BUSINESS
Banks allowed to tap floating provisions for NPA cover
In order to mitigate the pandemic related stress on banks and as a measure to enable capital conservation, the RBI has now allowed banks to utilise 100 per cent of floating provisions or countercyclical provisioning buffer held by them as on December 31, 2020 for making specific provisions for non-performing assets.
RBI eases KYC compliance; extends video KYC to new customers
Accordingly, RBI governor Shaktikanta Das, in his virtual address on Wednesday also announced rationalisation of compliance to KYC requirements. Taking forward the initiatives of the apex bank for enhancing customer convenience, it has now been decided to rationalise certain components of the extant KYC norms including extension of the scope of video KYC known as V-CIP.
Tesla facing delay in opening Gigafactory Berlin: Report
Electrek, citing Automobilwoche, an auto industry paper, states that Tesla's timeline for Gigafactory Berlin has slipped to January 2022. "The start of series production in Tesla's new Gigafactory in Grunheide near Berlin has been delayed by six months until the end of January 2022. Tesla CEO Elon Musk officially gave the team half a year more," reports the Automobilwoche.
India ready for full-fledged semiconductor fabrication
India's share in the global electronics manufacturing has grown from 1.3 per cent in 2012 to 3.6 per cent in 2019. Domestic electronics manufacturing has increased substantially from Rs 1.90 lakh crore in 2014-15 to Rs 5.34 lakh crore in 2019-20, growing at a compounded annual growth rate of 23 per cent.
RBI announces 2nd round of loan restructuring for MSMEs, individuals
RBI Governor Shaktikanta Das noted that the resurgence of Covid-19 pandemic in India in recent weeks and the associated containment measures adopted at local/regional levels have created new uncertainties and impacted the nascent economic revival that was taking shape.
Equity indices in green as RBI Guv announces liquidity measures
Around 10.45 a.m., Sensex was trading at 48,519.75, higher by 266.24 points or 0.55 per cent from its previous close of 48,253.51. It opened at 48,569.12 and has so far touched an intra-day high of 48,620.51 and a low of 48,254.32 points. The Nifty50 on the National Stock Exchange was trading at 14,584.10, higher by 87.60 points or 0.6 per cent from its previous close.
RBI announces Rs 50,000 crore liquidity for Covid-related healthcare infrastructure
In virtual address, RBI Governor Shaktikanta Das announced a number of liquidity enhancement and targeted measures to ease the build of economic strain seen recently. Accordingly, RBI will conduct the second purchase of G-Secs worth Rs 35,000 crore on May 20. Besides, RBI announced a targeted on-tap liquidity window of Rs 50,000 crore to set up Covid-related healthcare infra.
Procter & Gamble Hygiene's Jan-Mar net profit up 8%
In a statement, the company said that during the period under review, it delivered sales of Rs 760 crore, up 16 per cent compared to the same period a year ago. Both the feminine care and health care business delivered strong double-digit sales growth in the quarter, it said.
RIL fixes record date for first call on partly paid-up equity shares
In a regulatory filing, RIL said that pursuant to the Letter of Offer dated May 15, 2020, the company had issued and allotted, on a rights basis, over 42.26 crore equity shares of the face value of Rs 10 each as partly paid-up equity shares (Rs 2.50 paid-up per share).
Saudi Aramco's Q1 net profit rises by 30%
"Given the positive signs for energy demand in 2021, there are more reasons to be optimistic that better days are coming. And while some headwinds still remain, we are well-positioned to meet the world's growing energy needs as economies start to recover," Aramco President and CEO Amin Nasser, said in a statement.
Don't Miss
Advertisement