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Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch Ratings
Business

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch Ratings

With incremental bank lending making up the bulk of the government's nearly Rs 21 lakh crore stimulus package, lenders face significant asset quality challenges which can increase their dud loan ratios by up to 6 percentage points over the next two years, warns a report

Coronavirus Outbreak: Nirmala Sitharaman chairs FSDC panel meeting, takes stock of economy
Business

Coronavirus Outbreak: Nirmala Sitharaman chairs FSDC panel meeting, takes stock of economy

Finance Minister Nirmala Sitharaman on Thursday reviewed the state of the economy at the meeting of the Financial Stability and Development Council (FSDC), in view of disruptions caused by the COVID-19 pandemic

Air India employee unions seek Rs 50,000 cr financial package from govt for flag carrier
Business

Air India employee unions seek Rs 50,000 cr financial package from govt for flag carrier

A joint forum of Air India employees and staff unions has sought a Rs 50,000 crore financial succour from the government for the national carrier, stating that the airline is a necessity for the country

Nirmala Sitharaman calls FSDC panel meeting on Thursday, to discuss impact of COVID-19 on economy
Business

Nirmala Sitharaman calls FSDC panel meeting on Thursday, to discuss impact of COVID-19 on economy

Finance Minister Nirmala Sitharaman has called a meeting of the Financial Stability and Development Council (FSDC) on Thursday, which among other things will discuss the impact of COVID-19 on the financial sector and the economy

COVID-19 Lockdown Impact: Fitch Ratings says Indian economy to contract 5% in FY21; forecasts global GDP to fall by 4.6% in 2020
Business

COVID-19 Lockdown Impact: Fitch Ratings says Indian economy to contract 5% in FY21; forecasts global GDP to fall by 4.6% in 2020

Fitch Ratings on Tuesday forecast the Indian economy to contract 5 percent in the current fiscal on account of the slump in economic activities following a "very severe" lockdown that has lasted much longer than expected

COVID-19 pandemic: After Oppo and Vivo, Nokia suspends production as employees test positive post-easing of lockdown measures
Business

COVID-19 pandemic: After Oppo and Vivo, Nokia suspends production as employees test positive post-easing of lockdown measures

NOkia said it had already implemented measures such as social distancing and changes to canteen facilities.

Coronavirus Lockdown: McDonald's resumes delivery service, 'drive-thru' services in select states in north, east India
Business

Coronavirus Lockdown: McDonald's resumes delivery service, 'drive-thru' services in select states in north, east India

Quick service restaurant operator McDonald's on Tuesday said it has resumed delivery service 'McDelivery' in select states in north and east India

Coronavirus Lockdown: India faces worst recession in current fiscal; economy to shrink by 5%, says CRISIL
Business

Coronavirus Lockdown: India faces worst recession in current fiscal; economy to shrink by 5%, says CRISIL

India's fourth recession since independence, the first since liberalisation and perhaps the worst to date, is here, CRISIL said on Tuesday as it predicted the economy to shrink by 5 percent in the current fiscal because of coronavirus lockdown

Coronavirus Lockdown: SC issues notice to Centre, RBI on plea against interest on loans during moratorium
Business

Coronavirus Lockdown: SC issues notice to Centre, RBI on plea against interest on loans during moratorium

The Supreme Court Tuesday asked the Centre and the RBI to respond to a plea challenging levy of interest on loans during the moratorium period, which has now been extended by another three months till August 31 due to the coronavirus pandemic

Coronavirus Lockdown: PepsiCo India partners with Dunzo to deliver food products at consumers' doorsteps
Business

Coronavirus Lockdown: PepsiCo India partners with Dunzo to deliver food products at consumers' doorsteps

Food and beverages major PepsiCo India on Tuesday said it has tied up with on-demand delivery service platform Dunzo to deliver its products from four food brands at consumers' doorsteps

Coronavirus Lockdown: Karnataka farmers team up with Flipkart for home delivery of mangoes
Business

Coronavirus Lockdown: Karnataka farmers team up with Flipkart for home delivery of mangoes

E-commerce marketplace Flipkart and Karnataka State Mango Department and Marketing Corporation signed a memorandum of understanding (MoU) on Tuesday, enabling mango farmers sell their fresh produce online through the Flipkart platform

Coronavirus Lockdown: Trader's body writes to PM, suggests measures to tide over financial stress
Business

Coronavirus Lockdown: Trader's body writes to PM, suggests measures to tide over financial stress

A national body of traders has written to Prime Minister Narendra Modi, suggesting a host of measures to help the community tide over the crisis triggered by the coronavirus lockdown, including putting a cap on the value of e-commerce sales and giving access to Udyog Aadhaar cards

GDP growth seen at 1.2% for Q4 FY20; economic activity came to standstill due to nationwide lockdown: SBI report
Business

GDP growth seen at 1.2% for Q4 FY20; economic activity came to standstill due to nationwide lockdown: SBI report

The country's GDP is estimated to have grown at 1.2 percent in the last quarter of the previous fiscal as economic activity came to a standstill in the last week of March due to the nationwide lockdown to contain the spread of COVID-19, a report said

Rs 90, 000 cr package to provide only temporary relief to discoms but not long-term stability: India Ratings
Business

Rs 90, 000 cr package to provide only temporary relief to discoms but not long-term stability: India Ratings

The Rs 90,000 crore package would provide only a temporary relief to power distribution companies but not long-term stability, India Ratings and Research (Ind-Ra) said on Tuesday

Trade unions stage protests against suspension, tweaking of labour laws by some states during lockdown
Business

Trade unions stage protests against suspension, tweaking of labour laws by some states during lockdown

Ten central trade unions on Friday held protests across the country to oppose suspension and tweaking of labour laws by states

Amazon India to add 50,000 temporary roles for warehousing, delivery network to meet surge in demand for products
Business

Amazon India to add 50,000 temporary roles for warehousing, delivery network to meet surge in demand for products

E-commerce major Amazon India on Friday said it will add 50,000 'seasonal' or temporary roles to meet the surge in online demand for products, particularly from those most vulnerable to being out in public in the backdrop of the coronavirus pandemic

Income Tax Department issues refunds of Rs 26,242 cr since April to 16.84 lakh taxpayers; move to ease liquidity
Business

Income Tax Department issues refunds of Rs 26,242 cr since April to 16.84 lakh taxpayers; move to ease liquidity

The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis

RBI monetary policy: Central bank extends moratorium on loans for another 3 months till August
Business

RBI monetary policy: Central bank extends moratorium on loans for another 3 months till August

Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis

Indian economy to contract in FY21; lockdown compounds economic challenges, says Moody's
Business

Indian economy to contract in FY21; lockdown compounds economic challenges, says Moody's

Moody's Investors Service on Friday said India's economy is expected to contract for the first time in more than four decades saying economic damage owing to the coronavirus-induced lockdown will be significant with lower consumption and sluggish business activity

RBI monetary policy: Central bank extends Rs 15,000-cr credit line to EXIM Bank to help revive sagging foreign trade
Business

RBI monetary policy: Central bank extends Rs 15,000-cr credit line to EXIM Bank to help revive sagging foreign trade

The Reserve Bank on Friday announced a Rs 15,000-crore line of credit to the Export-Import Bank of India, to help the sagging foreign trade