Introduction
The article Banking Awareness One Liners April 2020 includes Banking Awareness One Liners with an explanation, analysis, and issues of current events in the month of March. And these One-Liners will help in the Competitive Exams like IBPS, RBI Grade B, SBI PO, RRB and other banking examinations.
April 2020
Banking:
- Punjab National Bank (PNB)— which included Oriental Bank of Commerce ( OBC) and United Bank of India under its fold from April 1 — it is business as usual, said SS Mallikarjuna Rao, Managing Director & CEO, PNB.
- The Finance Ministry has released norms for deposit in Public Provident Fund (PPF) Sukanya Samriddhi Account (SSA) and Recurring Deposits (RD) of Post offices.
- The provision was announced by the RBI under its ‘Covid-19 – Regulatory Package’
- Life Insurance Corporation of India (LIC) has settled 16 death claims across the country under Covid19 so far.
- Asian Development Bank (ADB) is putting together a $2.2 billion package to support India’s COVID-19 response, its President Masatsugu Asakawa has said.
- As per latest depositories data, foreign portfolio investors (FPI) withdrew a net sum of Rs 2,951 crore from equities and Rs 6,152 crore from the debt segment between April 1-9.
- Given the threat posed by the coronavirus pandemic to the global economy and markets, this segment may continue to gain traction going ahead, said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar India.
- Procurement of wheat will begin from April 15 and depending upon the restrictions in place, the Centre is working with states for the purchase of farmers' produce while adhering to social distancing norms.
- As per latest depositories data, foreign portfolio investors (FPI) withdrew a net sum of Rs 2,951 crore from equities and Rs 6,152 crore from the debt segment between April 1-9.
- Amara Raja Batteries has recently crossed the strong resistance line standing around Rs 490 levels, indicating strong bullish breakout.
- The state's first Modi kitchen was launched on March30 in Coimbatore by party's state general secretary Vanathi Srinivasan and it caters to about 500 people.
- NASSCOM former president R Chandrashekhar has said that the work-from-home culture may become a positive development in the long run as it opens up newer avenues and save investments by IT firms.
- It does make sense to be overweight on Gold, as non-risky & safe-haven buying has been the flavor of trading since the US-China Trade issues in the latter half of 2018.
- "The impact is disastrous. The hotels are businesses which are very capital intensive and also have very high fixed costs," Lemon Tree Hotels Chairman and MD Patanjali G Keswani said.
- The 10 most valued domestic companies together added a whopping Rs 4,04,068.05 crore in market valuation last week, with RIL and HDFC Bank leading the gains.
- After being gone for more than a month, the NBC comedy institution returned to the air on Easter weekend by emulating other late-night hosts who have abandoned studios and audiences for DIY merriment amid the coronavirus pandemic.
- In the wake of the coronavirus pandemic, which has brought the world to a standstill, the dollar premium has started shooting over the roof, forcing the US Federal Reserve to open forex swap lines with at least five central banks on March 15.
- There are over five lakh Indian H-1B visa holders in the US. Many of them have been waiting to get their green card for more than a decade.
- Shareholding pattern data for the March quarter, released by HDFC on April 11, showed that FPIs held 70.88 percent shares of the public shareholding segment of the financial firm.
Banking:
- RV Verma, former Chairman and Managing Director of National Housing Bank, has been appointed as Non-Executive Chairman of AU Small Finance Bank.
- Insurers are responding to Covid-19 with speed and imagination. Under the new conditions in a Covid-19-affected world, insurers are bracing for changes in both consumer behaviour as well as in the adoption of distribution channels.
- The Managing Director of a reasonably large microfinance institution (MFI) is irritated.
- State Bank of India (SBI), Bengaluru Circle, has appealed to its customers to refrain from rumours that the Direct Benefits Transfer of ₹500 to women account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Kapil and Dheeraj Wadhawan, promoters of Deewan Housing Finance Limited (DHFL) have been detained in Mahabaleshwar for violating the nationwide lockdown owing to the coronavirus pandemic.
- The institutions have to offer clients loan moratorium while getting none for their own borrowings
- With a fear of running out of supplies, a trend of buying more than what is required of essential goods is being seen across India.
- In the week ended March 27, 2020, advances stood at Rs 103.71 lakh crore as against Rs 97.71 lakh crore as on March 29, 2019, according to Reserve Bank data.
- With the country virtually at a stand-still and the economy rapidly contracting as state and local governments adopt stiff measures to control the spread of COVID-19, the respiratory illness caused by the coronavirus, economists are predicting a period of disinflation or even outright deflation.
- Georgieva said that even before the spread of COVID-19 and the dramatic health, economic and financial disruptions it has brought, International Monetary Fund (IMF) members confronted a rapidly evolving world and complex policy issues.
- The G20 Energy Ministers' focused on ways and means to ensure stable energy markets, which are affected due to demand reduction as a result of the COVID-19 pandemic and the ongoing surplus production-related matters.
- The Indian Railways had suspended all passenger train services during the lockdown period to fight the COVID-19 pandemic
- The RBI’s Monetary Policy report, which said COVID-19 is haunting India, believes it will be difficult to even collect the data to gauge inflation.
- The Nifty mid-cap, small-cap behaved in tandem with benchmarks as it rallied over 7 percent, each. Sectorally, all major indices ended in green led by auto, pharma, and financials
- Moneycontrol's Shraddha Sharma explains how media outlets disseminate news during the time of the COVID-19 pandemic.
- With a fear of running out of supplies, a trend of buying more than what is required of essential goods is being seen across India.
- Moneycontrol's Sakshi Batra explains what financial lessons one needs to learn from historical stock market crashes
- Extremely slow adaptation coupled with a crippled economic system, EVs will have the toughest time in the coming years in replacing petrol/diesel vehicles
- Smartphones powered by Apple software and Google-backed Android operating system would be able to exchange information with a joint "opt in system."
Banking:
- ADB working on $2.2 billion package to support India’s emergency needs
- NBFCs seek permission to resume partial operations
- DHFL promoters with 21 others detained in Mahabaleshwar for violating lockdown
- Banks should be permitted to fund unpaid interest and reschedule loans, says RBI Central Board Director.
- ₹25,000-cr LTRO: Reserve Bank gets ₹1.13-lakh-cr bids
- Jana Small Finance Bank rolls out digital banking platform
- The total fee for the flagship PGP-TGM (postgraduate programme in technology and business management) will be close to Rs 20 lakh including GST
- Although exports of this medicine is completely banned, India has decided to export this anti-malarial drug in sync with its global commitment to deal with the coronavirus pandemic.
- "ADB is committed to supporting India's emergency needs. We are now preparing USD 2.2 billion in immediate assistance to the health sector and to help alleviate the economic impact of the pandemic on the poor
- Each cycle is different in terms of learnings and the second part covers 2 such events: the Dotcom Bubble (1995-2000) and the Global Financial Meltdown (2008-09)
- The minister stated that the country needs to brace for a dual war, one against COVID-19 and the other on the economy front.
- The government said an amount of Rs 7,774 crore out of the package will be utilised for immediate response to the pandemic while rest of it will be spent in the medium-term (1-4 years) under mission mode approach.
- Sampad Swain is the cofounder of Instamojo - which offers payments and commerce platform for micro and small businesses selling products online.
- In an environment where fear and misinformation pose a bigger danger than the virus itself, community workers have a key role to play in educating people about the dangers of COVID-19 and the manner in which it is transmitted, Gandhi said.
- The panic created by COVID-19 has taken a heavy toll on most sectors but pharma companies seem to have withstood the carnage, with some stocks delivering healthy returns during this period.
- The next quarter is a good time to start accumulating into the auto sector, says Himanshu Gupta of Globe Capital Markets.
- In order to keep coronavirus infections under check, Prime Minister Narendra Modi had announced a pan-India lockdown for 21 days on March 24, effective from 00:00 hours on March 25.
- The covers include easy claim, hospitalization cover, room or intensive care unit (ICU) rent, ambulance assistance, and teleconsultation. Besides, there will be a digital claim process as well as no requirement of medical tests at the time of purchasing a policy.
Banking:
- The bank is providing ‘Emergency Credit Line- Personal Loan Scheme- Covid 19’ in the form of term loan for all standard housing loan accounts
- A little over a week after the RBI announced a slew of so-called ‘bazooka’ measures to offer relief to banks, corporates and the financial markets, the yield on the 10-year government bond has spiked to 6.45 per cent levels.
- The Reserve Bank of India has advised HDFC Bank to wait until the new Managing Director and CEO is in place before submitting proposals for appointment of Sashidhar Jagdishan and Bhavesh Zaveri as Additional Director and Executive Director (Whole-Time Director) on the board.
- SBI report on lockdown exit strategy estimates economic loss at ₹8-lakh crore
- IDBI Bank’s board of directors approved rupee bond borrowing limit of ₹7,500 crore for FY 2020-21.
- The growing concern over the coronavirus (Covid-19) pandemic has been driving people increasingly towards taking health insurance.
- Digital payments zoom 31 per cent to touch ₹4,116 crore in FY20
- COVID-19 will impact economic activity in India directly due to lockdowns, and through second round effects operating through global trade and growth, cautioned the Reserve Bank of India (RBI) in its Monetary Policy Report (MPR).
- The new package should focus on interest rate subventions to medium businesses, sops for the troubled realty sector and also state run banks' recapitalisation, Bank of America Securities said.
- India's petroleum product consumption fell 17.79 percent to 16.08 million tonnes in March as diesel, petrol and aviation turbine fuel (ATF) demand fell, according to official data released
- Only essential items, such as food and groceries, can be sold during the lockdown, causing many retailers to close stores and halt operations.
- Each cycle is different in terms of learnings and the first part covers 2 such events: The Great Depression (1929-33) and Black Monday (1987).
- Price pressures will probably ease further this month as economic activity ground to a halt after Prime Minister Narendra Modi imposed a 21-day lockdown from March 25 in an attempt to curb the spread of the coronavirus.
- The $250 billion in loans, which would turn into grants if basic lending requirements are met, would be on top of $349 billion that began flowing last
- Due to the merger, some banks have more than three insurance tie-ups in each category. A special exemption for one year has been given for these entities.
- The evolving COVID-19 crisis is prompting companies to re-evaluate their commercial real estate strategies, with a focus on enhancing resilience measures, says a report by JLL
- Having suffered an unprecedented sales decline of 6-7 per cent in 2019-20, the industry will be up against challenges in both supply and demand sides due to the coronavirus pandemic.
- Granules India Ltd on Thursday said its foreign subsidiary has received approval from the US health regulator for Butalbital, Acetaminophen and Caffeine Capsules used to treat tension headaches.
- The power transmission and distribution business of L&T Construction has bagged orders in India and abroad.
- The nationwide lockdown to fight COVID-19 presents a major crisis for banks with high exposure to the microcredit segment. With many small businesses on the verge of shutting down, loan repayments may stop.
- While the government is yet to decide on lifting the lockdown, Indian airlines have started taking bookings for travel on domestic flights from April 15.
- This provides relief to companies whose loans might have been classified as bad loans.
- The government has extended the deadline to bid for Central Electronics Ltd (CEL) by a month to May 16 on account of the situation arising due to the coronavirus outbreak.
Banking:
- RBI eases access to domestic forex derivatives markets
- Private sector lender RBL Bank remains optimistic about its retail and branch business, and is keeping a close watch on the impact of the national lockdown and efforts to prevent the further spread of novel coronavirus.
- The Reserve Bank of India has allowed a longer overdraft period for States and Union Territories (UTs) with immediate effect.
- SBI cuts savings bank deposit rate
- The government has appointed Bank of Maharashtra (BoM) to collect donations for PM CARES Fund.
- The Delhi High Court has restored status quo ante with regard to the asset classification of Anant Raj Ltd by YES Bank as on March 1, 2020.
- In a bid to ease ease access to the domestic foreign exchange (fx) derivative markets, the Reserve Bank of India (RBI) has decided to merge facilities for residents and non-residents for hedging of fx risk into a single unified facility.
- Assocham has also recommended a reduction in GST across the board by 50% for 3 months and 25% for the fiscal.
- Schools have tried to ensure that academic continuity is maintained through virtual classes, but technical glitches, unstructured lessons, lower engagement and connectivity issues are concerns.
- There is an immediate need for a significant stimulus of Rs. 9-10 lakh crores, according to a Business Continuity Plan report by FICCI.
- As many as 19 states had lined up to borrow up to Rs 37,500 crore, but managed to raise only Rs 32,560 crore.
- The dual impact of labour shortage and the nationwide lockdown has caused worries for FMCG companies who are seeing demand spike for consumer goods and packaged foodstuff
- According to a communication of the World Trade Organisation (WTO), India considers this measure of the US to be a safeguard measure within a provision of General Agreement on Tariffs and Trade 1994, and the Agreement on Safeguards.
- SIDBI further said it has enhanced the loan limit for MSMEs to Rs 2 crore under its SAFE initiative.
- MCX silver has strong support at Rs 42,380-42,100 per kg whereas resistance is seen at Rs 43,060-43,480 levels, Motilal Oswal said in a recent report.
- At the interbank foreign exchange, the rupee opened weak at 75.83, then lost further ground and finally settled for the day at 76.34, registering a fall of 70 paise over its previous close.
- Over the next few months, Morgan Stanley expects MSCI to rebalance MSCI India weights to reflect this change.
- The market is likely to take further cues from the outcome of a video conference on April 9 between OPEC and its allies, including Russia, with regards to an output cut.
- The Truenat Beta CoV test can diagnose a positive result for the coronavirus strain within an hour at a cost of Rs 1,350 per test
- However, cargo flights, offshore helicopter operations, medical evacuation flights and special flights permitted by Indian aviation regulator DGCA are permitted to operate during this lockdown.
- The sweeping lockdown of India's 1.3 billion people to prevent an epidemic of COVID-19, the respiratory disease caused by the virus, ends on April 14 and Prime Minister Narendra Modi is due to take a decision this week on whether to extend it.
- On April 6, there were 704 additional cases compare to the previous day. However, additional cases were only 508 and 405 on April 7 and 8, respectively
Banking:
- The three-month loan moratorium by the Reserve Bank of India is likely to give a reprieve to banks, which will start announcing their fourth quarter results later this month.
- Non-banking finance companies are seeking more relief from the Reserve Bank of India and SEBI, including lines of credit and one-time restructuring of loans.
- Bajaj Finance, on Monday, said it is assessing the adequacy of provisioning for identified large accounts and that it will consider enhancing provisions for these accounts.
- Private sector lender IndusInd Bank’s deposits fell by 6.6 per cent to ₹2,02,303 crore in the quarter ended March 31, 2020, from ₹2,16,713 crore for the quarter ended December 31, 2019.
- Arogya Sanjeevani can provide a further boost to the health insurance portfolio
- ICRA downgrades Indiabulls Housing
- IRDAI has asked insurers to ensure transparency in payment of rewards to insurers.
- Kotak Bank registers sharp growth in customer deposits
- Kotak Mahindra Bank customer deposits up 19.6%
- RBI says moratorium facility should be extended to all unless a borrower chooses to opt-out of it
- People "misconstrued" Prime Minister Narendra Modi's appeal, an editorial in Sena mouthpiece 'Saamana' said, adding that Modi should clearly spell out what is expected from citizens and those not obeying orders should be punished.
- In December last year, the ministry's investigation arm - Directorate General of Trade Remedies (DGTR) - initiated the probe into alleged dumping of “Mono Ethylene Glycol” originating in or exported from Kuwait, Oman, Saudi Arabia, UAE, and Singapore, following a complaint by the company.
- As many as 4.83 lakh direct tax cases involving Rs 9.32 lakh crore in disputed taxes are locked in various appellate forums. The amount is equivalent to 82 percent of the government's direct tax revenue in FY19.
- In this episode of Business Insight, find out what all can be included in the second stimulus boost to be announced by the government
- Cost saving is the primary focus among Indian companies as they grapple with revenue downfall due to the COVID-19 outbreak.
- Are bookings open? Will flights take off? What happens to refunds if flights don’t take off? India’s aviation authorities are caught in a dilemma between protecting the interests of passengers and those of airlines.
- The Dabur group will also provide assistance to people engaged in frontline efforts to fight the virus and support to members of vulnerable sections of the society and migrant workers, who are the hardest hit by this pandemic, according to a statement.
- The share touched its 52-week high Rs 357.00 and 52-week low Rs 186.30 on February 26, 2020, and August 5, 2019, respectively.
- 452 stocks have hit upper circuit on BSE including SpiceJet, Rail Vikas Nigam, IRCTC, Jubilant Life, Balrampur Chini, Maruti Suzuki, and Graphite India among others.
- Madras Fertilizers Limited has informed the Exchange that Disclosure on payment of interest/repayment of principal amount on loans/financial institutions and unlisted debt securities- Madras Fertilizers Limited
- The old Kirana stores are taking the coronavirus battle head-on as large supermarket chains and online grocers are struggling to resume operations fully since the beginning of the 21-day lockdown.
Banking:
- Airtel Payments Bank has partnered with Bharti AXA General Insurance to offer simple and focused health insurance plans to provide financial protection against Covid-19.
- The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to ensure proper transparency in payment of rewards insurers.
- Force majeure will not apply in Covid-19 death claims: Life Insurance Council
- RBL Bank to continue focus on retail and branch banking business
- Canara Bank trims MCLR rates on loans, advances across all tenors
- A health insurance policy helps you and your family to meet any unexpected medical emergency costs.
- The Maharashtra State Bank Employees’ Federation (MSBEF) has written to the State Government, seeking deployment of police personnel at the entrance of all bank branches to regulate customers amid the outbreak of Covid-19.
- HDFC Bank has bucked what was emerging as a trend of private sector lenders facing a fall in deposit base during the March quarter.
- The number of COVID-19 infected cases has been spiking despite the lockdown and has surpassed the 4,000 mark, while the death toll crossed 100.
- V Ramgopal Rao, Director of IIT Delhi in a LinkedIn post said companies should consider the fact that these students are bright enough to help them get out of a recession faster than they can imagine.
- The finance ministry and RBI are also considering allowing rescheduling of accounts classified as overdue, stressed or NPAs as of December 2019 without being downgraded.
- In a blog post, Rajan has emphasised on prioritising spending on the poor that may help them get through the crisis days ahead.
- The move comes in the backdrop of COVID-19's spread in India and it would help in dealing with the crisis, as these kits are required for testing of patients.
- According to an RBI survey, consumer confidence, as measured by the current situation index, in early March 2020 remained broadly close to the all-time low.
- Ways and Means Advance (WMA) Limit (ceiling on its temporary loan facility with RBI) has been raised to Rs 1.2 lakh crore from Rs 75,000 crore, (60 percent increase) for the Centre.
- Sales in March fell 44 percent compared with the same month last year to 2,54,684 units.
- Companies that provide coworking spaces are afraid of losing customers, who usually pay a monthly rental.
- Even as coronavirus wreaks havoc across the world, it is changing humans and also opening up new opportunities
- Existing investor Tencent leads the round, with Ark Impact, Korea Investment Partners and MACM India Growth Fund joining in.
- The current market phase is very similar to 2013 wherein significant correction in small cap stocks was seen.
- Until Yes Bank's collapse, new-age private banks were seen as preferred entities for several institutions, including government entities, due to competitive interest rates and tech-enabled customer services.
- The growing momentum for some sort of agreement among major oil producers to reduce the world’s massive oversupply hinges on cooperation from countries beyond OPEC+, notably the US, but how realistic is this?
- A pooled testing method involves putting multiple swab samples in a test tube and testing them using a single RT-PCR test.
- This is perhaps the first time in the country's history that a meeting of the council of ministers or the cabinet is being held virtually.
- Under the tie-up, the companies are offering two health insurance plans Bharti AXA Group Health Assure which offers lump sum benefit of Rs 25,000 and Group Hospital Cash which provides daily benefit starting Rs 500 per day to provide protection against COVID-19.
Banking:
- PSB Indian Overseas Bank nominated by Govt. for collection of donations for PM-CARES
- Value of HDFC's investment in RBL Bank erodes by 60% in one quarter
- PNB looks to tap market in Q3FY21; may raise capital via FPO, rights issue
- Bank of Maharashtra cuts lending rates by 75 bps
- ICICI’s WhatsApp banking is setting new service standards in retail banking
- HDFC Bank's advances rise 21% in March quarter; deposits go up 24%
- Life insurance policyholders get 30 days more to pay premium amid lockdown
- Centre amends mining law, exempts several activities from green clearance
- GSTN processed 10,077 new registrations, 7,876 refunds during lockdown
- India macroeconomic outlook set to worsen if lockdowns continue: Jean Dreze
- Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC
- Centre makes over 50 crore poor people eligible for free COVID-19 testing, treatment under Ayushman Bharat scheme
- Govt. puts curbs on exports of diagnostic kits with a view to discourage shipments
- Air Deccan halts operations, staff put on sabbatical without pay
- BPCL makes faster, cheaper tech to test crude; in talks with MNCs for sale
- Torrent Pharma says promoters haven't pledged equity, NSE action not needed
- ONGC asks govt to cut cess, royalty, free gas price to help company survive
- Covid-19: Cairn invokes force majeure on exploration; seeks relief in OALP
- Govt extends tenure of NCLT acting President BSV Prakash Kumar
- CCI approves stake-buy in Religare Health Insurance by Trishikhar Ventures
- Bengaluru-based Recko raises $6 mn in Series A funding
- Seven of top-10 companies lose Rs 2.82 lakh cr in m-cap; TCS, HDFC Bank hammered
- FPIs Pull Out Record Rs. 1.1 Lakh Crore In March Amidst Covid-19 Mayhem
Banking:
- SBI plans to appoint consultant for 'competency assessment' of 1,100 senior executives
- Need to monetize deficit with RBI subscribing to the primary issue of G-Secs: SBI Report
- RBI reduces trading timings of currency and debt markets
- RBI announces 3rd targeted LTRO for Rs 25,000 crore
- RBI industrial outlook surveys confirm what bank NPA charts have been telling us for long
- World Bank Rolls out USD 160 billion emergency aid over 15 months to deal with global coronavirus pandemic
- ADB Estimates India’s GDP for FY’21 at 4 Percent; 6.2% for FY’22
- ‘No specific investment transaction being considered by IndusInd Bank’
- Indian Bank launches new products to support farmers, poultry players
- Moody's puts IndusInd Bank's issuer ratings on review for downgrade
- Fitch Ratings cuts India’s GDP growth forecast to 2% for FY21
- Fitch Sees India Growth At 2% In 2020-21, Slowest Since Economic Reforms
- Panic Buying Could Impact Global Food Supply Chain: United Nations Arm
- Centre releases ₹17,287 crore to states
- Direct Tax mop-up declines by over 8%
- Railways issues restoration plan for resumption of services from April 15
- BSE Sensex ends 674.36 points or 2.39 per cent lower at 27,590.95
- NSE Nifty sheds 170 points, or 2.06 per cent, to finish at 8,083.80
- Forex reserves surge $5.65 bn to $475.56 bn
- IBM Launches ‘Watson Assistant for Citizens’ to Quickly Address Covid-19 Queries
- Government Extends Tenure of Acting President of NCLT, BSV Prakash Kumar, for 3 Months
- MoS HRD and IT, Sanjay Dhotre launches 'Hack the Crisis-India' hackathon
- Amazon delays Prime Day sales event, expects $100-mn hit
- Toyota discontinues Etios series, Corolla Altis production in India
- TAFE expands free tractor rental scheme to Rajasthan, UP to help marginal farmers
- CK Birla Group commits Rs 35 cr in support of the fight against COVID-19
- Netflix donates Rs 7.5 crore to help daily wage workers in India
- M&M halts plans to inject funds in SsangYong 2 months after the Korean company sought an infusion of $406m
Banking:
- The World Bank announced $1-billion (over ₹7,500 crore) support for the India Covid-19 emergency response and health systems preparedness project. This is largest ever support for the health sector in India.
- The Indian Bank has launched three new products to support farmers, poultry players and the workforce in the informal sector during the current crisis triggered by the outbreak of dreaded Covid-19 virus.
- The government has provided relief for third-party motor insurance and health policy holders in the light of the Covid-19 lockdown.
- Debt servicing ability of borrowers likely to be hit due to Covid-driven slowdown in economic activity, says rating agency
- Covid-19: SBI Cards offers moratorium on credit card dues
- The HDFC Group said it has committed ₹150 crore to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund to support the Government in its relief and rehabilitation efforts during the Covid-19 pandemic.
- The government's Job Readiness programme will benefit students eyeing a job at top IT firms.
- The industry has time and again raised concerns over rising imports of tyres from countries like China.
- Due to lack of availability of food and other amenities, most drivers have parked the trucks on highways.
- This is valid for those policies whose renewal premium falls between March 24 and April 14. However, the last date for payment of premium is April 21.
- In this edition of Big Story, Moneycontrol's Sakshi Batra's sheds more details on the current financial situation and revenue sources.
- Some of last week's jobless claims are likely delayed filings from the previous week, when state offices that handle unemployment benefits were overwhelmed by a surge of online and telephone claims.
- Under this scheme, passengers who had made bookings with the airline for travel between March 19 and April 30 (both dates inclusive) will have their tickets and travel fare covered under automatic protection
- Initial claims for unemployment benefits rose to 6.65 million in the latest week from an unrevised 3.3 million the previous week, the US Labor Department said.
- Brokerages foresee uncertainty and negative or March-like growth in the coming months.
- JT Special Vehicles is a a 50:50 joint venture company between Tata Motors and Coimbatore-based Jayem Automotives, founded by former race car driver J Anand
- The government's Job Readiness programme will benefit students eyeing a job at top IT firms.
- CoroFlu could be in human clinical trials by fall (September-December) of 2020, Bharat Biotech statement said.
- Noting that the effect of the pandemic on India was relatively mild until mid-March, Counterpoint Research said the outbreak is spreading pan-India and the country has been put under a lockdown.
- Credit Suisse has downgraded the stock to underperform from neutral and has slashed target from Rs 450 to Rs 345 per share as USFDA approvals may remain weak.
- We had suggested increasing the mix of quality mid & small cap at the start of the year based on a promising outlook for 2020. This is unlikely to happen soon as the economy will have to bear a recession.
- VIX needs to move below 50 levels for some stability to return in the market, otherwise expect volatile moves to continue in the market.
Banking:
- The Reserve Bank of India (RBI) has announced further measures, including extending the time for realisation and repatriation of proceeds for exports made up to or on July 31, 2020
- Kerala proposes bank loans at 9% for SHGs in Covid-19 package
- SBI staff pledges ₹100 crore for PM CARES Fund
- RBI’s Covid-19 package, SBI Cards and Payment Services has given its cardholders the option to avail a moratorium on their credit card dues.
- HDFC Group pledges ₹150 crore to PM CARES Fund
- The Insurance Regulatory and Development Authority of India (IRDAI) has said Arogya Sanjivani, a newly launched standard health insurance product,
- The remittance under the recently announced Pradhan Mantri Garib Kalyan Yojana will be debited between April 3 and April 9, IBA said in a statement
- LinkedIn is offering free job postings 1 April to 30 June to find and hire people needed to fill critical roles in healthcare, essentials delivery, and non-profit disaster relief firms.
- Any losses due to cancellations of marquee events or film shoots may not get claims settled because pandemics have been excluded.
- A 21-day nationwide lockdown, which started on March 25 in the world's second-most populous country, is expected to deliver a heavy shock to the economy despite massive fiscal and monetary support packages by the government and the Reserve Bank of India last week.
- Moody's said Banks' asset quality will deteriorate across the corporate, small and medium enterprises and retail segments, leading to pressure on profitability and capital.
- Tax officials, who have been under the cosh due to stiff collection targets, admitted that the coronavirus outbreak was primarily responsible for torpedoing collections to almost decade-old lows.
- Union HRD Minister Ramesh Pokhriyal Nishank said in a tweet that these are the subjects that are required for promotion and are crucial for admission into higher education institutions
- All precautions are being taken to protect our employees amid the coronavirus outbreak, however, the “round the clock” production of fuel has not been affected, Arvind Kumar, Executive Director of the refinery told reporters.
- Lockdowns to halt the spread of the coronavirus has brought an uncanny silence to some of the world’s busiest places. Transport hubs that should be teeming with travelers such as New York’s Grand Central station or Istanbul’s Eminonu ferry docks are all but deserted
- Experts feel the volatility is expected to continue at least till the receding of coronavirus cases globally and the finding of vaccine for the virus.
- The air hostess, who was on flights that flew foreigners stuck in different parts of India, shares the challenges and fears of working in these times.
- The company, which primarily makes two-wheelers and three-wheelers, had sold 3,25,323 units in March 2019, TVS Motor Company said in a statement.
- Marcus Chu, 16, has made more than 80 protective screens for the frontline medical personnel at risk of exposure to the highly contagious virus.
- Retailers, both groceries and brick-and-mortar stores have been struggling to fulfill orders due to logistical issues and shortage of staff.
Banking:
- The Centre for Cellular and Molecular Biology (CCMB), a national laboratory of repute, will take up coronaviurs (Covid-19) sample testing on a large scale from today.
- The employees and representative unions of State Bank of India (SBI) have decided to contribute ₹100 crore to the PM CARES Fund to fight the Covid-19 impact.
- India, which supplies more than a quarter of the world's generic drugs, last month restricted exports of 26 pharmaceutical ingredients and the medicines made from them.
- 277 stocks hit lower circuit on BSE including Future Retail, Future Consumer, Future Lifestyle, Suven Life Sciences and AU Small Finance Bank.
- The 900-member strong body is pooling technology and resources to lend a hand to state governments in these trying times.
- ICRA said it downgraded Rs 7 lakh crore of debt in FY20, as against Rs 3 lakh crore in the year-ago period, driven largely by actions against financial sector companies.
- India, which supplies more than a quarter of the world's generic drugs, last month restricted exports of 26 pharmaceutical ingredients and the medicines made from them.
- With businesses disrupted due to the lockdown and its ripple effects, revenue will come under "heavy pressure" and may force the government to look towards additional borrowing and/or a higher central bank dividend to fund its expenditure, Fitch Solutions said.
- The new ‘Maa Aur Shishu Poshan’ helpline number 1800 -267-7782 is now available in Hindi, Marathi, Tamil, Gujarati and English.
- Export Promotion Capital Goods (EPCG) is an export promotion scheme under which an exporter can import certain amount of capital goods at zero duty for upgrading technology related with exports.
- Here are some pictures of isolation wards set up by Indian railways to meet the demand of beds for coronavirus patients.
- The district unit's chief Pradeep Singhal said, "As per instructions of Priyanka Gandhi Vadra and Rahul Gandhi, every Congress worker is involved in providing essential items to the needy people."
- 277 stocks hit lower circuit on BSE including Future Retail, Future Consumer, Future Lifestyle, Suven Life Sciences and AU Small Finance Bank.
- The 900-member strong body is pooling technology and resources to lend a hand to state governments in these trying times.
- Brokerages and analysts are of the view that the pain caused by COVID-19 may linger and the market is factoring in the hit on earnings and economic fallout from coronavirus outbreak.
- "The continued lack of medical funding and healthcare infrastructure inform our view for the potential epidemic to be worse in India if it is not adequately contained.
- "India has been at the forefront, digitising programmes like pensions and subsidies to buy cooking gas for poor families,” said Anit Mukherjee, a policy fellow at Washington-based Center for Global Development (CGD), which released a report on Tuesday titled 'Citizens and States:
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