RBI on Loan
- RBI ends loan repayment moratorium
- Apex bank unveiled a loan-restructuring programme as a first step toward nudging industry and banks to return to normalcy
- Monetary Policy Committee (MPC) unanimously backed the status quo on rates amid elevated price pressures, but acknowledged the need for action to aid economic growth
- Surplus liquidity in the banking system is still pushing down borrowing costs for companies and can be sufficient as a tool for the time being to help borrowers.
- Banks have been given until December 31 to restructure assets without classifying them as bad loans.
- Microsoft is chasing a deal to buy all of TikTok’s global business, including the viral video app’s operations in India and Europe.
- One investor pegged the value of Tik-Tok’s India business at as much as $10 billion.
- Microsoft had said on Sunday that it was in negotiations with ByteDance, the Chinese owner of TikTok and the world’s largest startup, to explore a purchase of the TikTok service in the US, Canada, Australia and New Zealand.
- A purchase by Microsoft may help restore its fortunes by removing the stigma of Chinese ownership at a time when sentiment against the country has been inflamed by the clash at the Line of Actual Control.
- ByteDance would then licence its technology to the company and share revenue
- TikTok and Microsoft didn’t respond to queries.
- President Donald Trump has threatened to shut down TikTok in the US unless it was sold to an American company by September 15, warning that it poses a national security threat because of its links to China.
- TikTok’s viral popularity in India was accompanied by political scrutiny, court cases, public distrust and investigations into the company.
- The Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Rules, 2020, was notified on Wednesday.
- The government has notified new rules under the Aadhaar Act, expanding the use of the 12-digit unique identity number beyond restricted state-funded welfare programmes.
- This means it can now be “voluntarily” linked to the upcoming health identity card-for-all project as well as existing government services such as obtaining a driving licence.
- Earlier, Aadhaar was restricted to subsidy schemes to prevent leakage of government funds, but there is a need to allow departments to use it for other purposes, like the digital health platform being prepared.
- In September 2018, the Supreme Court ruled that Aadhaar could only be used to authenticate beneficiaries of government subsidy schemes.
- The court also said that Aadhaar would be mandatory to file income tax returns and that the unique identity should be linked to a person’s Permanent Account Number (PAN).
- This notification opens up a method to use Aadhaar for agriculture, education and health schemes where UID can be used for smooth running of schemes through quick identification and weeding out of fakes and duplicates from the system.
- Aadhaar can also be used to curtail misuse of government identity cards such as driving licences, since an offender cannot get a duplicate once it is linked to the unique identity.
- Under the new rules, any government department can link its schemes with Aadhaar to verify or authenticate once the proposal has been cleared by the Unique Identification Authority of India — the Aadhaar issuing authority — and subsequently by the government.
- The authentication rules shall, however, be “voluntary”, meaning beneficiaries can choose not to part with their Aadhaar details.
- Consumer goods companies are supplying products, especially food, in higher quantities than before to distributors so that unexpected shutdowns in Covid-19 outbreak areas don’t disrupt supply chains and hamper distribution of goods to local stores.
- A Nestle spokesperson said it has increased the frequency of supplies to distributors to mitigate any possible stock outages.
- ITC has taken similar steps. “We have increased pipelines across all nodes in our supply chain and have made detailed plans to work around the disruptions, to ensure adequate stock availability,” an ITC spokesperson said.
- States have been imposing closures in zones where disease numbers are high, disrupting supply chains and business cycles.
- Companies fear this could dent the demand recovery.
- Many companies have implemented a continuous replenishment system (CRS) to manage our inventories better and build pipelines at the market and retail outlet levels to minimise any stock-outs due to sudden lockdowns.
- All predictable lockdowns are being tracked closely and an action plan is prepared by leveraging technology and advising our front end sales force.
- The monsoon has bounced back vigorously after a weak phase and delivered 45% more rainfall than average in the past few days.
- Oilseed and coarse grain crops in parts of central and western India were on the verge of wilting.
- The monsoon has strengthened significantly in southern, central, western and eastern India.
- The trend is likely to continue in these regions.
- In northern India, rainfall remains patchy but is expected to pick up.
- Torrential rain and strong winds have lashed many regions on the west coast, bringing down trees and submerging many parts of the metropolis.
- The weather office had earlier issued a ‘red alert’ for heavy rainfall in Mumbai.
- However, north India continues to suffer from scanty rainfall, recording a 22% deficit since the monsoon season started on June
- The first week of August also looks to worsen the problem, as rainfall has been nearly half its normal amount so far.
- Northwest India has been especially concerning, as it has performed much below expectations.
- The centre on Thursday appointed former lieutenant governor of Jammu and Kashmir GC Murmu as the next Comptroller & Auditor General of India.
- “….President has been pleased to appoint Girish Chandra Murmu to be the Comptroller &Auditor General….”, a notification issued by department of economic affairs said.
- Murmu, a 1985 IAS Officer of Gujarat cadre, succeeds Rajiv Mehrishi who completes his term on August 8.
- The 60-year-old former IAS officer had on October 29 last year taken over as the lieutenant governor after the state was split into two UTs —Jammu and Kashmir, and Ladakh.
- Murmu was expenditure secretary in the Ministry of Finance when he was appointed as the Lt Governor of Jammu and Kashmir.
- Taxpayers can look forward to fewer glitches on the goods and services tax (GST) portal while filing returns and submitting documents as the portal has doubled its network capacity to handle 300,000 users from August onwards.
- GST Network, the information technology backbone of GST, has upgraded the network amid challenges in procuring hardware that were faced due to the Covid-19 pandemic.