No safety concern for deposits in any bank: RBI allays fears : Bulletin: Business Today
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No safety concern for deposits in any bank: RBI allays fears

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March 9, 2020

Yes Bank crisis: ED arrests Rana Kapoor; CBI alleges kickbacks to daughters' firm

Founder of crisis-ridden Yes Bank, Rana Kapoor, was placed under Enforcement Directorate's (ED) custody on Sunday. He has been charged with money-laundering and remanded to custody till March 11. A day before, the CBI had booked him for allegedly receiving kickbacks of Rs 600 crore in the form of loans for DoIT Urban Ventures, a company held by his daughters Roshini, Radha and Rakhee.

'No safety concern for deposits in any bank': RBI allays fears on banking sector

The Reserve Bank of India has attempted to put a stop to the growing fear among depositors that their money is not as safe as banks in India are not financially stable. In a series of two tweets, the RBI has assured depositors that their deposits are safe. One tweet said, 'RBI closely monitors all the banks and hereby assures all depositors that there is no such concern of safety of their deposits in any bank.' These tweets by the RBI come a couple of days after it had imposed a moratorium on the crisis-ridden Yes Bank.

Coronavirus effect: Asian shares tumble, oil prices plunge

Asian shares sank on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price. The world's top oil exporter plans to raise its production significantly after the collapse of OPEC's supply cut agreement with Russia.

Italy has second-most virus deaths, infections after China

Italy on Sunday recorded the second-highest coronavirus toll in the world, after reporting a sharp jump in deaths and overtaking South Korea on infections. The number of fatalities nearly tripled, rising from 133 to 366 Sunday, according to the civil protection agency, with most deaths occurring in the hard-hit Lombardy region in Italy's wealthy north.

Coronavirus in India

A three-year old child has tested positive for the novel coronavirus in Kerala. The child and its parents who had reached Cochin at 6 am on March 7 from Italy were subjected to thermal screening at the airport. Five fresh coronavirus cases, including three who evaded screening on return from Italy, were reported in Kerala. In India, the numbers of those affected has touched 40. Kindergartens have been shut in Karnataka. Prime Minister Narendra Modi has cancelled his trip to Bangladesh.

Coronavirus: Tata Steel starts sourcing materials from markets other than China

Tata Steel, which has been sourcing consumables from China, has started placing orders for materials in alternative markets in the wake of coronavirus outbreak in the neighbouring country, a top official said. The company has already undertaken a risk assessment, Tata Steel managing director and chief executive officer T V Narendran said.

SBI sets Rs 10,000 crore boundary for Yes Bank investment: Chairman Rajnish Kumar

State Bank of India, which can pick up a 49 per cent stake in the crisis-hit Yes Bank under the Reserve Bank of India's draft scheme of reconstruction, has set a maximum investment limit of Rs 10,000 crore for the lender, its chairman Rajnish Kumar said on Saturday. SBI's board has already given an in-principle approval to explore investment opportunity in Yes Bank.

Also read: BPCL, HPCL, Indian Oil stocks rise up to 13% as crude oil prices crash


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