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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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4 arrested for sexual assault of spa employee

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Image: Pexels.com

Delhi Police captured four individuals after a worker of a spa center in Delhi’s Pitampura claimed she was molested and sexually exploited by its manager and a client.

A 22-year-old woman complained of rape in a spa center at Delhi’s Pitampura on Thursday.

Authorities from Maurya Enclave police station hurried to the spot and started the examination.

“On August 4, a PCR call was gotten at PS Maurya Enclave in regards to rape with a lady at a Spa Center, Pitampura Delhi. The police promptly arrived at the spot (the ocean spa center) where a victim aged 22 years along with her husband were present external the spa center and complained in regards to rape on her by the manager of the spa center and client,” said police.

She was sent to the hospital for her clinical assessment. A counselor from DCW visited her.

“She expressed that on June 30 she joined the spa on August 4 at around 6 p.m. one client came there along with the manager Rahul and requested sexual favors. Rahul offered her a soft drink, after drinking it she felt tipsy and both raped her,” said police.

A case under Sections 354A/328/376 D of IPC was registered and both the accused persons were arrested.

Source: ANI

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Gold medalist boxer became a robber in Delhi, arrested with two companions

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A burglary group has been busted in Delhi. A boxer was likewise remembered for this posse, who has additionally won gold decorations in certain contests. This posse of three individuals used to complete stealing from Baba Haridas Nagar of Delhi.

The group had looted a lady’s mobile phone in Baba Haridas Nagar on August 1. when the lady was getting back from work. The lady had let in her protest know that three unidentified individuals who had come on the motorcycle grabbed her mobile phone and took off. The police began the examination of the matter. Some CCTVs were additionally checked and individuals around were likewise addressed.

Then, at that point, on August 4, two individuals wandering in a similar region were gotten by the police. The first gave his name as Ankit (age 19 years) who hails from Jhajjar, Haryana. The other’s name is Shivam Kumar who lives in Sainik Enclave. He is additionally 19 years of age. The third is being told as a minor. The person who is there Ankit is a boxer. During interrogation, a stolen cell phone was also recovered from them.

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Unclaimed Bag, Tiffin Box in Delhi’s Rohini Spark Alarm But Nothing Suspicious Found

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Representational Image | Image Source: PTI

An unclaimed bag was found in Rohini region in delhi on Thursday, sending the security organizations like the special cell and bomb detection team soon to reach the spot and launched an investigation, police said.

After a careful review of the area, nothing suspicious was tracked down.

As per authorities, An unclaimed bag was tracked down in the parking lot close to DC Chowk, Rohini Sector-9.

A bomb identification and removal crew and sniffer canines had looked through the area, but it turned out to be a false alarm.

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