New Delhi: Former RBI governor Raghuram Rajan said there was a lot of time to put together a plan for Yes Bank which had given "enough" notice about the problems it was facing.
Crisis-ridden Yes Bank was put under a moratorium last week, with the RBI capping withdrawals at Rs 50,000 per account and superseding its board.
SBI is set to pick up 49 per cent stake in the lender under RBI's reconstruction plan.
"Yes Bank had given us enough notice that it has been in difficulty...so there was enough time to put together a plan.
"I hope what we have got is best available (plan), but I don't want to second guess, because I don't know the details," Rajan said in an interview to CNBC-TV18.
ICAI to review Yes Bank's financial statements
Chartered accountants' apex body ICAI will review financial statements of crisis-hit Yes Bank.
The Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) would take up the review of general purpose financial statements of Yes Bank for 2017-18 and 2018-19.
"In case the FRRB finds any material / serious non-compliance, it would refer the case to the Director (Discipline) of ICAI for initiating action against the Auditor," the institute said in a statement on Monday.
Equity investors should be first to take brunt in case of Yes Bank: AMFI
Equity investors should be the first to take the brunt in case of Yes Bank's restructuring, followed by preference shareholders, and the additional tier-I bondholders should be the last to be touched, mutual fund industry body AMFI.
The asset management companies have made representations to both SEBI and RBI regarding the same, lobby grouping AMFI's chief executive N S Venkatesh said.
In the restructuring package proposed last week, the RBI had suggested that over Rs 8,000 crore of investments by MFs and bank treasuries in the AT-1 bonds should be written-off completely, leading to the voices of concern being expressed by fund managers.
"We as an industry believe that first equity write-off should happen, then the preference shares has to happen and then only the AT-1 instruments should be written down. This is the thought process we have and which we have taken up with the appropriate authorities," Venkatesh told reporters here.
He added that representations have been made to both banking regulator RBI and capital markets watchdog SEBI regarding this.
Nippon India MF expresses concern over RBI's proposal to write-down perpetual bonds
Nippon India Mutual Fund has termed the RBI's proposal to write-down the perpetual bonds issued by Yes Bank as unprecedented and expressed concerns about its implications on investors.
The fund house, which has an exposure of over Rs 1,800 crore to Yes Bank debt, last week created segregated portfolios in its schemes. This came after the downgrade of debt instruments of Yes Bank to 'D', which is below investment grade, by ratings agency Icra.
Customers deposits absolutely safe, bank in talks with investors, says RBI-appointed admin
Yes Bank along with SBI is in discussions with a large number of investors to raise capital, RBI-appointed administrator Prashant Kumar has said while assuring bank customers that their deposits are "absolutely safe".
Kumar in an email to bank customers has said that the bank is closely working with the government and the RBI towards resuming full banking services at the earliest, well before the communicated date of April 3.
(PTI Report)
