QBiz: Yes Bank Founder Back in ED Custody; RIL Shares Surge 6%

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3 min read
 Yes Bank founder Rana Kapoor.

1. Rana Kapoor Back in ED Custody, Blames Ravneet Gill for Yes Bank Crisis

Yes Bank Ltd’s co-founder Rana Kapoor, who is facing allegations of money laundering, has blamed his successor and former managing director and chief executive officer Ravneet Gill for the bank’s downfall.

“The new management under Ravneet Gill made false statements abundantly and ... those are the lies which ruined the bank, the bank I built. On the basis of that, all of this was triggered," Kapoor said. “Go and talk to Ravneet Gill," he added.

(Source: Livemint)

2. Reliance Industries Surges 6%, Rebounds From Worst Fall In At Least 10 Years

Reliance Industries shares surged as much as 5.86 per cent to hit an intraday high of Rs 1,178.40 on the BSE. The Mukesh Ambani-led firm rebounded from worst single-day fall in at last 10 years in the previous session as oil prices climbed for a second day in Wednesday' session on hopes that US producers would cut output.

But gains were capped by growing doubts about Washington's stimulus package to fight the coronavirus, which continues to spread globally. Reliance Industries shares on the National Stock Exchange rose as much as 5.77 per cent to Rs 1,178.45 from its previous close of Rs 1,114.

(Source: NDTV Profit)

3. IndiGo’s Quarterly Earnings to Be ‘Materially Impacted’ by COVID-19

India’s largest airline by market share, IndiGo, on Wednesday said it expected its quarterly earnings to be “materially impacted” because of the outbreak of the novel coronavirus (COVID-19). The airline said that it has seen a 15-20% week-on-week decline in its daily bookings over the past few days as a result of the outbreak.

“Please note that the numbers could change from here based on how the situation evolves,” IndiGo said. Additionally, the depreciating rupee will also have an impact on its foreign exchange liabilities.

(Source: The Financial Express)

4. Loans Worth Rs 20,000 Crore Sanctioned by Rana Kapoor Turned NPA, Says Enforcement Directorate

Loans worth Rs 20,000 crore out of Rs 30,000 crore sanctioned by Rana Kapoor, during his tenure as chief of the crisis-ridden Yes Bank, turned into bad debts, the Enforcement Directorate (ED) told a special court on Wednesday.

According to news agency PTI, the submission was made by ED to a Prevention of Money Laundering Act (PMLA) court in Mumbai which extended Kapoor's custody till 16 March, after the agency sought remand for further probe.

(Source: NDTV Profit)

5. RBI Bank Says It Is Well Capitalised, Concerns 'Misplaced'

Amidst concerns of stability and asset quality of RBL Bank, the private lender on Friday said that it has adequate capital and there has been no adverse change in the asset quality.

Concerns have gained momentum after the Yes Bank failed and it has been put under moratorium.

(Source: NDTV Profit)

6. Karnataka Advisory Asks IT Cos to Cut Foreign Trips

The Karnataka health department has asked companies not to send their employees overseas, as part of measures to reduce the risk of contracting COVID-19 and infecting more people on their return to India.

The advisory comes in the wake of the wife and daughter of a senior executive at Dell Technologies India having also tested positive, with the executive believed to have contracted the virus during his visit to the US and Dubai last month.

(Source: Livemint)

7. GST on Cellphones, Footwear, Textiles to Be Rationalised on 14 March

The GST Council is likely to rationalise tax rates on five sectors, including mobile phones, footwear and textiles, and defer implementation of the new return filing system and e-invoicing in its meeting on March 14.

The Council, chaired by Finance Minister Nirmala Sitharaman, would also discuss operational glitches on the GST Network portal and seek a resolution plan from Infosys, which has won the contract for managing back-end for GSTN in 2015, officials said.

(Source: Livemint)

8. Yes Bank Users Can Make Over ₹2 Lakh Payments Towards EMI, Credit Cards via Other Bank Accounts

Yes Bank on Wednesday 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.

The announcement comes a day after its customers were allowed inward IMPS and NEFT services for the same purposes.

(Source: Livemint)

9. Coworking Fails to Attract Large MNCs Despite Lower Rentals: Report

Despite the fact that the companies could save anywhere between 6% and 33% in rental expenses, Indian coworking spaces fail to attract major MNCs the way their counterparts do in many European nations, revealed a recent report by Anarock on emerging asset classes.

In Europe, large corporates depend on coworking for expansion in both central business districts (CBDs) and suburban business districts. Apart from flexible work environments and added facilities, coworking spaces provide a substantial cost advantage over traditional office spaces across India’s top cities.

(Source: The Financial Express)

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