Profile picture
, 5 tweets, 4 min read
My Authors
Read all threads
#FinanceMinister @nsitharaman on #YesBank:
*Cabinet has approved the reconstruction scheme for Yes Bank
*Interest of depositors, stable fin environment at the core of reconstruction scheme
*Key features of reconstruction plan will be available in detail as soon as notified
#FinanceMinister @nsitharaman on #YesBank:
*Yes Bank reconstruction scheme will be notified very soon
*SBI coming in at 49% at the moment
*3 year lock-in period for SBI for at least 26% of their investment
*3 year lock-in period for private investors for 75% of their investment
#FinanceMinister @nsitharaman on #YesBank:
*Moratorium on Yes Bank to be lifted within 3 days of notification of scheme
*New board to be constituted within 7 days of moratorium being lifted
*Board will have at least 2 members from SBI
#FinanceMinister @nsitharaman on #YesBank:
*Administrator Prashant Kumar to vacate office after moratorium is lifted, and a new board will take over thereafter
#FinanceMinister @nsitharaman on #YesBank:
*Moratorium on Yes Bank will be lifted within 3 working days of notification being released at 1800 hours
Missing some Tweet in this thread? You can try to force a refresh.

Enjoying this thread?

Keep Current with Ritu Singh

Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Related hashtags

#FinanceMinister #YesBank

More from @_ritusingh see all

Profile picture
Ritu Singh
@_ritusingh
#Insolvency Almost a year since @RBI released the list of 12 large defaulters to be marched to NCLT, and we have seen ONE successful resolution so far. Two, if you count Electrosteel Steels, which exited bankruptcy briefly, only to be pulled back in. Here's a quick check (1/n)
#Insolvency #BhushanSteel NCLT approved Tata @TataSteelLtd's takeover of Bhushan Steel. Tatas offered Rs 35,200 cr to settle the lenders' dues at a 37% haircut. Done deal? Bhushan Steel promoter Neeraj Singhal has filed an objection in the matter, NCLAT hearing on May 21. #IBC
#Insolvency #ElectrosteelSteels resolution plan submitted by @VedantaLimited for Rs 5,320 cr was approved by NCLT, but Renaissance Steel, another contender for the company, is now contesting the bid. NCLAT has ordered a status quo on sale of the company until further hearing.
Read 13 tweets

Related threads

Profile picture
Sunil Jhaveri
@IamMisterBond
1. In the back drop of @YESBANK Bank fiasco and total write off of AT1 Bonds issued by them, it is necessary to understand what is AT1 (aka Perpetual Bonds) and what should the Investors expect. This crisis will have far reaching implications for all future AT1 issuances as well
2. What is AT1 Bonds? An AT1 bond constitutes direct, unsecured and subordinated debt in the issuing bank, ranking junior to the claims of all creditors (including all subordinated creditors) and only senior to common equity. Please remember this
3. Total outstanding of all AT1 issuances by all Banks is close to 91,000 crores (including Rs.38,000 crores by Private Sector Banks like ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, etc.). These figures are as of 23-02-2020
Read 15 tweets
Profile picture
The New Indian Express
@NewIndianXpress
Enforcement Directorate arrested #YesBank founder Rana Kapoor on Sunday after questioning him for almost 24 hours.
#RanaKapoor #YesBankCollapse
newindianexpress.com/nation/2020/ma…
#YesBankCollapse | Bindu Kapoor, the wife of Yes Bank founder Rana Kapoor, arrived at Enforcement Directorate's office for questioning, as sources in ED claimed more questioning and arrests would follow in coming days, including of his family members.
newindianexpress.com/business/2020/…
Read 8 tweets
Profile picture
Mukul
@_Mukul
@rbi @DasShaktikanta @rkumar1958 #yesbank @yesbank @nsitharaman #yesbankcrisis @pk63 @pmoindia @FinMinIndia #yesbank_AT1_RetailInvestor @sanjeevsanyal

My input on RBI proposal for reconstruction of Yes Bank

I am holder of 1(one) Perp AT1 bond, Basel III compliant of Yes bank.
To me it is a very big money (INR. 10 lakhs). I am in no position to lose this money and the interest thereof. I am a 55 yr old early retiree who is looking to get regular income from FDs, bonds and mutual funds. I am risk averse so I do not like to buy shares.
I was sold these bonds by YES bank senior staff and they convinced me it was a very safe debt option (I was told Bank's AA means AAA as no bank gets AAA rating). As a holder of this AT1 bond of YES bank, I vehemently reject the draft scheme of reconstruction of YES bank
Read 10 tweets
Profile picture
BloombergQuint
@BloombergQuint
SBI Chairman Rajnish Kumar addresses the media on the draft resolution plan released by RBI for #YesBank. #BQLive

Live blog: bit.ly/3aDXNCX twitter.com/i/broadcasts/1…
RBI's draft scheme is already in public domain: SBI's Rajnish Kumar
#yesbankcrisis

Watch Live: bit.ly/3czvcRn
Live blog: bit.ly/3aDXNCX
We will be making an initial investment of Rs 2,450 crore: SBI's Rajnish Kumar
#yesbankcrisis

Watch Live: bit.ly/3czvcRn
Live blog: bit.ly/3aDXNCX
Read 13 tweets
Profile picture
Gaurav Rastogi
@rustapharian
1/n #YES bank, some thoughts and views.

This is a communication failure. You don't impose a moratorium on a major bank without a clear end game.

Markets hate uncertainty.

It will create panic. RBI's goal should be to not create unnecessary panic.
2/n #UnintendedConsequences

50k withdrawal restriction is presumably to prevent run on the bank and buy time.

Depositors don't like arbitrary restrictions. Every depositor will withdraw 50k.

It will create a mini-run. I hope they are prepared.
3/n #WhatShouldTheyHaveDone

Get everyone in a room, and come out only with a complete solution (bailout, buyout whatever).

Has been done before by Volcker and JPMorgan.

Cannot play this out in the public domain over days. Crucial trust is lost in the banking system.
Read 22 tweets
Profile picture
Funter
@Funter21510910
How off-mark were the analysts about Yes Bank stock.

Today, share price of Yes Bank crashed to Rs. 71.25 on concerns surrounding financial misreportings by Crompton Greaves Power (CGP). Yes Bank has 13% stake in CGP. The stock was trading at Rs. 400 abt an year back. Thread 1/11
For many-many years, people cast aspersions on lending practices of Yes Bank and doubted the low NPA numbers it reported quarter after quarter.

All those fears came true post cutting short of Yes Bank's MD, Mr. Rana Kapoor's term by RBI in Sept. 2018. 2/11
Bewildering though, in this entire saga, is the cluelessness of the equity analysts (the supposedly well-informed lot). The level of ignorance was such that even after RBI action, many analysts kept giving 'buy' calls. Below is a list of such misplaced, ignorant calls. 3/11
Read 14 tweets

Trending hashtags

#cdnpoli #FreshBO #NotYourKeysNotYourCoins #JanDhan #PMMY #HINDUNILVR #Environment #poor #UPL #DojiStart #SetuBharatam #improve #UnnatJyoti #Magic #BetiBachaoBetiPadhao #property #Panchang #cabinet #Vandemataram #environment #lawsikho #metal #Solar #unroll #debentures

Embed code for your website

×
Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!