Loan moratorium case: SC says 'no bank account to be declared as NPA' till plea disposed

In a big relief to bank account holders, Supreme Court bench heed by Justices Ashok Bhushan and comprising R Subhash Reddy and MR Shah on Thursday, ruled that accounts t termed as n-Performing Asset (NPA) till August 31 will t be declared as NPA till case is concluded. Petitioners h sought to waive off interest on interest during loan moratorium period granted by RBI due to financial decline amid Coronavirus (COVID-19) pandemic. next hearing will be held on September 10.

India's GDP crashes to -23.9% in Q1- FY21 due to COVID-19; worst contraction till date

SC stays NPA declaration of bank accounts

Representing Centre, Solicitor General Tushar Mehta said that Centre has decided t to waive interest, but reduce payment pressure. He said that banking sector is backbone of our ecomy and hence decision could be taken to weaken ecomy. Moreover, Centre has said that expert committee will come up with sector-specific guidelines on September 6.

Coronavirus LIVE Updates: India records single-day spike of 83,883 new positive cases

RBI on COVID moratorium

RBI has alrey informed SC that repayment of loans allowed during coronavirus crisis can be extended by two years. Amid COVID-19 pandemic, RBI h allowed banks and or financial institutions to offer a six-month moratorium to all existing individual and corporate term loan borrowers until August 31. Finance Minister Nirmala Sitharaman too has asked bankers to roll out loan resolution schemes by September 15 ding that COVID-19 related distress must t impact ir assessment of borrowers' creditworthiness.

Financial experts express mixed feelings on RBI's restructuring pack

GDP plummets to -23.9%

Due to prevailing COVID-19 conditions,  India's GDP for first quarter of FY 21 stood at -23.9% as per data released by National Statistical Office (NSO) on Monday, making it worst contraction on record. In May, amid nation-wide COVID-19 lockdown, India's GDP growth for January-March quarter (Q4) 2019-20 stood at 3.1%. Overall FY 19-20 GDP stood at 4.2%, hitting an 11-year low. India, currently has extended its lockdown in containment zones till September 30, freeing up most restrictions.

RBI issues warning on ecomic crisis, Rahul Gandhi says 'Increase spending, t credit'

As per market reports, core sectors' growth stood at - Industries at -381%, Services at -20.6%, Manufacturing at -39.3 %, Tre, Hotels at -47. Agriculture has been only sector to see growth clocking a 3.4% increase, due to rural sector remaining mostly free from lockdown. CRISIL h predicted that India's fourth recession since independence, first since liberalisation and perhaps worst to date, is here.