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COVID-19: Banks seek more time from RBI for bad loan classification

According to reports, as the Coronavirus pandemic is hampering businesses, banks have requested Reserve Bank of India (RBI) to allow more time before labelling a loan as bad debt, and they sought longer deadlines to meet certain capital standards. The CEO of the Indian Banks' Association, Sunil Mehta said that they have asked for an extension of 90 days for classifying a loan as a Non-Performing Asset (NPA). Src: https://bit.ly/2U7RjqN

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5 votes

That's Sad

4 votes

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Coronavirus pandemic will leave behind a global recession, says Anand Mahindra

In a tweet on Thursday, Mahindra Group Chairman Anand Mahindra said that the virus will eventually be conquered, but it will have left behind a global recession. The costs of that are incalculably high at this time. He further warned that the most fearsome toll will be on small businesses, the self-employed, and those whose lives depend on daily wages. He further added that the pandemic may cause deaths from stress, loss of livelihoods, growing homelessness and even civil unrest. Src: https://bit.ly/2vG50Uu

Do you stand with @AnandMahindra

I stand with @AnandMahindra

12 votes

I don’t

5 votes

Fitch Ratings cuts India's GDP growth forecast to 5.1% for 2020-21 over COVID-19 concerns

Amid the Coronavirus outbreak, Fitch Ratings on Friday cut India's GDP growth forecast for 2020-21 to 5.1%, saying the supply-chain disruptions are likely to hit business investment and exports. Earlier, it projected the economy to grow at 5.6% in 2020-21 and 6.5% in 2021-22. In its Global Economic Outlook 2020, Fitch said the number of people affected by coronavirus will keep rising in the coming weeks but that the outbreak will remain contained. Src: https://bit.ly/3diAT6f

Do you stand with @Fitchratings

I stand with @Fitchratings

3 votes

I don’t

3 votes