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

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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.

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Who owns the Qutub Minar complex? The court will pronounce its verdict on December 12.

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Image Credits: pixahive.com

The matter of demanding the right of worship in the Qutub Minar complex is once again in discussion. In fact, the Saket court has reserved its decision on the reconsideration petition filed in the matter. Delhi’s Saket court will pronounce its verdict on December 12.

This reconsideration petition was filed by petitioner Kunwar Mahendra Dhawaj Prasad in Saket Court. In fact, the Saket court had rejected the petitioner Kunwar Mahendra Dhawaj Prasad’s petition in the matter of ownership of Qutub Minar. Kunwar Mahendra Dhawaj Prasad Singh had filed a petition claiming ownership over Qutub Minar.

By filing the first petition, Mahendra Dhawaj Prasad Singh had demanded to make himself a party in this matter. It was said in his petition that the government had taken over the entire property in 1947 without our permission. This petition was rejected by the court.

The last time in September, when the ASI’s lawyer opposed the petition of Kunwar Mahendra Dhawaj Prasad Singh, saying that Sultan Begum had claimed the ownership rights over the Red Fort, we had opposed that petition in the Delhi High Court. Even then the court had accepted that there is no basis for the demand made in the petition. ASI had requested to dismiss the petition of Kunwar Mahendra Dhawaj Prasad Singh.

Source: Aajtak

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Dry day, holiday in schools, metro timings also changed… know the changes before the MCD elections in Delhi

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The noise of campaigning for the Municipal Corporation elections in Delhi has come to an end. On Sunday i.e. December 4, votes will be cast to elect councilors in 250 wards. Before this, the Delhi government made three major changes so that the election arrangements can be implemented smoothly. In view of the elections, the Excise Department has declared a dry day for three days in Delhi. That is, there will be a ban on the sale of liquor in Delhi from Friday to Sunday. Liquor shops will remain closed on all three days. Apart from this, a holiday has been declared for all government schools on Saturday by the Delhi government. Due to the next day being Sunday, there will be a holiday in the schools. The third decision has been taken by the Delhi Metro Rail Corporation. Metro services will be available every half an hour from 4 am on Sunday, the day of voting. This process will continue till 6 in the morning.

On behalf of the Education Department of the Delhi government, it was told that due to the preparations for the voting to be held on Sunday, a holiday has been declared for all government schools on Saturday. In return, schools will remain open on 10 December i.e. on the second Saturday of the month.

Liquor shops will remain closed for three days in the capital

Similarly, Delhi will have a dry day for three days from Friday. Delhi Excise Commissioner Krishna Mohan Uppu told that under Rule 52 of Excise Rules 2010, December 2 to 4 and December 7 will be dry days. Dry days are those days when the government bans the sale of liquor in shops, clubs, bars. According to the notification, there will be a dry day in Delhi from 5.30 pm on Friday, 2 December to 5.30 pm on 4 December. Not only this, there will be a dry day on 7th December i.e. the whole day of the results. That means there will be a ban on the sale of liquor.

Metro service will start at 4 am on Sunday

At the same time, Delhi Metro Railway Corporation (DMRC) has made changes in metro operations on the day of polling. Metro services will be started at 4 am on December 4 (Sunday), the day of voting in MCD elections. Metro will be available on all lines at an interval of every half an hour from 4 am to 6 am. After 6 am, the normal frequency will continue like normal days. Delhi Metro is currently providing services on a total of 10 lines, including Red Line, Yellow, Blue, Green, Violet, Pink, Magenta, Gray, and Airport Express Line.

Source: Aajtak

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Man kills live-in partner with cleaver in West Delhi

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Photo by Hassan Rafhaan on Unsplash | (Representational Image)

According to police, a 45-year-old man was arrested on Thursday for allegedly murdering his 35-year-old live-in partner at her rented house in Ganesh Nagar, West Delhi. According to police, the woman’s 16-year-old daughter was asleep in another room at the time of the incident.

According to the police, the victim, Rekha Rani, had lived in Ganesh Nagar with her daughter for more than 15 years, and the partner, Manpreet Singh, had stayed with them for the past 7-8 years.

According to police, Manpreet gave Rekha’s migraine patient daughter some pills and told her to go to sleep on December 1 at around 6 a.m.

“He informed her that her mother had gone to the market when she became suspicious and inquired about her mother. She called her cousin and went to his Paschim Vihar home. They then called the police when they discovered that their house in Ganesh Nagar was locked. Ravindra Singh Yadav, Special CP (Crime Branch), stated, “The victim’s daughter stated in her statement that she suspected that Manpreet had harmed her mother and that Manpreet and her mother had been fighting over money for some time.”

According to the police, the suspect allegedly stabbed Rekha in the neck and face while she resisted and mutilated a finger on her right hand.

Manpreet moved in with Rekha after meeting her in 2015. He claimed that Rekha stopped letting him visit and talk to his family because, over time, she started to feel insecure. A police officer stated, “He purchased a chopper (cleaver knife) recently to murder her and planned to kill her.”

According to the police, the accused is allegedly involved in six cases in Delhi, including kidnapping for a ransom, an attempt to kill, the arms act, and forgery.

According to the police, the suspect drove to his home village of Nabha in Punjab after killing the woman. Police said the car was found through toll barriers and he was caught using technical investigation.

Source: IndianExpress

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