After months of negotiations, Reliance Retail Ventures Ltd announced Saturday that it is acquiring the retail and wholesale business, including the Big Bazaar hypermarket chain, and the logistics and warehousing business from the Future Group as going concern on a slump sale basis.
“Private consumption has lost its discretionary elements across the board, particularly transport services, hospitality, recreation and cultural activities,” the RBI said in its Annual Report for 2019-20.
When the Reserve Bank of India (RBI) took up the matter with Indian Overseas Bank (IOB), the latter informed it had initiated action for classifying the account as wilful defaulter but had kept the same in abeyance due to receipt of a one-time settlement (OTS) proposal.
Notwithstanding large rate cuts to spur growth over the last year and a half, growth has steadily declined despite 250 basis points (bps) in cuts since February 2019. “Future MPCs should not go soft on inflation,” Ghate said in his parting shot.
Health policy premium income at the retail level (individuals) rose 31 per cent to Rs 7,124 crore as of July 2020 from Rs 5,667 crore last July, as per figures released by General Insurance (GI) Council.
The economic activity was expected to recover slightly with the unlock process, but the July-September quarter’s growth estimates are now being revised downwards with intermittent localised lockdowns resulting in slack economic activity and weak demand.
"The RBI announcements on August 6 have permitted restructuring of stressed assets, caused by the COVID-19, across corporate, MSME sectors as well as for personal loans segments, without downgradation of assets quality," says Atanu Kumar Das, MD and CEO of Bank of India.
At a time when the economy is under stress and the growth is expected to contract in 2020-21, the rising forex reserves have come as a breather for the economy as it can cover India’s import bill of more than one year.
The RBI monetary policy review has kept interest rates on hold, contrary to broad market expectations. A look at how concerns around inflation and growth led to this decision, and other key highlights.
Technically, bank deposits are fetching negative real returns of nearly one per cent (-0.99 per cent) as one-year fixed deposit rate has come down to 5.10 per cent (State Bank of India rate) whereas inflation in June was 6.09 per cent.