It said sectors with higher leverage, such as power, telecom, roads, textiles and fertilisers, will be the major beneficiaries and account for nearly 47 per cent of the total breather available.

Experts say more borrowers are likely to line up for emergency credit from banks as many businesses will be hit by the slump in demand and zero footfall in the market in the wake of the pandemic.

The credit card company, promoted by the country's largest lender SBI, said the borrowings at the end of the previous fiscal were provisional and subject to audit.

The tenor of Sidbi’s lending to financial institutions will be 90 days. MSMEs have been cash-starved for a few years and the lockdown to control the spread of Covid-19 is a body blow to their revenues.

In the last Parliament session, Rahul Gandhi had asked the government to provide a list of top 50 bank loans defaulters in the country, leading to sharp exchanges and uproar in the Lok Sabha.

In a response to an RTI filed by Saket Gokhale, the central bank declined to offer names of wilful defaulters as on February 16, 2020, stating that this data is not available.

The Reserve Bank in October 2018 had barred the bank from granting or renewing any loan for six months and later extended the curbs twice.

The window was announced after the markets were roiled by news, last Thursday, of Franklin Templeton MF winding up six of its debt funds amid mounting redemptions. It will remain open till May 11.

Accordingly, all regulatory returns required to be submitted by such entities to the Department of Regulation can be submitted with a delay of up to 30 days from the due date.

Earlier in the week, the Reserve Bank had announced Rs 50,000-crore SLF-MF scheme to bailout the mutual funds facing redemption pressure.

On Thursday, the RBI said banks would be eligible for regulatory benefits irrespective of whether they supported MFs with resources from the special window or otherwise.

The meeting will take stock of implementation of several steps announced by the RBI, including moderation in interest rate and its transmission, as well as liquidity infusion measures to support the industry.

China’s central bank has started testing its official Bitcoin-like digital currency DCEP, and the bank is now planning to roll out the virtual money payment system soon.

Implementation of three months moratorium on repayment of loan instalments announced by the RBI was also reviewed during the meeting.

The RBI, in a press release, said 'financial position of the bank is highly adverse and unsustainable'.

As per the bank's website, it had deposits of Rs 485.56 crore, loans of Rs 161.17 crore and a negative networth of Rs 239.18 crore.

RBI, on April 17, announced to provide special refinance facilities for a total amount of Rs 50,000 crore to NABARD, SIDBI and National Housing Bank (NHB) to enable them to meet sectoral credit needs.

The government can issue recapitalisation bonds, or the RBI's huge reserves of over USD 127 can also be dipped into to help the state-owned bank's recapitalisation needs, it said.

Having come up with emergency credit lines to help businesses weather the Covid storm, banks are seeing little demand for fresh credit at this stage.

State Bank of India (SBI) has decided to give select Non-Banking Financial Companies (NBFC) a three-month repayment holiday, persons familiar with the development said.

Similarly, for home loans between Rs 30 lakh to Rs 75 lakh, the effective interest rate is now at 7.65%, compared to 7.45% earlier.

In an interview with CNBC TV18, Kumar said the time is right to set up a structure, along the lines of a bad bank, given there are adequate provisions for existing non-performing assets (NPAs).

Earlier on April 7, the public sector bank announced a reduction in MCLR by 35 bps. and reduced savings deposit rate by 25 bps, citing adequate liquidity in the system.

On the COVID-19 pandemic, SBI Card said globally, countries and businesses are under lockdown and there is a high level of uncertainty about the duration of the lockdown and the time required for things to get normal. 

Indian luxury train, The Maharaja’s Express, is making quite an impression in the US as owner and operator IRCTC is hosting multiple events promoting the Maharaja Express in Las Vegas, Los Angeles (November 26) and San Francisco (November 30). The train has been bestowed with several honors...

The discovery was announced by the Minor Planet Center on Tuesday. So far, the astronomers do not have enough data to establish what the minimoon is made of.

Since rangeomorphs could not move and are preserved where they lived, it is possible to analyse whole populations from the fossil record.

Saturation of Pilibhit Tiger Reserve with an increasing population of tigers has resulted in man-animal conflicts in the area.

Have you ever wondered why the moon is always there next to Earth? How did it come into existence and what is its relation to the Earth?

The planet, being called Kepler-1649c, was discovered by the team when they were looking through the data of previous observations from the Kepler telescope, which had been retired by NASA in 2018.

During a virtual interaction, she compared the Indian students' experience to her being in space in a spacecraft “where you don't get to go, see your family and friends and give them a real hug.”

The discovery was made by a group of astronomers led by the University of Hawaii Institute for Astronomy (UH IfA). The new plant was discovered after studying six years of data.

The experimental spaceship was launched without crew by China's new large carrier rocket Long March-5B from the Wenchang Space Launch Centre in Hainan on Tuesday.

Underscoring that the situation in Kashmir is bigger than party issues, People’s Democratic Party (PDP) chief Mehbooba Mufti refused to meet a delegation of her party members.

Legal Plus creates and manages annual summit, forum and seminar throughout Asia, Middle East and Europe and partners with leading industry global companies to promote the ever changing landscape on essential legal, financial, regulatory and compliance issues.

These events are invitation only, tailored to general/corporate counsel, chief compliance & risk professionals, accountants, directors, private practice lawyer to gain up to date skills, information and expert advice from the expert practitioners speaking at the events. The events will also provide them with essential knowledge to assist to run their business with transparency, integrity as well as up to date knowledge to make their company a leader in their field.

For sponsorship and speaking opportunities, please visit our website or contact Jason Sinclair at Jason.Sinclair@legalplus-asia.com or call +852 9262 2838.

The Dubai & MENA: 7th International Arbitration & Corporate Crime Summit will be held at Shangri-La Dubai Hotel on 22 January 2020.   The event will bring together international and local speakers to present the most up to date information on Arbitration and Corporate Crime.  It will also be an excellent opportunity to catch-up and meet fellow legal professionals in the region.

Registration is now open. Contact us today or view the latest flyer for registration and program details.
Click here to Download the Brochure

Registration Enquiry: bettina.yan@legalplus-asia.com
Speaking / sponsor Enquiry: jason.sinclair@legalplus-asia.com

Speakers:

• John Bishop, International Independent, Arbitrator, Chairman - AM Session
• Adrian Darbishire QC, QEB Hollis Whiteman, Chairman - PM Session
• Robert Stephen, Registrar, DIFC-LCIA Arbitration Centre (DIFC-LCIA) - Opening Address
• Yves Derains, Founding Partner, Derains & Gharavi International - Keynote Speaker
• Sami Houerbi, Director for Eastern Mediterranean, Middle East & Africa, ICC International Court of Arbitration, Abu Dhabi/Tunis; Partner, Houerbi Law Firm Moderator - Grand Keynote Panel
• And many more

Complimentary seats for In-house/ General Counsel.
Contact us at: legalpluseventsasia@legalplus-asia.com to secure your seat. Condition applies.

To read more in details about the event, click here

The secret to  success is focusing your energy, not in fighting the old, but building the new! 

Today, we are in the era of transitional change and  revolution in the legal field.

Chief Justice Bhosale of Telangana & AP High Court in a recent dialogue quoted that the "Indian judiciary is going to crumble under its own weight".

This is owed to the inefficiency of the process and the large population, which makes the  future of judicial dispute resolution hazy!

A survey of 1000 largest corporates of the US showed that 79% of them used  ADR for dispute resolution which shows the new global shift in the legal arena. 

Now, being a new field, it is loaded with question marks at every step. For efficiently building and growing with the 'new' what we need as young lawyers is  guidance. 

And so, LAWyersClubIndia in collaboration with Gaurav Goyal, MCIArb has requested Mr. RATAN K SINGH FCIArb for a webinar on  Career in  Arbitration'. 

Mr. Singh is a pioneer in the field of arbitration practice and has decades of experience, having argued many cases, chaired numerous matters as an  arbitrator and lectured students and  lawyers all over the world. 

Excited?
Join us for this magnificent hour at 4 on the 22nd.

Tag the aspiring Arbitrators and Practitioners in your network!

Meeting Link:
https://zoom.us/meeting/register/tJwodOGrrT8pGNBoG9sWMQIWjIUSc6fvxCgA  

A webinar with Mrs. Geeta Luthra, Senior Advocate Supreme Court of India, Member - International Association of Family Lawyers (IAML), Vice president - Indian Council for Arbitration and Member - ICC. 

• Date and Timing: 24th April 2020 At 4 PM on Zoom
• Meeting Link: Click Here

Jean-Christophe, an international mediator, Executive Director of WAPPP and owner of Hase Solutions, leads a team of more than 150 mediators. He has bested the art of mediation and has resolved innumerable commercial cases through effective mediation. He will be addressing how one should go about becoming a successful mediator and how is mediation as a career! 

• Date and Timing: 25th April at 4 PM
• Meeting Link: Click Here

Conservation - Conversation 

Pascal Comvalius is going to discuss with the participants on how to deal with hostile parties on a negotiation table. How to mould the brick into a shape that you are comfortable in! 

• Date & Timing: 28th April, 2020 @4.30 PM
• Meeting Link: Click Here

The Madras High Court on Monday refused to entertain a writ petitions seeking absolute ban on manufacture, sale and consumption of alcohol in the state of Tamil Nadu. The Madras High Court on April 17th had declined a plea seeking sale of liquor at l

Football is back in South Korea for the first time since the coronavirus pandemic shut down sports around the world, and its success or failure will be closely watched by leagues everywhere.

What's up with Apple Wallet?

Three men have been arrested and one juvenile detained for allegedly robbing five labourers who were on their way to board a train from Old Delhi Railway station to return to their village in Bihar...

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