terrace of his residence an unknown suspicious character wrapped in a grey blanket was noticed around 7:00 pm, the moment his servant went out raised the alarm, and called for help, he immediately ran and escaped.
The 59-year-old further said that he has spoken to DGP Punjab Police and has also informed SSP Patiala. He said the security lapse will not deter him from raising his voice for Punjab.
Punjab Police registered a case in this matter. According to the reports, the Patiala Senior Superintendent of Police Varun Sharma visited his residence after the complaint and is currently investigating the matter. The CCTV footage of the area is also being scanned, reports state.
Cricketer-turned-politician came out of the Patiala Central Jail on April 1 after serving nearly 10 months in a 1988 road rage case. After his release from jail, he slammed the ruling Aam Aadmi Party (AAP) government for its law and order in the state.
He said Democracy is in chains. Punjab is the shield of this country. When dictatorship came in this country, a revolution also came, led by Rahul Gandhi.
Sidhu also slammed the Mann government over the pruning of security of slain singer Sidhu Moosewala and also making it public.
Air India Delhi-San Francisco flight suffers tech glitch before take-off, returns to stand
The airline has not given any official statement in this matter.
Air India flight which was en route to San Francisco from Delhi on Monday had to be returned to the stand because of a technical glitch. The San Francisco-bound flight suffered a tech issue before take off.
According to the reports, the aircraft which was carrying over 200 passengers from Delhi’s Indira Gandhi International Airport (IGI) had to be replaced with another aircraft. Later, the passengers were accommodated in another aircraft.
The airline has not given any official statement in this matter.
Earlier today, another Air India incident occurred where a London-bound flight returned to Delhi’s IGI airport after a mid-air brawl between an unruly passenger and the flight’s cabin crew.
A brawl ensued between a passenger and the crew members shortly after it departed from the airport at around 6:35 am. The onboard ruckus forced the plane to turn around and return to Delhi again where the raucous passenger was deboarded and handed over to the police at the airport.
Air India apologized to the passengers on the affected Delhi-London flight for the delay and inconvenience caused to them due to the incident and assured them that efforts will be made to ensure such incidents do not occur in the future.