Business

Yes Bank Proposed Raising Rs. 5,000 Crore Through Institutional Planning

The board of directors of Yes Bank approved the proposal of raising Rs. 5,000 crore in a meeting. The said amount will be raised through institutional planning and sale of shares through rights issues. Also, this amount will be in addition to the Rs. 10,000 crore sanctioned on February 7.

Yes Bank informed stock market about its plan

The bank intimated the stock market about the decision of raising Rs. 5,000 crore through a notice. The notice was sent to get approval of the stock market. The bank could get funds in installments. Also, it can take any route like right issue, public issue and eligible institutional planning to achieve the objective.

Yes Bank getting help

Investors are taking interest in Yes Bank after the State Bank of India lend a helping to the beleaguered Yes Bank. Also, the Federal Bank has proposed an investment of Rs. 300 crore to help the troubled bank sail through the difficult times. According to an arrangement, the Federal Bank will own 30 crore shares of Yes Bank at a cost of Rs. 10 per equity share of Yes Bank.

Source: https://bit.ly/2xsrhpm

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Eurozone Finance Ministers Were Not Unanimous About Policy Decision

Eurozone finance ministers failed to agree on any common or coordinated fiscal action to the crisis created by coronavirus pandemic. But they met only to promise a strong economic policy response to the alarming situation.

Statement by Eurogroup of ministers

After a length discussion in a conference hall, the group said that it welcomed the measures already taken by other European institutions mainly the European Central Bank, the European Commission and individual states. But the group remained silent on their plan, if the crisis over the European economy deepens.

Paolo Gentiloni, the European Commissioner in charge of economic matters, indirectly accepted the failure of the meeting by saying that the meeting set the right tone for a coordinated policy response by the institutions and member states.

Eurozone bailout fund role in economic crisis

The ministers have different views on the role that the European Stability Mechanism (ESM)can play in the event of the financial crisis shaking the monetary union to its core. The members countries weren’t unanimous on the rules that will govern its actions.

The ESM is governed by its founding members and it … Read the rest

RBI Starts New Security Rules For Credit/Debit Cards

The new rules for credit/debit cards that Reserve Bank of India (RBI) issued in January, will come into force on Monday. The new rules will increase security by reducing frauds. Also, they will boost convenience of the user and security of transactions.

RBI rules for credit/debit cards

According to new rules,only domestic card transactions at ATMs and PoS terminals will be allowed at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, the card holders will have to separately set up services on their cards.

These rules will come into force on March 16 and will be applicable to both the old and new cards. Old card holders have time to decide whether they need all services. Presently these services are provided with all cards but after the new rules, customers would have to ask for the services.

Also, the RBI directed the banks to allow mobile baking and net banking service to enable limit and enable and disable service 24×7. As soon as a customer makes changes in his/her credit/debit card service, his/her bank will notify him/her … Read the rest

Bill Gates Quits From Microsoft To Focus On Philanthropy

Microsoft announced that its co-founder Bill Gates has left its board of directors. The 64-year-old Gates has already stopped his activities in day-to-day operations of the company for more than a decade. But on Friday, he officially resigned from Microsoft to devote more time to philanthropy.

Bill Gates doing philanthropy

Gates and his wife, Melinda has launched a foundation. And he wants to devote more time to the philanthropy work. He was in the board of directors of Microsoft until early in 2014 but now he has completely discharged himself of his duties.

In 2000, Gates relinquished the post of CEO in the favor of Steve Balmer to find more time for his charitable foundation. In 2014, when Satya Nadella became third CEO of Microsoft, Gates resigned from the post of chairman.

Life of Bill Gates

Grew up in Seattle with two sisters, William H. Gates was regularly listed among the world’s richest people.His father William was an attorney and his mother Mary was a schoolteacher. Also, she was a chairwoman of United Way International.

Gates founded Microsoft with Paul Allen, who was also … Read the rest

SBI Cards IPO Allotment And Refund To Be Done On March 13 And March 12 Respectively

The SBI Cards and Payments Services IPO will soon start allotment of shares to applicants. According to the prospect filed by the company, the successful applicants will receive their shares in the demat accounts by March 13.

The refund process will start soon

The company will start allotting shares on 13 March and at the same time, it will initiate the refund process for the investors that won’t get shares. The refund process will start on 12 March.

The IPO was hugely popular

SBI invited bids for its IPO between March 2 and 5 and it received a huge response from the investors. Its share was subscribed 26.54 times. State Bank of India (SBI) is the largest lender of the country and its credit arm aims to raise around Rs. 10,350 crore through the IPO.

The investors are closely watching the IPO that is expected to get listed on March 16. The bidders can visit the portal link Intime India to check the subscription status. They will need using their Permanent Account Numbers (PAN) or application number of client ID to check the status of their subscription.

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India Suspends All Visas For A Month Over Coronavirus Scare

The government suspends all Indian visas in the wake of spread of coronavirus spread in the country and the World Health Organization declaring it a pandemic. All existing visas — except diplomatic, official, UN/International organisations, employment and project visas — will be suspended till April 15.

The visa suspension will come into effect from 1200 GMT on 13th March 2020 at the port of departure. Earlier the visa facility was partially suspended from the COVID-19 nations.

Highlights of the news

• The World Health Organization declared COVID-19 a pandemic. It means that it has affected the globe and infected a large number of people.

• The government communique related to visa suspension reads that visa free travel facility granted to OCI card holders is kept in abeyance till 15 April 2020.

• It also said that all incoming travellers from COVID-19 nations after February 15, would be kept in quarantine for a minimum of 14 days.

• International traffic through land borders will be directed to designated check posts with robust screening facility.

• India has a total of 67 confirmed coronavirus cases. Fresh … Read the rest