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RBI Governor: Yes Bank revival the first example of public-private partnership for revival of a financial institute.

Participation of private sector banks signals confidence.
RBI Governor; Depositors are safe. Depositors have never lost money in a scheduled commercial bank.
RBI Governor: Appeal to depositors to stay with Yes Bank. IF required, RBI will provide liquidity support. That should be a comforting factor for depositors.
RBI Governor: India not immune to virus spread. Could impact India directly through trade channels. Second round effects likely from slowdown in global economy.
RBI Governor: upcoming MPC to take note of impact of Coronavirus on Indian economy. (Emergency rate cut hopes dashed?)
RBI Governor: RBI taking calibrated measures. Lack of response to repo auction has reassured us that domestic liquidity comfortable.

RBI has several policy instruments at its command and stands ready to take action.
RBI Governor: MEASURES:

- Another USD-INR sell-buy swap. Details to be issued.
- More LTRO in multiple tranches upto Rs 1 lakh crore at repo rate. Details separately.
RBI Governor: AT-1 bonds written down as per contract terms.
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More from @dugalira see all

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Ira Dugal
@dugalira
A short thread on a bunch of consumer finance stories we have done in the past year. The dots, when connected, tell you how the consumer economy is changing. 1/6👇
Unlike earlier generations, this generation does not believe debt is only for assets. It's the new 'working capital' as one banker aptly put it. 2/6

bloombergquint.com/global-economi…
Where there is demand, there is supply. As youngest look for debt for things other than houses and cars, there is an EMI-scheme for everything from shoes to cosmetic surgery 3/6

bloombergquint.com/business/where…
Read 6 tweets
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Ira Dugal
@dugalira
A thread on this Yes Bank-Paytm/ Rana Kapoor potential deal.

1) For the bank (if Paytm is not just buying equity from RK), all is gets is capital. If anyone thinks getting a tech company on board is going to help bank’s revival plan, they are being hopeful at best. 1/6
2. The bank still needs to clean up, strengthen its liability franchise and improve profitability. This plan to use its UPI customer base to sell more loan products is ambitious as even admitted by HDFC Bank. 2/6
3. So for the bank, the relief is capital and only capital. If the deal is between Rana Kapoor and PayTM, then the bank doesn’t even get the capital. 3/6
Read 6 tweets
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Ira Dugal
@dugalira
@rupasubramanya The order is an interesting read (from the parts I have read). Suggests rbi counsel argued that if the Govt is insisting on this, they can ask the rbi to change directions under Sec 7...
@rupasubramanya Court then agrees in its order that the Govt needs to take a view. And sec 7 is perhaps envisaged for such situations. Eventually tells the Govt to consider beginning consultations under Sec 7....
@rupasubramanya Now I guess it’s a choice between power sector / perception of impinging on autonomy. bloombergquint.com/business/2018/…
Read 3 tweets

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Wyatt, Austere Deplorable
@Western2A
Coincidentally (or not), NWO Model China passed a law on June 29th 2019 that rolled out a national mandatory vaccination program. Coincidentally (or not), the law went into effect on December 1st 2019, just weeks before the coronavirus epidemic became a worldwide news story.
The coronavirus epidemic has provided a good excuse for thirsty governments round the world to introduce one of their favorite NWO agendas – mandatory vaccination. The reason why this agenda is particularly so well liked is that it allows authorities access to the human body –
and not just the citizen’s body, but direct access to his or her bloodstream too. truthfully, we have absolutely no idea what is in that needle when it gets injected, so all sorts of things could be implanted in our bodies without our knowledge or consent.
Read 41 tweets
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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
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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
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शिक्षित बेरोज़गार
@kaul_vivek
One of the biggest misconceptions about public sector banks is that they control 70% of India's banking.
The Economic Survey of 2019-20 falls into that trap as well, when it states, "PSBs account for 70 per cent of the
market share in Indian banking".
The fact of the matter is that once upon a time they used to control more than 70% of Indian banking.
Now they don't.
Look at the following graph. It plots the share in overall bank loans of public sector banks and private sector banks.
PSBs used to control more than 70% of credit, up until five years backs. Since then the story has changed.
Read 9 tweets
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Geoff Ginter
@geoff_ginter
For hose who still believe that economics is irrelevant to #SinglePayer #healthcare (or to any healthcare ‘plan’ that’s out there), I was once like you. But you and I, and everyone else like us, were/are a critical part of the problem.

Let’s begin. #MMT 1/
No matter what your goal is (starting a business, fighting a war, designing a healthcare system etc) you need the resources neasesary to be successful and accomplish your goal. To the degree that you don’t get the needed resources you will fail to meet that goal on some level. 2/
And how do we get access to resources? Money. 💰is the legal means by which we get resources. So it matters who pays for any endeavor. How much 💴 they can bring to bear is going to have a direct impact on acquiring the needed resources so you can succeed at your goal. 3/
Read 21 tweets
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Emeka Ihedioha
@EmekaIhedioha
REBUILD IMO - BUDGET ONE.

MY ADDRESS ON IMO STATE GOVERNMENT 2020 BUDGET PRESENTATION TO THE IMO STATE HOUSE OF ASSEMBLY, OWERRI, IMO STATE, NIGERIA.

Wednesday, November 27th 2019.

PROTOCOL
Today marks a very significant step in our Rebuild Imo Project. I am therefore, honoured to appear in this hallowed chambers and before this Honourable House to present the maiden Budget of this administration. The Budget has been appropriately tagged “Rebuild Imo – Budget One.”
2. Mr. Speaker, Honourable Members, the State of colossal ruins this government met upon the inception of our administration is no longer news.
Read 101 tweets

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