Top 10 biz headlines: RBI supersedes YES Bank, SBI considers buying stake

From the State Bank of India exploring opportunity to pick up stake in YES Bank to RBI Deputy Governor deciding to step down, Business Standard brings you the top headlines of the day

RBI supersedes YES Bank, sets Rs 50k withdrawal limit

The Reserve Bank of India (RBI) on Thursday superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health. Read more

SBI exploring YES Bank stake

The State Bank of India board has given in-principle approval to consider an “investment opportunity” in YES Bank. In a late night statement on Thursday, SBI, however, said no decision had yet been taken to pick up stake in the bank. Read more

PSBs announce share-swap ratios ahead of merger

Following the footsteps of State Bank of India and Bank of Baroda, the boards of 10 public-sector banks on Thursday approved mergers and issued share-swap ratios to create four large banks in the economy. Read more

Coronavirus: Flying to US, UK gets cheaper

Airfares to Europe and the US have dropped 20-30 per cent as companies cut travel and people hold off booking leisure trips, say experts. Travel restrictions are in place only for a limited number of countries but people are cancelling or postponing travel to prevent the spread of coronavirus. Read more

AGR: Telcos approach DoT to rope in CAG 

Telecom operators have approached the Department of Telecommunications (DoT) to rope in the Comptroller and Auditor General (CAG) to simultaneously audit their books in order to arrive at a final resolution of the dues which they must pay on the licence fee and spectrum user charges as required by the Supreme Court. Read more

Centre rules out any bailout package on AGR

A day before Vodafone Group Chief Executive Nick Read was scheduled to meet Union Telecom Minister Ravi Shankar Prasad, sources in the government said the relief, if any, would be for all and not just one player. Read more

EPFO cuts rate on employee provident fund 

The Employees’ Provident Fund Organisation (EPFO) on Thursday decided to slash the interest rates on provident fund savings of formal sector workers to a seven-year low of 8.5 per cent for the year 2019-20. Read more

Indian Railways to miss 100% electrification target

To achieve the ambitious target of 100 per cent electrification by December 2023, the Indian Railways will have to electrify over 9,700 km annually for the next four years.  Read more

Carlsberg probing India operations for ‘fraud’

Carlsberg is investigating its Indian unit for financial irregularities, including incorrect payments, embezzlement and kickbacks from customers, according to the Economic Times

Companies in the red can pay their independent directors well

Reporting losses or inadequate profits will not be a hindrance to companies to pay their non-executive and independent directors handsomely. The Centre proposes to do away with an existing norm that prevented companies with net losses from handing out good pay packages, the Hindu Busines Line reported