RBI issued instructions to all the Financial Institutions including Banks, Cooperative Banks, NBFC’s and other FI’s to initiate necessary action for reclassification of enterprises as per the new definition w.e.f July 1, 2020 and issue necessary instructions to your branches/controlling offices in this regard,
This booklet entitled ” Latest Banking Updates – Bank Promotions (Updated as of 31.05.2020)” has been prepared with an intention to provide ‘Latest Developments in Banking and Financial Sector’ for the enrichment of Bank’s Staff, the Banking knowledge and Banking Developments taking place in present day scenario, when the entire Banking Industry is facing heavy Turbulence in the form of huge NPA and mounting losses.
Retailers, small businesses not registered as MSME also to get guaranteed emergency credit.Eligible borrowers should have annual turnover up to Rs 100 crore, exposure to bank credit. Guaranteed emergency credit will be available for retailers and other businesses too even if they are not registered as Micro, Small and Medium Enterprises (MSME), a senior Finance Ministry official said.
The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report.Measures taken by the Reserve Bank of India, like reducing the repo rate by a further 40 basis points to 4 per cent, extending the moratorium period by three months and facilitating working capital financing will also help stimulate the momentum.
In an hour-long interview to Cogencis, Das said even though there is an animated discussion on the subject of the central bank monetising the government’s budget deficit amidst the ongoing fight against COVID-19 pandemic, he has not taken a view on the issue.
Professional income earners can’t opt in and out of new tax regime
As the saying goes, there is many a slip between the cup and the lip. In the context of the Union Budget, there are many differences between the Finance Bill, 2020 and the Finance Act, 2020.
This is an unconventional monetary policy tool. It involves printing money and distributing it to the public. Milton Friedman coined this term. It basically denotes a helicopter dropping money from the sky. Friedman used the term to signify “unexpectedly dumping money onto a struggling economy with the intention to shock it out of a deep slump”.
Things are moving fast with the COVID-19 novel coronavirus. On March 12 WHO declared that the virus is now a pandemic and President Trump announced 30 day ban on all travel from EU to the US. If the virus spread continues the Analysts fear that the Global Economy may slip into recession. If the Economy slips into recession it will slip for two consecutive quarters i.e. six months period. The Supply chains are affected. Various sectors such as Chemical, Pharmaceutical, Service, Transportation, Tourism, Hospitality industry etc will badly impacted. Digital Banking and Online Shopping will increase.
A day after Modi govt began its economy rescue in right earnest with a Rs 1.70 lakh crore coronavirus counter, the Reserve Bank of India joined the big fight today with a host of measures aimed at minimising the damage from Covid-19.
These measures come just hours after Moody’s Investors Service cut India’s growth forecasts for 2020 calendar year to 2.5% from 5.3%. The MPC decided by 4-2 majority to reduce repo rate by 75 basis points to 4.4 per cent. The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.
he Supreme Court on Wednesday set aside the Reserve Bank of India’s (RBI’s) April 2018 circular asking banks and entities the central bank regulated to stay away from dealing in crypto currencies, including Bitcoin.
The judgment said the circular had been “set aside on the ground of proportionality”. This has given a major relief to exchanges dealing in these crypto currencies. It opens a window for developing a market for crypto currencies, which are formally traded in derivatives markets in the US, with CME allowing trade in them.