The Reserve Bank of India (RBI) has superseded the YES Bank board and imposed a withdrawal limit of Rs 50,000 per depositor. Two entities, which can be potential buyers, have paid Rs 1 crore each to access virtual data room that provides additional information on the sale of Air India, Air India Express and Air India SATS Airport Services Private Limited (AISATS). The Employees' Provident Fund Organisation (EPFO) has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20. Read for more top stories from the world of business and economy:
RBI's decision to supersede the YES Bank board shows that the apex wants an administrator to thoroughly investigate the lender's books. Prashant Kumar, former Deputy MD and CFO of SBI, has been appointed as administrator.
Aditya Puri, who retires in October this year, recited the popular movie song "Kuch to log kahenge, logon ka kaam hain kehna..." from the 1972 romantic drama Amar Prem, starring Rajesh Khanna and Sharmila Tagore, when asked about the rumours of disagreement between the two.
Under the sale process, the government intends to sell 100 per cent stake in Air India and Air India Express, and 50 per cent stake in the ground-handling arm Air India SATS Airport Services Private Limited.
The Labour Ministry's move to lower interest rate on employee provident fund (EPF) will affect the PF deposits of over 6 crore active subscribers.
While many companies have shut operations and asked employees to work from home, others have put restrictions on non-essential domestic and international travel.