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Journey Of YES Bank To Crisis Bank

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The Journey Of YES Bank To Crisis Bank

The YES Bank crisis that shook the Indian and International market seems to be one of the biggest news this week.

On the late hours of March 5, 2020, news broke that the Reserve Bank of India had put YES Bank under a moratorium. What this implied was that Yes Bank clients could pull back just up to Rs 50,000 from their accounts for the following one month. The amount of Rs 50,000 for each YES Bank account cap would defer in specific circumstances.

The RBI likewise superseded YES Bank’s board and designated Prashant Kumar, a previous CFO at SBI, as the bank’s manager. The RBI said that the crisis measures would apply until April 3rd for the time being and that such an action was taken because of YES Bank’s unsafe money related position.

Unexpectedly, the RBI move came toward the end of the day when Yes Bank stocks had mobilized on the business sectors on the rear of the theory that an SBI-drove consortium was planning to put resources into the bank.

What Happened?

YES Bank’s circumstance weakened over the most recent couple of weeks. There were sufficient indications in the market, which showed something was amiss despite YES Bank’s good faith. The private bank’s administration did not understand when they wrote to trades on March 5, saying no one from the administration, RBI or SBI were in contact with them.

The SBI was ready for the administration, and the RBI was working out the modalities of the rebuilding plan. By March 5th evening, RBI superseded the YES Bank’s board while topping money withdrawals at Rs 50,000 for each customer for a month.

The RBI referred to six basic issues for assuming responsibility for the bank – from crumbling in resource quality, administration issues and bogus confirmations of raising cash-flow to not a single genuine financial specialists to be seen, plus a surge of liquidity by method for store withdrawals. Significantly following a time of the new administration takeover, there was not a single recovery to be seen.

The breakdown of a bank implies the loss of trust of contributors in the money related framework. The Indian financial structure is the most significant source of funding to the corporate segment, though the bond market is all developed for organizations to raise assets on global levels.

The new age YES Bank thought that it’s hard to return to wellbeing much after the RBI shunting out its originator and previous CEO Rana Kapoor in the year 2018.

The RBI gave it a long rope yet notwithstanding that the new administration under Ravneet Gill, who is a foreign banker, was battling to raise new capital from institutional investors. The bank required around an amount between Rs 10,000 to Rs 12,000 crore to meet the administrative prerequisite and develop the bank.

Current situation of YES Bank

As of now, its watch rundown of Stressed loans is approximately Rs 35,000 crore. Most credits were given post-2008 when the financial situation was falling apart with the GDP (Goods Domestic Product) slamming down with over-utilized corporate.

Specialists state that a ton relies on resource quality and collateral in records. Right now, a considerable portion of the YES Bank credit portfolio is in parts like engineering (Rs 10,366 crore presentation), steel Rs (10,810 crore), construction (Rs 35,218 crore) and force (Rs 21,710 crore), which is without adequate assurance and lien.

According to its disclosure explanation as on September 2019, YES Bank’s complete advance introduction is Rs 3.79 lakh crore, including both funds based and non-support based credits. These advances have collateral and lien less than 4 per cent.

The most extreme torment is originating from these parts, particularly construction where the bank has a colossal exposure.

Indeed bank is in desperate need of capital in light of the decay in its assets quality, NPA provisioning and mounting misfortunes and losses. Its centre capital proportion remains at 8.7 per cent at Q2 of FY20 against the RBI’s necessity of 8 per cent of core capital ratio. The bank needs capital for three fundamental purposes like credit risk, market hazard and operational hazard.

Affect on customer

For the present, it’s a pause and-watch game. The RBI has divulged a draft restoration plan, engineered for siphoning fresh cash into YES Bank. However, YES Bank clients can’t pull back more than Rs 50,000 from their records, except in certain particular circumstances.

On March 6, clients confronted obstacles pulling back cash from ATMs or getting to web banking because of obvious system issues at YES Bank. In the evening, there was no clearness on the status of these administrations, and when they would be completely reestablished.

The administration conveyed a message of affirmation with Finance Minister Nirmala Sitharaman saying that the quick need was to guarantee that YES Bank clients can withdraw cash below the Rs 50,000 breaking point. However, a YES bank account holding employer can debit more than Rs 50,000 towards disbursement of salaries in the accounts maintained with Yes Bank only.

Furthermore, transaction from one YES bank account to another would be carried out without any restrictions.

However, on March 10, YES bank announced enabling inward IMPS and NEFT services, wherein their customers could make payments towards Yes Bank credit card EMIs and loans through other bank accounts. On March 11, it further said its inward real-time gross settlement (RTGS) services have been enabled to allow customers to make payments towards their credit card dues and loan obligations from other bank accounts.

RTGS is used for making payments above Rs 2 lakh, while payments below this amount can be made using NEFT. Additionally, loan and credit cards repayments to the bank can also be made through IMPS from other bank accounts.

I am an aspiring civil servant with keen interests in politics , defence and histories . Want the world to be a place of trust and humanity , where one receives reliable information . Let peace prevail .

Kalam Se

The Modi Government Has Failed

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Modi Failed II News Aur Chai

The greatest PR company in the country was back in action a few weeks ago, but their latest attempt at damage control was, at best, pathetic. Two opinion pieces in supposedly international publications were aggressively pushed on Twitter by the BJP army. 

One is published on a website called The Daily Guardian and screams, “PM MODI HAS BEEN WORKING HARD; DON’T GET TRAPPED IN THE OPPOSITION’S BARBS“. The writer is Sudesh Verma, unsurprisingly from BJP’s Media Relations Committee. The website itself is unimpressive, and the portal has around 2000 followers on Twitter, a rather low number considering the numerous BJP leaders who have shared the article, along with the 45 subscribers on YouTube.

The second piece, “Besides COVID-19, India is also fighting with vulture journalists, who are spreading more panic and despair than pandemic“, on a website called Australia today, is nothing more than a foul-spirited diss track against Burkha Dutt. The website domain is registered in the name of Jitarth Jai Bhardwaj, and its Twitter and Instagram accounts have meagre 1074 and 36 followers, respectively. This article is re-published from The Truniclea site that describes itself as “a pro nationalist opinion and news portal, launched in July 2020 by US-based NRIs”. 

Considering how critical international media has been of the ruling Government, it is obvious why these pieces were published in obscure, supposedly foreign news outlets when Swarajya or OpIndia would have happily published them. This was not even the first time the Indian Right has used such fake international websites. The irony is not lost when proud nationalists need foreign validation to beat foreign criticism.

Asking Twitter to take down dissenting posts makes it very clear that the Government cares more about its image than the lives of its citizens. All this was accompanied by the usual ‘communist foreign media is biased and conspiring against Modi and India’. Great Hindi poet Harishankar Parsai sums it up beautifully-

“तानाशाह एक डरपोक आदमी होता है। अगर पांच गधे भी साथ-साथ घास खा रहे हों तो तानाशाह को डर पैदा होता है कि गधे भी मेरे ख़िलाफ़ साजिश कर रहे हैं। “

Translating to-

“A dictator is a coward. If five donkeys just graze grass together, the dictator feels that the donkeys are conspiring against him.” 

A recent Reuters report exposed the nonchalance of our leaders. The Indian SARS-CoV-2 Genetics Consortium (INSACOG), set up by the Government in December last year, warned of a new dangerous variant in early March. Scientists on February 1 detected the B.1.167 variant, and they warned the Health Ministry’s National Centre for Disease Control (NCDC) that infections could quickly rise in the country.

The INSACOG also formulated a media statement for the Health ministry saying that the two mutations called E484Q and L452R were of “high concern”. The ministry published the findings on March 24; the statement did not mention the words “high concern”. How many catastrophes have befallen us just because politicians paid no heed when scientists said “high concern”. 

Shahid Jameel, one of the top virologists in the country, recently quit as the head of INSACOG. In an article for The New York Times, he suggested methods to control the rise of infections and then wrote, “All of these measures have wide support among my fellow scientists in India. But they are facing stubborn resistance to evidence-based policymaking.”

Earlier, he also told Reuters, “Policy has to be based on evidence and not the other way around. I am worried that science was not taken into account to drive Policy. But I know where my jurisdiction stops. As scientists we provide the evidence, policymaking is the job of the Government.” Imagine hiring the best engineers to build a building, then ignoring their suggestions and when the roof falls on someone’s head, saying that you “feel their suffering equally“. 

A Senior Central Government official in a Secretary Level meeting on April 5 had raised the issue that the Kumbh Mela might become a super spreader event. To allow and endorse such a massive religious festival after numerous warnings and to print front-page ads (with the Prime Minister’s face of course) inviting people to gather in the millions, that too a year early because of astrological reasons, was, in the politest term possible, extremely stupid.

Broadcast media was all over the 9,000 strong Tablighi Jamaat gathering last year, but they didn’t seem to have a problem with the 91 Lakh strong Kumbh Mela. The lengths to which Aaj Tak went to defend the Kumbh and attack the Markaz show their bigotry and dishonesty. The point is not to say that the Markaz was without fault, but to say that one should not consume news on television. 

The National Task Force for Covid-19 met on April 15 and “unanimously agreed that the situation is serious and that we should not hesitate in imposing lockdowns,” said one of the scientists who took part in the meeting, reports Reuters. This Task Force is headed by V.K. Paul, the Government’s top coronavirus adviser. On April 17, Narendra Modi said in Bengal, “Have never seen such a huge crowd in any rally”. 

Sujeet Kumar Singh, head of the National Centre for Disease Control, said, “It was highlighted very, very clearly that unless drastic measures are taken now, it will be too late to prevent the mortality which we are going to see…… The exact time, as per our thinking, was 15 days before,” in meetings on April 18th and 19th, referring to the need for stricter lockdown measures. All these statements by top scientists, almost unheard of, shows that media bias is anything but against the Government.

Early victory against the virus was declared by multiple leaders, including PM Modi and Dr Harshvardhan. Addressing the World Economic Forum in January, Modi said, “(India) has saved humanity from a big disaster by containing corona effectively”. In early March, when cases had already started to rise, Harshvardhan said, “We are in the end game of the COVID-19 pandemic in India…… Unlike most other countries, we have a steady supply of COVID-19 vaccines.”

How these words must haunt him now that we know the ‘game’ is very much on. We don’t have any vaccines either. The shortage is such that only six states began vaccination for the 18+ age group after the Centre decided to open it up on May 1. Even senior citizens are finding it difficult to get their second dose. 

The Foreign Contributions Regulation Amendment Act passed last year forces NGOs to, among other things, have an account in a specific SBI branch in New Delhi to receive foreign aid and stops them from passing on this aid to other smaller NGOs (leading to lack of funds in local NGOs). The same act allows only 20% of such assistance to be used as administrative expenses (salaries, training, equipment, legal charges, etc.).

Such backbreaking bureaucracy and micromanagement have proven disastrous in the pandemic when NGOs have been feeding the poor in lockdowns and helping with oxygen cylinders and medicines. Amnesty International India shut down operations last year after what it described as a two year “incessant witch-hunt” by the Government of India after the Enforcement Directorate froze its accounts. These draconian measures were introduced to stop misuse of foreign funds while the Government uses its full force to illegally stop the PM Cares fund from coming under the purview of RTI.

The Government’s endorsement of Patanjali’s Coronil has to be the final nail in the coffin. A doctor trained in modern medicine—India’s Health Minister—sitting on a stage with a saffron-clad man endorsing pseudoscientific medicine goes a long way in invalidating scientific research. False claims saying Coronil is a cure for covid and that WHO has certified the herbal concoction were floated around. The BBC found the drug to be absolutely ineffective at preventing Covid infections. It is not even legal to advertise Coronil in the United Kingdom par India me toh sab chalta hai. Read more about the useless trial conducted in Rajasthan to prove Coronil’s supposed effectiveness here, here, here and here. 

On top of this, Ramdev ridicules science by saying that lakhs have died of covid after taking ‘allopathic’ medicine. He also posted 25 incredibly dumb questions to the IMA like, “Does the pharma industry have permanent treatment for thyroid, arthritis, colitis and asthma?” making ridiculous remarks like, “Doctors should not fall ill at all if allopathy is all-powerful and ‘sarvagun sampanna’.” He has now gone on to say, “Arrest toh unka baap bhi nahi kar sakta,” after doctors called for his arrest. 

Even a dysfunctional autocrat like Donald Trump held daily press conferences when Covid-19 raged in the United States. In India, thousands of bodies floating in rivers don’t seem reason enough for the Prime Minister to answer any questions. Official infection and death counts seem to be so inaccurate that one can confidently ignore them. 

Modi Failed II News Aur Chai

Image Source: Murad Banji @muradbanji

The situation is so bad that one of the best-regarded medical journals globally- 198-year-old The Lancet published an editorial calling out the Modi government on its mishandling of the situation.

Obviously, healthcare is a state subject, and the states are also to be blamed, but no one can deny that Narendra Modi is the single most influential man in the country. His following experts’ suggestions and acting in a way befitting a leader would have made an enormous difference. Shed tears on national television all you want, Mr Prime Minister, you are fooling no one. You have brought this upon us. 

“Modiji Modiji jhola utha lo ab tum ji 

Ya Kailasa chale jao, Ya sanyas lelo ji”


Disclaimer: The opinions expressed in this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of News Aur Chai and News Aur Chai Media does not assume any responsibility or liability for the same.

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Israel Continues Committing War Crimes Gaza Forcing Hundreds Of Residents To Flee Their Homes

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Gaza II News Aur Chai

Palestinians were yet again faced with the horrors of arbitrary intimidation, and belligerent attacks by Israel in Gaza as its Air Force continued its unabated bombing campaign into the early hours of Friday morning. Several media houses reported airstrikes by the Israeli Air Force earlier Thursday, which targeted multiple landmark towers in Gaza, comprising several residential apartments and commercial and media offices. According to the Health Ministry in Gaza, the death toll has reached 109, including 28 children and 15 women, with over 621 estimated to have sustained injuries.

Meanwhile, Israeli forces on the ground continued to intimidate, provoke, threaten and inflict psychological trauma on Palestinians living in mixed neighbourhoods across the occupied West Bank, attacking their homes and businesses; confining them to unsafe spaces under the looming threat of an attack by armed Colonial Israeli Settler Mobs and Israeli ground forces. Emboldened by Israel’s Prime Minister, Benjamin Netanyahu’s green light to use “means with full powers”, several ground forces have seen traumatizing residents living in various parts of the occupied West Bank.

 

On Wednesday, Israeli news channel ‘Channel 11’ live telecasted a public lynching carried out by reportedly by a large group of Far-Right nationalists. As seen in the video, the group pulled the person, believed to be an Arab, from the car and viciously beat him up in the street amidst Israeli police presence. Videos posted on Twitter reflected the monstrosity of the Israeli forces, where they can be seen entering a Palestinian Family’s home in Haifa and assaulting them. Forces can also be seen apathetically throwing stun grenades in by-lanes within neighborhoods.

Instances of brutality brazenly carried out by Israeli Police, the IDF and colonial settlers are not isolated. The IDF and Israeli police have a decade-long history of sexualizing, assaulting, threatening, provoking, and scoffing at Palestinians living in occupied territories. Unlawful detentions, arbitrary confinement, rights violations, alienation, and the occupation of oppression, subjugation, and settler colonialism are psychological tactics highlighted within the Israeli administration’s notebook to curb the Palestinian resistance.

The malice currently on display by Israel escalated a week earlier when the Israeli Police stormed Al-Aqsa Mosque, located in East Jerusalem, brutally injuring and dismissing over 200 worshippers gathered to offer prayers during the holy month – by use of rubber pellets and Stun Grenades. Protests against the impending ruling by the Israeli High Court of Justice – initially to be given on Jerusalem Day – on the evictions of eight Palestinian families from the Sheikh Jarrah neighborhood in East Jerusalem for Israeli Colonial Settlers to move in have been met with excessive pushback by the Israeli Police. At the beginning of the month, the Israeli Police resorted to firing a stench liquid called ‘Skunk Water’ that hangs in the air, preventing demonstrators from gathering on the Sheikh Jarrah neighborhood’s streets.

Following the violence perpetrated by Israeli forces at the Al-Aqsa Mosque, Hamas, the militant group which rules Gaza, warned Israel of “consequences for the aggression”. On Monday, the soaring tensions resulted in Hamas launching rockets towards Israel, with Israel retaliating with their ongoing bombing and terrorism campaign against innocents in Gaza and the West Bank. Hamas launched a barrage of missiles towards Israel this week. While most of them were intercepted by Israel’s air defense system, the few that passed through caused the death of 7 Israelis. Among them was a 6-year-old child who was killed by a rocket attack.

Israel, in retaliation, leveled several parts of Gaza, targeting landmark towers and residential homes, some by issuing warnings to evacuate and others not, in their ongoing air bombing raids in Gaza. Earlier this week, they also claim to have targeted buildings housing Hamas operational facilities in Gaza and killed top commanders of the militant organization.

The never-ending stream of bone-shattering shelling throughout harrowing nights and into the early hours of the following day have forced many residents to abandon their homes, fearing an air attack by the Israeli Air Force. Over 2 million civilians live in Gaza city, where 41% are children under 14 years while 22% are between 18-29 years old. More than 70% of the population are refugees that have been dispossessed. Gaza, being home to over 2 million inhabitants ghettoized into a compact city, ruled by a militant organization and blocked by Air, Water, and Road, does not have a bomb shelter for the innocents. Many of those forced to move out of their homes have sought refuge in UN schools as the bombardment engulfs the city.

The belligerent Israeli offensive has desecrated livelihoods in an economy already trembling on its knees. In addition, Israeli settlers, armed to the tooth and backed by the insouciance of the Israeli Police, have threatened and vandalized Palestinian lives and livelihood in parts of the occupied West Bank. The escalation of Israel’s offensive comes on the eve of Eid-al-Fitr, as Muslims around the world celebrate the end of the holy month of Ramadan.

Unfettered shelling by the Israeli Air Force, throughout Thursday night into the early hours of Friday morning, saw several casualties in Gaza, amongst which a family was reported to be buried in rubble following an Israeli airstrike. A woman and her three children were said to have been killed by an airstrike adding to the death toll; medical services eventually retrieved their bodies after an ambulance was prevented from entering the northern part of Gaza due to the bombarding. Both the media and the medical services have not entered the city due to the constant airstrikes.

Israeli Settlers continued targeting Palestinian homes in the occupied West Bank earlier today. Reports of a young boy being injured after being hit on the thigh by a stray bullet. In the early hours of Friday morning, protests erupted across the occupied West Bank, denouncing the Israeli operation in Gaza. The youth took to the streets, chanting, “Al-Aqsa is calling, Gaza is calling, Lydd is calling, o people of my country, unite.”

 

The Palestinian population in Israel, Gaza, and the occupied West Bank have long been subject to Zionists’ cruelty and heinous barbarianism, Israeli Defence Forces (IDF), Israeli Occupation Forces (IOF), armed colonial settlers and the Israeli Government, as a whole. ‘Nakba’, a term used by the Palestinians to refer to the events of 1948, wherein over 540 towns and villages were massacred, leaving millions of Palestinians internally displaced, owing to the formation of Israel, has made its way into popular discourse communicating that the ‘Nakba’ never ended and has been ongoing since the formation of Israel.


Disclaimer: The opinions expressed in this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of NAC and NAC does not assume any responsibility or liability for the same.

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We Shouldn’t Celebrate Daughter’s Day

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Daughter's Day World

“Roses are red, Violets are blue, Let’s smash the patriarchy, Me and You.”

The above mentioned controversial lines written on a notorious Movie star t-shirt got the limelight in the past few days, whatever the logic or message behind this, but one message for sure is right that not only patriarchy is the issue a daughter has to deal with. There are ‘N’ No. of things an Indian daughter has to face and suffer to remark on her journey and come out as a strong individual. Just celebrating a daughter’s day won’t be enough to hide the raucous sounds of injustice and unfair societal norms. But before making the attention towards the issues, let’s know a bit about the Daughter’s Day.

Why, Where, and When Daughter’s Day is celebrated?

Every year the Fourth Sunday of September is celebrated as Daughters’ Day in our nation, India. World Daughters’ Day is celebrated on September 28th. The origin of the day is unknown, but it was started in India to end the stigma attached to girl children and promote equality in the gender. Government launched very schemes and policies for the girl child made by our governments like Beti Bachao, Beti Padhao, Sukanya Samriddhi Yojana, Balika Samridhhi Yojana, CBSE Udaan Scheme, Dhanalakshmi Scheme, National Scheme of Incentive to Girls for Secondary Education just with one motive for girl empowerment. But do we empower them?

Let’s know why we don’t have the right to celebrate a pious day like daughter’s day.

According to NCRB data released in the year 2018, despite various federal government campaigns such as Beti Bachao Beti Padhao – Educate the daughter, Save the daughter – the crime rate per 100,000 women increased to 58.8% in 2018 in comparison with 57.9% in 2017. Crime ranging from the so-called eve-teasing to outright sexual harassment on the street, workplace, or even at their own houses, to harassment for dowry, molestation in public transport like buses, auto, and the often-reported rape, these crimes against women reflect the vulnerability of crime against women. All this doesn’t end here only; the issue moves further when it comes to gender inequality because that is what our poor society is still weaving its net on.

One side, we keep engaging about placing Goddess above all god. On the other side, we are stripping them mentally and physically. We want to see women ruling; the pink flag should be unfurled at the red fort, but what about if that pink flag belongs to your family. It is then an issue because ‘Ladkio ko Jyada nahi bolna chahiye, they are made to be calm and silent. They should know all work because that is what our legacy is teaching us for so many years. We have exemplary women out there who are ruling the world whether it is armed forces, politics, corporates, business, movies, sports, or teaching; women are marking their name on every field brick but still on the ground level, they are still treated as a gender which belongs to production of a child and marrying to a man, by whom name she will be known for her life irrespective of how much she has done in her life.

Leave these societal issues, might be we all will justify it by vilifying with rituals and customs. But what about rape cases, dowry cases, domestic violence, and above all, this girl child sexual harassment. Would we bring out a child who has suffered or faced any of the above mentioned mental harassment, Do policies, empowerment, and examples change anything for them? Answer, we all know. How is a family responsible if they brought up their girl child as equal as their sons? How is a girl at fault if she is well to do than a man in her life? How is a girl responsible if she likes to wear shorts more than a Salwar-Kameez? OH! YES, last but not least, how another woman is responsible is a woman who can’t take the limelight given to her or didn’t support her being unaware of the former one’s situation.

A vagina or an overbust body is not only what her identity is; she is much more than what you think and can do more considerable than you can ever think of. When she speaks about equality, she doesn’t mean to be physically equal to you or fight with her in the ring; I afraid she can even do that and wash you off there as well, but when she talks about equality, she means equal opportunity in every field irrespective of demonstrating or calculating her abilities on the basis of her gender only.

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