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Yes Bank fraud: Dheeraj Wadhawan to be shifted to a private hospital
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A special court designated under the Prevention of Money Laundering Act (PMLA) on Tuesday directed Taloja jail authorities to shift Dewan Housing Finance Corporation (DHFL) promoter Dheeraj Wadhawan, an accused in the Yes Bank scam case to Kokilaben Dhirubhai Ambani Hospital. This is after he sought medical treatment.
Wadhawan had sought interim medical bail earlier, but on Tuesday his law firm Rashmikant and Partners did not press for it. Advocate Rohan Dakshini said they only sought the relief that he be shifted to the private hospital for his treatment. The 43-year-old has been in KEM hospital for over a month. He underwent a gall-bladder stone surgery there, but later developed an infection which has affected his kidneys.
Market Movers: China rains on steel stocks’ parade as fertilizer stocks jump in glee
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The Chinese rained on the parade of steel stocks today as their move to curb the exuberance in domestic commodity prices cut deep gash into the fortune of metal stocks owners.
The Nifty Metal index slid over 3 per cent, the biggest sectoral loser in town
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MUMBAI: Can you smell the odor of palpitation? No, it’s not coming from the cryptocurrency traders; they are probably in mourning. It is coming from investors who have a large exposure to commodity stocks and it is pretty strong, one could say.
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A year earlier, between January and March 2020, people who had an inkling that the company at the time run by Rana Kapoor who is currently lodged at Taloja Jail was running on fumes, had already been withdrawing their money. The average depositor followed later.
These small deposits, also called CASA (current account-savings account) ratio, are the cheapest source of funds for any bank to make money. There is no run on the bank anymore and so, this number has shown remarkable growth in the last three months. For every ₹10 that depositors had parked in the bank a year ago, there is now ₹15.2.
Private sector lender YES Bank has pegged its capital requirement at Rs 7,500 crore to support credit growth in the current financial year. This is the requirement after keeping in mind that the capital buffer is 3 per cent above the regulatory needs. The bank will not like its Common Equity Tier I (CET1) Ratio to fall below 11 per cent, Prashant Kumar, its managing director (MD) and chief executive, told Business Standard. He said the CET1 ratio was comfortable at 11.2 per cent (in March 2021), despite accelerated provisioning. The bank expects to grow while maintaining comfortable capital buffers. Recoveries are expected to outpace potential slippages. The lender is targeting cash recoveries of about Rs 5,000 crore.