Business

The bank's board was superseded by the government on March 5, and the RBI had appointed former chief financial officer of SBI, Prashant Kumar, as the administrator.

Yes Bank on Saturday said as per the government's reconstruction scheme for the bank, the incoming shareholding of shareholders with 100 and more shares would be automatically locked in for three years.

Trading on the Indian stock exchanges hit a 'circuit breaker' — first time since 2008 — as soon as markets opened on Friday.

State Bank of India (SBI) shares lost over 9% after the lender waived average monthly balance maintenance for all savings.

For investing in SBI card IPO, individuals can send a mail at the registrar’s official email ID at [email protected] or call at 022-49186200.

At the interbank foreign exchange market, the local currency opened at 73.99. During the day, it moved northward, though briefly, to touch a high of 73.85.

For the week ended 7 March, the benchmark BSE Sensex dropped 721 points, or 1.9%, to settle at 37,576.62, while the Nifty 50 was down over 212 points, or 1.9%, to 10,989.50.

The Manila-headquartered multilateral funding agency said in its assessment report that the rest of developing Asia would lose $22 billion, or 0.2 percent of its GDP.

The RBI capped withdrawals from Yes Bank at Rs 50,000 for the next one month and imposed strict limits on operations after the cash-starved lender faced regular outflow of liquidity following an effort to raise new capital failed.

The Nifty PSU Bank Index took a sharp hit on Friday, falling nearly 9% at the day’s lowest point, as broader markets plunged too, after the Yes Bank debacle multiplied the fears of the impact of Coronavirus fears on Indian economy.

The RBI has said they will come out with a restructuring plan after Yes Bank was placed under a moratorium and limits imposed on withdrawals.

The global oil consumption could fall by 1.6 million bpd in the first half of 2020 and contract by around 300,000 bpd for the full year.

The Union Cabinet, she said, has given a go-ahead for the merger proposal and the government has been in regular touch with these banks. There will be no regulatory issues, she said.

The initial public offering (IPO) of the second-largest credit card company, SBI Cards and Payment Services, was subscribed over 65% by afternoon on the second day of bidding, according to data on exchanges.

On September 4, 2019, the revenue department had imposed 5 per cent safeguard duty on imports of refined palm oil from Malaysia, taking the customs levy to 50 per cent for six months, a move aimed at protecting interest of domestic players.

India is the world's biggest palm oil importer but its purchases from Malaysia, the second-biggest palm exporter behind Indonesia, dropped drastically in recent months after attacks on India's policies by Mahathir.