Top headlines: YES Bank rescue plan, Coronavirus India cases rise, and more

YES Bank. Photo: Shutterstock
SBI has shown interest in investing in Yes Bank: RBI
The RBI on Friday said the State Bank of India (SBI) has expressed willingness to invest in crisis-ridden Yes Bank. In a draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', the RBI also said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and number of equity shares to 2,400 crore having face value of Rs 2 each. Read more

RBI to look into what went wrong at Yes Bank, fix responsibilities: FM
Finance Minister Nirmala Sitharaman on Friday said the government has asked the Reserve Bank to look into what went wrong at Yes Bank and fix individual responsibilities. Addressing a press conference after the RBI superseded the board of Yes Bank and placed withdrawal restrictions, she said the bank was being monitored since 2017 and developments relating to it were being monitored on a day-to-day basis. Read more

YES Bank stock crash: Retail investors have taken a Rs 3,300-crore hit
Retail investors are seeing a hit of more than Rs 3,346 crore on their investments in YES Bank. In the December quarter, retail investors were the largest shareholders in YES Bank, controlling a 43 per cent stake in the bank. Read more.

Air India disinvestment process going 'extremely well': Hardeep Singh Puri
The disinvestment process for Air India is going on "extremely well", Civil Aviation Minister Hardeep Singh Puri said on Friday. On January 27, the government came out with a Preliminary Information Memorandum (PIM) for Air India disinvestment. Read more.

Despite slowdown, India real estate mkt remained resilient in 2019: Report
Despite wealth growth and record low interest rates in most advanced economies, the economic slowdown has weighed on prime property prices across the globe, according to Knight Frank's Prime International Residential Index (PIRI 100). Read more.

DHFL: CBI takes over investigation of PF earnings scam in Uttar Pradesh
The CBI has taken over investigation into the Rs 2,267-crore Employee' Provident Fund scam in Uttar Pradesh, where hard-earned savings of government employees were invested in the Dewan Housing Finance Corporation (DHFL), which is facing a probe, officials said on Friday. Read more.

Coronavirus cases in India rise to 31 as Delhi man tests positive
A Delhi man with a travel history to Thailand and Malaysia has tested positive for coronavirus, taking the total number of confirmed cases in India to 31, health ministry officials said on Friday. The latest case is the third in Delhi. Read more.

India a strife-ridden majoritarian state in economic despair: Manmohan
"India faces imminent danger from the trinity of social disharmony, economic slowdown and a global health epidemic, " wrote former Prime Minister Dr Manmohan Singh in a column in The Hindu on Friday. He said that while crisis due to coronavirus (Covid-19) was an external shock for the country, the riots in Delhi and worsening economy were self-inflicted injuries. Read more.

Coronavirus LIVE: Army to ready quarantine facility at 5 more locations
The number of Coronavirus cases climbed to 31 in India as government took measures to control the outbreak and monitor the confirmed patients. The Delhi government took stock of preparedness in the city announcing closure of all primary schools till March 31 as a precautionary measure. Read more.

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