YES Bank violated rules by revealing nil divergence report, says RBI
Posted on 16th February 2019 |
.jpg) |
The Reserve Bank of India (RBI) has warned YES Bank that it might face regulatory action for allegedly violating a confidentiality clause by disclosing a nil divergence report. In a letter to the private lender, the regulator said the bank had violated regulatory guidelines in the press release where it had made this disclosure last week.
“Nil divergence is not an achievement to be published and is only compliance with the extant Income Recognition and Asset Classification norms,” said the RBI’s letter.
The central bank said it viewed the disclosure of only one part of the Risk Assessment Report (RAR) as a deliberate attempt to mislead the public. The RAR also identified several lapses and regulatory breaches in various areas of the bank’s functioning, it said.
YES Bank’s stock soared 30 per cent on Thursday after it announced that the RBI had observed nil divergences for the year. The bank filed the above RBI letter with the exchanges on Wednesday after market hours.
“The RAR was marked ‘confidential’, and no part of the report or the information was to be revealed except for the information in the form and manner of disclosure prescribed by the regulations,” said the RBI.
Earlier, the RBI had found divergence of Rs 4,176 crore in the bank’s reported gross non-performing assets (NPAs) for 2015-16 and Rs 6,355 crore for 2016-17.
The RBI in October had refused to give incumbent Chief Executive Officer (CEO) Rana Kapoor an extension for his term. The bank is currently in the midst of a transition
Last month, the bank announced that Ravneet Singh Gill, managing director of Deutsche Bank, will succeed Kapoor and join the bank by March 1, 2019. The bank’s Non-executive, Non-independent Director Ajai Kumar is currently serving as the interim CEO.
The bank’s stock closed at Rs 218.70 on Friday, down by 1.04 per cent from previous close. |
|
|
|
|
Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
.jpg) |
Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
|
|
Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
.jpg) |
The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
|
|
LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
.jpg) |
In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
|
|
Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
.jpg) |
Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
|
|
World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
.jpg) |
In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
|
|
|
|
| Be the first person to write a business review for YES Bank violated rules by revealing nil divergence report, says RBI |
|
|
|
