World’s biggest rating agency Moody’s advised to invest money in Yes Bank, said these things

New Delhi. After the government’s efforts to take over Yes Bank, the bank has also got relief from the rating agency Moody’s. Moody’s has changed the outlook of the bank to positive. The rating agency has taken this step in view of the rapid improvement in the capital position under the restructuring plan of RBI.

Earlier in the day, Yes Bank announced that seven banks led by SBI have invested about Rs 10,000 crore to strengthen the base capital of the bank. Later, Reserve Bank Governor Shaktikanta Das said that if needed, the Central Bank will provide additional capital to Yes Bank.

“We today (Monday) downgrade Yes Bank’s Long Term Foreign Currency Issuer and Foreign Currency (Senior Unsecured) MTN Program ratings from (P) Caa1 and (P) Caa3, respectively,” Moody’s Investors Service said in a statement late evening. P) Do CAA1. According to this, the loan scenario has been changed from negative to positive.

read this also: RBI reduced your EMI without reducing the interest rate, you will be happy to know!

Rating was reduced on March 6
Let us tell you that before this, on March 6, Moody’s Investors Service had reduced the rating of Yes Bank Limited. This downgrade was done after the Reserve Bank of India stopped Yes Bank from paying its liabilities for 30 days. Moody’s downgraded Yes Bank Limited’s long-term foreign currency issuer rating to Caa3 from B2 and also downgraded the bank’s long-term foreign and local currency bank deposit ratings.

These banks will now invest in Yes Bank
To bail out Yes Bank from the crisis, State Bank of India i.e. SBI has announced to buy 49 percent stake. In this, 26 percent shares have a lock-in of 3 years. This means that once purchased, these shares cannot be sold for 3 years. Apart from this, private sector Axis Bank will also invest Rs 600 crore in Yes Bank. Housing finance company HDFC has announced to invest Rs 1,000 crore and Kotak Mahindra Bank has announced to invest Rs 500 crore. Similarly, ICICI Bank will also invest Rs 1,000 crore in Yes Bank to acquire 100 crore shares.

read this also: Relief news for Yes Bank customers! All banking services will start from tomorrow

Tags: rbi, Rbi policy, Yes Bank

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