Business Highlights

Following are the top business stories at 1910 hours: DEL81 BIZ-VIRUS-3RDLD RBI RBI eases bad loan rules, cuts reverse repo rate, freezes dividend payout by banks Mumbai: The RBI on Friday further eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points, as it unveiled a second set of measures to support the economy hit hard by a coronavirus-led slowdown. DEL64 BIZ-RBI-GROWTH RBI Guv hopes India will stage sharp V-shaped recovery in 2021-22 Mumbai: The Reserve Bank Governor Shaktikanta Das on Friday said there are a few slivers of brightness amidst the encircling gloom and hoped that India will stage a sharp V-shaped recovery in 2021-22 as projected by the International Monetary Fund (IMF).

DEL65 BIZ-VIRUS-LD PARACETAMOL FORMULATIONS Govt lifts curbs on exports of medicines made from Paracetamol New Delhi: The government on Friday removed restrictions on exports of medicines made from Paracetamol amid the outbreak of Covid-19. DEL109 BIZ-VIRUS-RBI-FM RBI measures to boost liquidity, incentivise banks to lend more to boost economy: FM New Delhi: Finance Minister Nirmala Sitharaman on Friday said the RBI has taken a slew of steps to maintain adequate liquidity in the system, incentivise bank credit flows, ease financial stress and enable normal functioning of markets, following difficulties being faced due to COVID-19.

DEL62 BIZ-VIRUS-LD RBI-INFLATION RBI sees retail inflation falling below 4 pc by mid-FY21 as Covid-19 outbreak threatens demand Mumbai: The Reserve Bank of India sees retail inflation falling below its targeted 4 per cent by the second half of the current fiscal year as the spread of coronavirus pandemic followed by continued lockdown in the country has posed serious challenges to the demand in the economy. DEL119 BIZ-LD STOCKS Markets vault after RBI's liquidity boost; post weekly gains Mumbai: The BSE Sensex soared over 986 points on Friday after RBI's second batch of stimulus measures lifted sentiment amid the coronavirus gloom. DEL126 BIZ-LD RUPEE Rupee rebounds 48 paise against USD on RBI booster Mumbai: The Indian rupee on Friday settled 48 paise higher at 76.39 against the US dollar, rebounding from an all-time low hit a day earlier, buoyed by RBI measures to prop up the economy reeling under the Covid-19 impact.

DCM43 BIZ-RBI-INDUSTRY REAX RBI's move to infuse liquidity will help businesses mitigate financial stress: India Inc New Delhi: The RBI's move to slash reverse repo rate and provide a refinance window of Rs 50,000 crore will infuse liquidity into the system and nudge banks to lend more, enabling businesses to overcome the financial stress caused by the coronavirus pandemic, India Inc said on Friday. DCM29 BIZ-PETROL-DEMAND Fuel sales slump 50% in April; petrol down 64%, diesel 61%, ATF 94% New Delhi: India's fuel consumption slumped by a record 50 per cent in April as all petroleum products except LPG saw massive demand erosion following a nationwide lockdown halted economic activity and travel. MCM4 BIZ-VIRUS-TOBACCO Indian tobacco consumption, exports may dip by 20% due to lockdown Hyderabad: Domestic consumption and export of tobacco may witness a dip of about 20 per cent during the current year due to ongoing lockdown to check coronavirus spread in India as well as some countries in Europe and the US, sources close to the Tobacco Board said.

DCM18 BIZ-VIRUS-RBI-CURRENCY RBI pumps Rs 1.2 lakh crore fresh currency into system Mumbai: The Reserve Bank has pumped Rs 1.2 lakh crore of fresh currency into the system in the last 45 days since the COVID-19 outbreak in the country, Governor Shaktikanta Das said on Friday. DCM23 BIZ-RBI-BANKS-DIVIDEND RBI bans banks, cooperatives from paying dividends Mumbai: The Reserve Bank on Friday debarred all commercial and cooperative banks from paying dividends to shareholders and promoter groups as the regulator fears the Covid-driven economic shocks would continue longer and may put the health of the financial system at risk. DCM25 BIZ-VIRUS-RBI-ASSETS BANKS In relief to borrowers and banks, RBI exempts accounts with moratorium benefits from asset recognition norms for 90 days Mumbai: The Reserve Bank on Friday announced an asset classification standstill for three months to May 31 but asked banks to set aside additional money as provisions against loan accounts where the 90-day moratorium on repayments has been utilised. DCM28 BIZ-TRAI-INTL CALL Trai raises int'l call termination charges to 35-65 paise/min; telcos to benefit New Delhi: Telecom regulator Trai on Friday said international call termination charges will be brought under forbearance but within prescribed range of 35 to 65 paise/min against a fixed rate of 30 paise/minute earlier -- a move expected to benefit telecom operators.

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