In Sandelerbil village alone in the Hingalgunj block in the Sundarbans, around 36 families from the Scheduled Caste community migrated from Tamil Nadu in March, where they had been working in a gas oven factory. A majority awaits dues promised but not paid. The story is no different in the villages of Manipur, Atapur, and Amtoli under the Sandeshkhali block in the Sundarbans.
Diamond industry expects revenues to drop by 20-25% in the current financial year.
Such cold-shoulder by banks also indicates a credit freeze that is hard to overcome, unless the government comes out with credit guarantee schemes for loans given by banks. Since that is not happening, and there is no indication of that too, banks are not willing to listen to RBI prodding.
'India's sizeable foreign exchange reserves should serve as a buffer.'
Perched in the hills of Darjeeling, the factory was set up in 1874, but has remained shut since 2001. Efforts to reopen the colonial era establishment are now on a war footing.
CII said working capital limit enhancement should be accompanied by relaxing norms related to collaterals.
While efforts are being mounted on a war footing to arrest its spread, COVID-19 will impact economic activity in India directly through domestic lockdown. The second-round effects, it said, would operate through a severe slowdown in global trade and growth.
'At this point of time, West Bengal is doing better than other states in tackling the crisis. We have a chief minister who herself has hit the streets to do what is to be done, and at the same time ensuring a proper lockdown. She is also trying day and night to set up the requisite infrastructure.'
As the world awaits the end of the global pandemic, rural Bengal might be witnessing a recession unfolding in bits and pieces. With factories and tea gardens closing down, agricultural income falling and storm Aila ravaging a large part of deltaic West Bengal in 2010, migration gradually became a norm.
The RBI on Friday said it will give banks Rs 1 trillion through targeted long-term repo operations (TLTROs), of up to three-year maturity, to deploy in "investment-grade corporate bonds, commercial paper, and non-convertible debentures over and above the outstanding level of their investments in these bonds as of March 27, 2020."
To ease pressure due to the coronavirus lockdown, corporate have asked banks and the government for a six-month liquidity line, so that they can pay off their suppliers and employees.
The volume in the anonymous trading platform, NDS-OM, was Rs 7,210 crore - less than half the normal volume, but not as bad as the start of the day indicated.
The idea is to keep the RBI's information technology (IT) infrastructure in top shape to run the payments and settlement system uninterrupted 24x7, and run the full gamut of RBI functions from the secured data centres, as nearly 14,000 RBI staffers, except the senior-most management, work from home.
Assuming the private bank issues 20 billion shares at Rs 10 apiece (with face value of Rs 2 each), the total capital raise will be Rs 20,000 crore. And for the 49 per cent stake, SBI will need to put in about Rs 10,000 crore.
Bank credit growth declined to 8.5 per cent in January from 13.5 per cent in the year-ago period.
Minutes of the MPC meeting show Das felt economy needs more monetary stimulus as inflation outlook remains uncertain.
Amendment to the Act, sovereign guarantees, investment portfolio, realty holdings, and governance issues to shape valuation.
Nominating Das, the Banker magazine, which announced the award, said India's banks have faced a series of challenges, from non-performing loans to issues around fraud. Faced with these challenges, Shaktikanta Das has taken steps to bring banking in India up to standard via a restrained approach to governance.
Such minutes will be available within two weeks from the date of its confirmation in the next meeting of the central board and on being signed by the chairman in the same meeting, the RBI said in a statement on its website.
Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end.
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