Chaos on D-Street as Yes Bank share price drops 70%; RBI Guv says 'don't panic' | Live Updates
Yes Bank LIVE Updates
Yes Bank shares nosedived and sank 25 per cent on Friday. The development came after Yes Bank was placed under a moratorium on Thursday, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. With this, Yes Bank now will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender.
Meanwhile, defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender. “The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI,” Das told reporters.
Yes Bank News LIVE updates:
01:01 pm: Panic on D-Street as Yes Bank share price drops 70 per cent; RBI Guv says 'don't panic'
01:00 pm: Reserve Bank of India and State Bank of India have assured Yes Bank depositors that their money is safe and there is no need to panic
12:50 pm: Yes Bank customers are facing issues in accessing net banking services since last night as thousands of customers of the troubled bank struggle to transfer funds or check any bank account details online.
12:47 pm: Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender. “The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI,” Das said.
12:44 pm: Chief Economic Advisor Krishnamurthy Subramanian on Friday said all options are under consideration for restructuring Yes Bank and assured that depositors' money is safe. His remarks come a day after the cash-starved lender was placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board with immediate effect.
12:42 pm: "No Yes Bank," Congress leader Rahul Gandhi said on Friday, taking a dig at the BJP-led government over the moratorium placed on Yes Bank, and alleged that Prime Minister Narendra Modi and his "ideas" had destroyed the country's economy.
12:38 pm: The Reserve Bank of India (RBI) will soon come out with a scheme to revive the capital-starved Yes Bank, RBI Governor Shakti Kanta Das said on Friday
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