BUSINESS
RBI extends deadlines for meeting thresholds under Covid restructuring scheme
The resolution plans implemented under the Resolution Framework for COVID-19 related stress announced on August 6, 2020, are required to meet the sector specific thresholds notified in respect of five financial parameters .The total debt to EBIDTA ratio, Current Ratio, Debt Service Coverage Ratio and Average Debt Service Coverage Ratio, were to be met by March 31, 2022..
RBI announces fresh Rs 50K cr auction under G-sec Acquisition Programme 2.0
In a virtual address post Monetary Policy Committee meeting RBI Governor Shaktikanta Das said that the fresh auctions would be conducted on August 13 and August 26. "We will continue to undertake these auctions and other operations like OMOs and operation twist, among others and calibrate them in line with evolving macro economic and financial conditions," Das said.
RBI extends 'TLTRO on Tap' scheme by 3 months
With a view to increasing the focus of liquidity measures on revival of activity in specific sectors that have both backward and forward linkages , the RBI had announced the On Tap TLTRO scheme initially for five sectors which was available up to March 31, 2021. Stressed sectors identified by the Kamath Committee were also brought within the ambit of the scheme on December 4, 2020.
Continued policy support from all sides needed for growth: RBI Guv
In a virtual address post the monetary policy committee's meeting, Das said that the outlook for aggregate demand is improving, but the underlying conditions are still weak. Further, aggregate supply is also lagging below pre-pandemic levels. He was of the view that while several steps have been taken to ease supply constraints, more needs to be done to restore supply-demand balance .
Amazon Vs Future Retail: SC rules in favour of Amazon; emergency award enforceable in Indian law
A bench headed by justice R.F. Nariman held that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules can be enforced in India under Arbitration and Conciliation Act. The top court said: "Emergency arbitrator's award holds good under section 17(1) of the Arbitration and Conciliation Act and single judge's order for such award cannot be appealed under Section 17(2)".
Recovering Economy: RBI retains FY22 projection for real GDP growth at 9.5%
Accordingly, RBI Governor Shaktikanta Das, pointed out that economy is recovering from set back from the Covid's second wave. He said that accelerated vaccination drive along with, buoyant exports and monetary as well as fiscal support has aided recovery. According to him, private and government consumption, investment coupled with demand are on path of recovery.
RBI raises retail inflation estimate for FY22 to 5.7%
In a virtual address post the monetary policy meet, RBI Governor Shaktikanta Das said that temporary supply shocks are driving inflation in the country. He, however, assured that although inflationary pressures raise concerns, they are transitory in nature. During the second quarter of FY22, inflation is seen at 5.9 per cent, and in Q3 it is likely to stand at 5.3 per cent.
Meeting Jeffrey Epstein was a huge mistake: Bill Gates
In an interview with CNN, Gates said that "several" meetings with Epstein gave him credibility, which was a mistake. According to him, the friendship with Epstein was an attempt to get "billions for philanthropy". In 2019, Gates told The Wall Street Journal that he had met Epstein, but "didn't have any business relationship or friendship with him".
Growth Chasing: RBI retains rates, accommodative stance
Besides, the growth-oriented accommodative stance was retained to give a push to economic activity despite high retail inflation levels. Accordingly, the Monetary Policy Committee (MPC) of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks at 4 per cent.
Adani Transmission logs 22% rise in Q1 net profit
During the same period of the last fiscal, the company had reported a consolidated net profit of Rs 355.40 crore. In a statement, the company said that the results are a validation of strong fundamentals of Adani Transmission Ltd and reiterates reliability, responsiveness and sustainability of Adani Electricity Mumbai Ltd thus creating value for ATL.
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