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Governance & Social Justice
- 60% girls in Delhi colleges anaemic
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- Anthrax outbreak in Pobitora Wildlife Sanctuary, Two affected buffaloes died
- Species in News from June to October 2019
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Tag:GS3 || Economy || Banking & Financial Sector || Commercial Banking
Why in news?
- India Yes Bank bonds slump by record after the stock crash.
- The share price has gone to the lowest since 2009.
About Yes Bank:
- Yes bank limited is an Indian private sector bank.
- Founded: by Rana Kapoor and Ashok Kapoor in 2004.
- It primarily operates as a corporate bank with retail banking and also asset management as subsidiary functions.
Bond prices of Yes bank:
- Yes, the bank has slumped by a record in the bond market this month.
- Dollar bonds of yes bank ltd. slumped a record 5.5 cents to 80.9 cents on the dollar the lowest since the bonds were sold in 2018.
When the crisis started?
- Crisis at yes bank started last year when RBI demanded the bank’s founder Rana Kapoor to step down as CEO.
- It was following a spat over breaches of confidentiality and regulatory guidelines revealed in their inspections.
- Since then the bank witnessed an 81% decline in its market stock price.
- Till now, nearly 40 brokerage firms have given negative rankings to yes bank stocks.
What is the problem?
- Yes bank has the highest stress among banks both public and private with estimated stress of 54.5% of reported net worth of financial year 2018-19 with a total exposure of Rs 147 billion as of 2018-19.
- This is followed by Bank of Baroda with 37% stress with Rs 189 billion exposure and IndusInd Bank has 30.4% stress against 81 billion exposure.
- The bank is at the epicenter of rising stress in India’s credit markets where shock defaults last year by a major infrastructure lender have led to broader strains at other shadow banks.
- Furthermore, yes bank also has the highest exposure toward entities classifies as high risk such as –
- ADAG(finance), Cox & Kings, CG power, DHFL, Essar Shipping Mcleod Russel, which was reported as 102.6 billion.
- For example, India’s yes bank shares sink as jet airways hurts exposure hurts.
- According to Bloomberg intelligence analyst, the stocks and bonds both are reflecting investor concerns on asset quality where slower resolutions and rising stress could continue to pose pressure.
- Small- and mid-sized lenders are being hit the hardest amid a steady drip of reports of financial irregularities and surging bad loans.
- In a regulatory filing, Yes Bank said that it has requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons.