The government said it had received many representations seeking extension of time citing many difficulties due to the second wave of Covid-19 and the subsequent lockdowns. MCA has asked the registrar of companies to approve the extension of the time limit to hold the AGM.
The Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay the depositors of 21 stressed cooperative banks, including the Punjab & Maharashtra Co-Operative Bank (PMC Bank), up to Rs 5 lakh within 90 days. The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these banks. Of the 21 banks, 11 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.
While some experts believe that a large part of India is still vulnerable to the virus that could trigger a third wave, others feel the country is not likely to be engulfed by another deadly wave unless a new variant emerges.
The Reserve Bank of India (RBI) on Wednesday gave banks time till October 31 to comply with its guidelines on current account and overdraft facilities. The central bank indicated that it was in no mood to change the proposed rules, but would only allow for stretching the timeline for smoother implementation. The initial deadline had ended on July 31, leading to thousands of current accounts being closed or frozen by banks. Lenders had requested the RBI for some more time to resolve the operational issues in implementing the provisions of the August 2020 circular in letter and spirit.
The death of a 11-year-old boy due to 'bird-flu', even before the devastating effects of the second Covid wave have waned, has alarmed the medical fraternity though they assert that human-to-human transmission of H5N1 virus is extremely rare. The event has also put the Rs 90,000 crore domestic poultry industry which was seeing some uptick in demand after months of low sales last year into a spot of bother, as any curb on sale or production of eggs or chicken could have a devastating impact on its revenues. It is estimated that around 60 million people are directly impacted by the poultry sector in India. H5N1 virus, also commonly known as bird flu, is known to spread from chickens but other birds such as ducks and crow are also carriers of the virus.
The country's largest private lender HDFC Bank's bad-loan write-offs doubled to Rs 3,100 crore in the April-June quarter (first quarter, or Q1) of 2021-22 (FY22), from the level of Rs 1,500 crore in the same quarter of 2020-21 (Q1FY21). It also offloaded its non-performing assets (NPAs) amounting to Rs 1,800 crore in Q1FY22 to maintain a robust asset quality profile. It had jettisoned NPAs worth Rs 1,000 crore in the last quarter. Lenders knock off stress assets from books after making full provisions. Their right to recover dues from delinquent borrowers remains intact after the write-downs.
'67 per cent of our transactions happen digitally and about 93 per cent of transactions happen outside the branch.' 'Despite that, there is ample scope for promoting banking-related activities in branches.' 'So, for some time, we will have to, probably, live with the same structure.'
'We have the technical expertise, and international collaborations. We also have robust real-time data. We are a university of pandemic management. If the ministry neglects the role of NCDC, it is the loss of the country'
A June 11 survey by cLocalCircles across 299 districts puts overall vaccine hesitancy levels at 18 per cent, with 11 per cent of the respondents saying they were not convinced if the currently available vaccines would protect them against the new strains; and 5 per cent said they do not plan to take the vaccine at all.
865 million Indian adults require vaccination.
Easier dilution norms for mega initial public offerings (IPOs) have come into effect. Companies with post-listing market capitalisation (m-cap) of more than Rs 1 trillion will not be required to dilute a minimum of 10 per cent. The move to relax dilution norms is seen as a precursor to Life Insurance Corporation's IPO. The central government has said companies with an m-cap exceeding Rs 1 trillion will have to dilute Rs 5,000 crore and at least 5 per cent of their m-cap. Experts said the earlier framework discouraged large companies from listing since they were forced to offload a large volume of shares during the time of their IPO.
A number of listed companies are not to be found on their registered address. The stock exchange has also been unable to contact them through other means. These 50 companies had been suspended for violations for more than six months. The BSE had reached out to them with show cause notices in December 2020.
According to medical practitioners, the treatment is especially useful in controlling disease among those who have not received the vaccine or got only one shot and also the high-risk contacts of a patient.
The study by a group of doctors showed that after two shots of the vaccines, 98 per cent recipients of Covishield showed antibody response, while the same was 80 per cent among Covaxin recipients. Sohini Das and Ruchika Chitravanshi report.
Private equity firm Carlyle Group and associates will acquire a controlling stake of over 50 per cent in PNB Housing Finance by investing in the Rs 4,000 crore preferential issue of equity and warrants of the Delhi-based mortgage lender. After the proposed transactions, expected to be completed by January 1, 2022, Carlyle will also have the right to nominate the chairperson of PNB Housing Finance (PNB HF). This right will continue as long as it holds at least 40 per cent of the share capital on a fully diluted basis.
States should ensure a weekly positivity rate of less than 5 per cent, vaccination coverage of at least 70 per cent among the vulnerable section, and community ownership of Covid-appropriate behaviour, reports Ruchika Chitravanshi.
Hardly anyone wears a mask and most brush off concerns over a pandemic. It is not just scepticism over the existence of the pandemic. A common refrain across villages is the fear of vaccines, reports Ruchika Chitravanshi.
'If you approached it with that level of aggression in 100 days, you would have vaccinated more than half of your country.' 'On a mass scale you will be able to eliminate that wave.'
India is expecting 156 million doses of the vaccine from August to September, reports Ruchika Chitravanshi.
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