Connect with us

News

Will ‘greatly improve credit supply, help poor’: PM Modi lauds RBI measures to combat COVID-19

Published

on

Prime Minister Narendra Modi on Friday lauded the Reserve Bank of India (RBI) for its “proactive” measures to curb the disastrous impact of Coronavirus on economy.

Praising the apex bank, PM Modi said today’s announcements by RBI will “greatly enhance liquidity and improve credit supply”.

He added that these steps would help India’s small businesses, MSMEs, farmers and the poor and also states by increasing WMA limits.

Amid the crisis, the RBI has slashed the reverse repo rate by 25 basis points to 3.75 per cent from 4 per cent due to the Coronavirus-related economic challenges.

RBI Governor Shaktikanta Das, in his briefing, announced relief measures to maintain adequate liquidity in system, facilitate bank credit flow and ease financial stress.

Making a slew of announcement to ease the pressure on financial sector, Governor Das said that the 90-day norm will not apply on moratorium granted on existing loans by banks.

Das has asked banks to “not declare dividends until further notice.” He said that the LCR requirement for banks have been brought down to 80 per cent from 100 per cent with immediate effect in view of the economic crisis.

“Loans given by NBFCs to commercial real estate to get some relief. This is to ease NBFCs and the real estate sector. New measures shall be announced as and when need arises,” he said.

With regard to other measures, Das said RBI will begin with giving an additional Rs 50,000 crore through targeted long-term repo operation (TLTRO) to be undertaken in tranches.

Besides, he announced a re-financing window of Rs 50,000 crore for financial institutions like Nabard, National Housing Bank and Sidbi.

“This TLTRO amount can be stepped up as necessary to ensure various segments of the market (NBFCs MFIs etc) get enough liquidity.”

He further said surplus liquidity in the banking system has increased substantially as result of central bank’s actions.

Das said that RBI’s liquidity injection has been at 3.2 per cent of GDP since February 6 to March 27, 2020. “Systemic liquidity surplus averaged at Rs 4.36 lakh crore as of March-end 2020,” he said.

The RBI governor further cited the International Monetary Fund’s (IMF) global growth projections revealing that in 2020, the global economy is expected to plunge into the worst recession since ‘The Great Depression’.

The IMF has, however, India will continue to grow at 1.9 per cent during the current fiscal year.

“India is among the handful of countries that is projected to cling on, somewhat tenuously, to positive growth rate of 1.9 per cent. This is the highest growth rate among the G-20 economies as estimated by the International Monetary Fund (IMF),” Shaktikanta Das said at the video conference.

The RBI Governor’s address comes a day after PM Modi met Finance Minister Nirmala Sitharaman to discuss economic situation in the country following the lockdown due to Coronavirus pandemic.

source

News

Final term university examinations to be conducted by Sept end; Home Ministry gives nod

Published

on

The final term examinations in universities and institutions, which had been pending due to the novel Coronavirus, will now be conducted by the end of September, following safety guidelines laid down by the Ministry of Health.

Announcing the same, Union Minister for Human Resource Development, Dr Ramesh Pokhriyal “Nishank” late on Monday tweeted that the UGC has revisited its earlier guidelines related to university examinations.

In view of the safety, career progression and placements of the students and their larger interests, after consulting the Union Home Ministry and Ministry of Health, he said it has been decided that “Intermediate semester students will be evaluated based on internal assessment” while “Evaluation of the terminal semester students, which was to be done through examinations in the month of July, will now be conducted by the end of September-2020”.

Pokhriyal had asked the UGC on Sunday to “revisit” the academic calendar and guidelines released in April.

According to the new guidelines, the final university exams can be held online and offline. In case a student cannot appear in September, provisions will be made so she can take the exams later.

The Ministry of Home Affairs had on Monday permitted conduct of examinations by universities and institutions. The MHA wrote a letter in this regard to the Union Higher Education Secretary.

“The final Term Examinations are to be compulsorily conducted as per the UGC Guidelines on Examinations and Academic Calendar for the universities,” said a statement issued by the Home Ministry.

The MHA, however, cautioned that the examinations should be held as per the Standard Operating Procedures (SOP) approved by the Union Ministry of Health & Family Welfare.

Shortly after, the UGC issued revised guidelines on examinations and academic calendar.

All schools, colleges and universities were closed after India imposed a nationwide lockdown to curb the spread of the Coronavirus in the country. As a result, examinations too could not be held.

States like Maharashtra, Haryana, Punjab, Odisha, Rajasthan and Madhya Pradesh have cancelled all higher education exams and decided to promote students on the basis of previous performances.

Meanwhile, the Delhi High Court on Monday, while seeking the UGC and the HRD Ministry’s stand on whether to cancel the final year examination of degree courses, said that holding exams is not just a technological issue but also needs to take in account the mental preparedness of students.

“…the UGC and the Central government, ought to also bear in mind that the COVID-19 pandemic has resulted in enormous mental distress and agony to students. There are families which are suffering medical illnesses and giving of examinations is not just a technological issue but the state of mental preparedness of the students also needs to be assessed,” said the court.

The court was hearing a petition filed by several students of the final year of the Delhi University seeking cancellation of the examinations in wake of the Coronavirus pandemic.

source

Continue Reading

News

With 1,379 new cases reported in last 24 hours, coronavirus tally in Delhi crosses 1 lakh mark

Published

on

Delhi on Monday has crossed the one lakh mark in terms of cases of coronavirus with 1,379 new cases reported in the last 24 hours.

The total number in the national capital stands at 1,00,823.

“Coronavirus cases in Delhi cross 1 lakh mark, with 1379 new cases reported in the last 24 hours. Total number of cases stands at 1,00,823 including 72,088 recovered/discharged/migrated and 25,620 active cases,” Delhi government said.

“With 48 deaths reported today, the death toll is at 3,115,” it added.

Earlier in the day, Delhi Chief Minister Arvind Kejriwal had appealed to the cured Covid-19 patients to donate plasma to treat those infected with the virus.

“Our team is calling up people requesting them to donate plasma, if you receive such a call please don’t refuse. Hospitals should also give counselling to patients who have recovered and encourage them to donate plasma,” Delhi CM said.

“The number of people who need plasma is more than those coming forward to donate it. I urge all those who are eligible to come forward and donate plasma,” he said.

The Chief Minister also appealed to the cured COVID patients to come forward for the noble cause so that others can be treated, and informed that “pick and drop facility” will be given to the donor.

In terms of overall cases, India on Monday has overtook Russia to become the third-highest coronavirus caseload in the world.

Now only Brazil and USA are ahead of India in terms of the cases.

In a separate development, the Delhi High Court has suggested the authorities to appoint a Nodal Officer to redress grievances of healthcare workers and to act as a window system where nurses can raise their issues like non-availability of safety gear.

The suggestion came while hearing a Public Interest Litigation (PIL) that claimed to highlight the blatant violation of human rights of the nurses and other healthcare workers deployed in the forefront of private nursing homes or hospitals in Delhi.

source

Continue Reading

News

Earthquake tremors felt in Delhi, nearby areas

Published

on

Tremors of the earthquake were felt in Delhi on Friday evening prompting people to come out from their homes.

The earthquake was of magnitude 4.5 on the Richter Scale, according to India’s National Center for Seismology.

As per the agency, the epicentre of the earthquake was 63 km southwest of Gurgaon in Haryana.

Strong tremors were felt in the national capital and surrounding areas for several seconds.

No casualty has been reported yet.

In the last couple of months, multiple earthquakes have hit the national capital and nearby areas.

source

Continue Reading

Newsletters

Enter your email address to get latest updates

Advertisement

Trending

Copyright © 2018 - 2019 Delhi Wire.