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Covid19 Effect: India's Forex Reserves Post Biggest Weekly Fall Since 2008

Sat, 28 Mar 2020 16:37:18 +0530

In the week ended March 20, 2020, the country's forex reserves declined the most since 2008 global financial crisis by a staggering USD 11.98 billion to USD 469.909. This comes as the Reserve Bank of India continued to flush dollars into

Banks Open Emergency COVID-19 Credit Lines To Businesses, Individuals

Sat, 28 Mar 2020 14:37:40 +0530

To help deal with the economic hardships faced by businesses and individuals in India, nearly all public sector banks have announced COVID-19 Emergency Credit Lines. Among them, the State Bank of India (SBI) was the first to announced its emergency credit

Gold Posts Biggest Weekly Gain Since 2008; COVID-19 Toll To Dictate Prices Next Week

Sat, 28 Mar 2020 14:40:00 +0530

Gold prices in the international markets eased on Friday but were on track to record their biggest weekly gain since 2008 as economic damage from the COVID-19 pandemic improved the appeal for the safe-haven asset. Spot gold was last seen trading

Senior Citizens To Get 3-Months Pension In Advance: Govt.

Sat, 28 Mar 2020 11:14:28 +0530

The pensioners of the central government will be given pension of three months in advance. As per a PTI report, officials on Friday said that senior citizens, widows and differently-abled will be provided with three months' pension in advance in April

We Have Entered Recession As Bad Or Worse Than 2009: IMF

Sat, 28 Mar 2020 10:51:42 +0530

In the face of a devastating impact due to the coronavirus pandemic, the world has clearly entered a recession, said the International Monetary Fund on Friday, but projected a recovery next year. "We have reassessed the prospects for growth for 2020

3-Month Moratorium On EMIs For All Customers, Clarity On Credit Card Payment Sought: SBI Chief

Sat, 28 Mar 2020 10:46:01 +0530

In an exclusive interview with a leading business channel, SBI Chief Rajnish Kumar said RBI's EMI moratorium will be applicable for all of its customers. "There is a moratorium of three EMIs, whatever is due in March, April and May will

Petrol, Diesel Prices Unchanged For The 12th Straight Day Even As Crude Oil Prices Plunge

Sat, 28 Mar 2020 10:15:43 +0530

On Saturday, fuel prices were unchanged for the twelfth straight session by state-owned oil retailers amid a 21-day lockdown in the country and a sharp correction in international oil prices. Petrol price per litre stood at Rs 69.59 in New Delhi,

SBI Loans To Become Cheaper; Lending Rate Cut By 75 Bps

Fri, 27 Mar 2020 22:19:35 +0530

After the Reserve Bank of India announced emergency repo rate cut of 75bps to 4.4%, the country's leading public sector lender has slashed its repo linked lending rates (RLLR) as well as external benchmark linked lending rate (EBR) by 75 bps.

RBI's EMI Relief: All Commercial Loans, Credit Card Payments Included

Sat, 28 Mar 2020 09:18:19 +0530

As part of its measures to curb the economic impact of the lockdown imposed to curb the spread of COVID-19, the Reserve Bank of India (RBI) on Friday allowed banks to offer a three-month moratorium to its customers on re-payments towards

Domestic And International Passenger Flights Suspension Extended To 14 April

Fri, 27 Mar 2020 16:36:57 +0530

On Friday, the aviation regulator DGCA extended the ban on all domestic flights operations across India to 14 April as the country steps up its efforts to fight COVID-19. Earlier, the suspension was imposed till 31 March. "All domestic operators

RBI Makes No Projection On GDP Or Inflation Amid COVID-19 Uncertainty

Fri, 27 Mar 2020 16:41:40 +0530

Shaktikanta Das, RBI Governor, on Friday said that no projection in respect of either GDP or inflation is being put forth given the uncertain outlook on account of the Covid 19 pandemic. In a usual case, in its monetary policy, RBI

Markets End Flat; Axis Bank, Coal India Lead

Fri, 27 Mar 2020 15:40:42 +0530

Benchmark indices ended the day flat despite a solid rally by Axis Bank and Coal India. A sharp cut of 75 basis points in interest rates by the Reserve Bank of India did not boost sentiments too much. The Sensex ended

RBI Moratorium: Will My Loan Installment Be Deducted Next Month?

Fri, 27 Mar 2020 15:21:09 +0530

The Reserve Bank of India today announced that there would be moratorium towards payment of term loans for the next three months due to the coronavirus pandemic. This means you would not be required to pay your Equated Monthly Installment (EMI)

FM Sitharaman Calls For Quick Transmission Of RBI Rate Cuts By Banks

Fri, 27 Mar 2020 14:50:13 +0530

After the Reserve Bank of India (RBI) announced a sharp rate cut of 0.75 percent in its repo rates to deal with the economic impact of COVID-19 pandemic, Finance Minister Nirmala Sitharaman welcomed the decision and asked banks for quicker transmission

Latest List Of Services Exempted From The 21-Day Lockdown

Fri, 27 Mar 2020 13:52:53 +0530

On Thursday night, the Ministry of Home Affairs issued a statement on Standard Operating Procedure (SOPs) for maintaining the supply of essential goods, "to relieve hardships faced by people during 21-day nationwide lockdown to fight the Coronavirus outbreak." "The Union

ESAF Small Finance Bank Gets Sebi Approval For Rs. 976 Cr IPO

Fri, 27 Mar 2020 12:27:07 +0530

On Thursday, Thrissur-based ESAF Small Finance Bank said it has got approval from the market regulator SEBI for its public issue worth Rs. 976 crore. As per the draft red herring prospectus, the issue includes a fresh issue of Rs. 800

Gold Prices Decline After Global Rates Edge Lower On Profit Booking

Fri, 27 Mar 2020 11:50:59 +0530

Gold prices in the domestic market retreated lower in line with global rates as well as appreciation in the rupee against the US dollar. On the MCX, April gold futures traded lower by 0.75% or Rs. 327 at Rs. 43,215 per

EMI Relief: Banks, NBFCs To Allow 3 Month Moratorium On All Term Loans

Fri, 27 Mar 2020 17:59:48 +0530

The Reserve Bank of India (RBI) announced measures on Friday to fight the economic impact of lockdown to control the spread of coronavirus pandemic. As a relief to borrowers, Governor Shaktikanta Das allowed a moratorium of 3 months on payments of

Banking Stocks Rally After RBI's Repo Rate Cut To 4.4%; Nifty Bank Gains 7%

Fri, 27 Mar 2020 10:51:46 +0530

After the RBI announced a huge 75 bps cut on the repo rate to 4.4% to spur liquidity in the economy and calm the stock market, the Nifty Bank outperformed all other indices, and gained up to 7% in intra-day trade

Moody's Slashes India's 2020 GDP Growth Projection By More Than Half

Fri, 27 Mar 2020 11:36:01 +0530

On Friday, Moody's Investors Service slashed its estimate of India's GDP (gross domestic product) growth during the 2020 calendar year to 2.5 percent from an earlier estimate of 5.3 percent, on account of the rising economic cost to curb the spread

RBI Cuts Interest Rates By A Huge 75 Basis Points

Fri, 27 Mar 2020 12:50:01 +0530

The Reserve Bank of India (RBI) today cut repo rates by a huge 75 basis points, something that we have not seen in the past. Repo rates are rates at which the RBI lends money to banks. The country's central bank

Yes Bank Shares Surge Over 20% On Fund Raising Plans

Fri, 27 Mar 2020 10:15:05 +0530

Shares of Yes Bank jumped more than 20 percent on Friday to an intraday high of Rs 33.25 on NSE. The surge comes after the bank said on Thursday that its board approved the proposal to raise up to Rs 5,000

Sensex Surges 1,000 Points; Markets Await RBI Briefing

Fri, 27 Mar 2020 09:32:20 +0530

Markets opened the day significantly higher, as all eyes were on the Reserve Bank of India press meet. It is widely expected that the RBI would provide liquidity support as well cut interest rates. The Sensex was trading higher by 1,111

Citi Lowers Nifty Target For March 2021 To 10,100

Fri, 27 Mar 2020 09:22:03 +0530

Citigroup Global Markets cut its Nifty target for March 2021 from 11,400 to 10,100 as the three-week lockdown in India amid the coronavirus scare threatens to hit the economy sharply. In a note titled ‘Lockdown Blues' on Thursday, Citigroup said that

Rupee Opens Sharply Higher At 74.69 Per US Dollar

Fri, 27 Mar 2020 09:21:39 +0530

Rupee in Friday's trade opened on a strong note with gains of 46 paise at 74.69 versus its previous close of 75.15 per US dollar. On March 26, 2020, buoyed by strong sentiment in domestic equities market and the

CRISIL Slashes India’s FY 2021 GDP To 3.5%

Fri, 27 Mar 2020 08:26:50 +0530

Rating agency CRISIL has slashed the base-case gross domestic product (GDP) growth forecast for fiscal 2021 for the Indian economy to 3.5% from 5.2% expected earlier. "Since our last forecast of 5.2% GDP growth for fiscal 2021, the scenario has worsened

Yes Bank Fundraising Size Increased To Rs 15,000 Crore

Thu, 26 Mar 2020 21:29:40 +0530

On Thursday, Yes Bank board decided to raise up to Rs 5,000 crore additional funds over and above the Rs 10,000 crore approval already in place (total Rs 15,000 crore). "The Board, at its meeting today, has approved, subject to

Covid19 Impact: MCX And ICEX Reduce Trading Hours To 5PM During Lockdown

Thu, 26 Mar 2020 16:53:43 +0530

Amid nation-wide lockdown to arrest the spread of coronavirus, commodity exchanges-the Multi Commodity Exchange (MCX) and the Indian Commodity Exchange (ICEX) will reduce their trading hours from March 30- April 14, 2020. The exchanges will open at their usual time of

FM Announces Rs 50 Lakh Medical Insurance For COVID-19 Health Workers

Thu, 26 Mar 2020 15:53:49 +0530

On Thursday, Finance Minister Nirmala Sitharaman announced a Rs 50 lakh medical insurance cover for health workers involved the frontline of managing the COVID-19 pandemic. The Special Insurance Scheme will include doctors, nurses, sanitation staff, ward-boys, paramedics, technicians, ASHA workers and

EPF Withdrawal Rules Relaxed Amid COVID-19 Pandemic

Thu, 26 Mar 2020 15:16:17 +0530

At a press briefing on economic relief measures by the Central Government amid COVID-19 pandemic, Finance Minister Nirmala Sitharaman on Thursday said that an EPFO subscriber can withdraw 75 percent of balance or 3-month wages as non-refundable advance, whichever is lower.