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The Reserve Bank of India (RBI) Governor Shaktikanta Das in his address announced a slew of measures in his address on Wednesday amid the raging second wave of COVID-19 in the country.
RBI Guv Shaktikanta Das announces COVID relief measures for small biz, individuals, MSMEs
Reserve Bank of India Governor Shaktikanta Das on Wednesday announced relief measures for small businesses, individuals, and micro, small & medium enterprises that are hit by the second wave of COVID-19. Over 3 lakh daily cases and more than 3000 fatalities are being recorded for over a week. Das said that small finance banks will be permitted to lend to small MFIs with asset size of Rs 500 crore, upto till March 31’2022. He said the most vulnerable category of borrowers are small borrowers, MSMEs in the current environment. He added that individuals, small businesses, MSMEs with exposure of upto Rs 25 crore who have not availed OTR (one-time restructuring) will be eligible for Resolution framework 2.0. The borrowers must be standard as on March 31,2021 to be eligible for Resolution framework 2.0.
RBL Bank Q4 Net dives 34% as provisions on credit cards, MFI loans rise
Small-sized private lender, RBL Bank on Tuesday reported a 34 percent decline in its March quarter profit to Rs 75 crore compared to Rs 114 crore in the year-ago period due to provisioning for possible loan losses that it sees in the retail unsecured segments. The city-based lender’s net profit for FY2020-21 increased marginally to Rs 508 crore from the year-ago’s Rs 506 crore. Total income during the January-March quarter fell to Rs 2,611 crore from Rs 2,709 crore in the year-ago period, the bank said in a regulatory filing. The bank’s core net interest income was down 11 percent during the reporting quarter at Rs 906 crore, impacted largely by the narrowing of net interest margin to 4.17 percent and also a 1 percent growth in advances in FY21 as it moved away from corporate loans. More here
SEBI diktat to AMCs: ‘Skin in the game’ is most potent antidote to both recklessness and greed
SEBI diktat to Asset Management Companies (AMC) to pay their key personnel at least 20 percent of their salary in the form of units, with three year lock in period, of the schemes they manage come…
Hikal shares locked in 10% upper circuit after company signs contract with a leading global pharma firm.
Shares of Hikal were locked in 10 percent upper circuit of Rs 313,65 per share on BSE, also its 52-week high on Wednesday after the company signed a multi-year contract with a leading global pharmaceutical company. “This contract entails the development and supply of a portfolio of niche APIs (Active Pharmaceutical Ingredient) over a period of 10 years. The development will start this year and commercial supplies will commence post successful development and plant.
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