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Biz EOD: Credit to NBFCs rises; Moody's cuts India's sovereign rating; Oyo allots ESOPs worth Rs 130 crore

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

twitter-logoBusinessToday.In | June 1, 2020 | Updated 23:27 IST
Biz EOD: Credit to NBFCs rises; Moody's cuts India's sovereign rating; Oyo allots ESOPs worth Rs 130 crore
Top stories from the world of business and economy

The banks' credit to NBFCs increased by Rs 5,000 crore in April 2020, while bank credit growth to service sectors saw a rise too, even as most of economic activity remained suspended due to coronavirus lockdown. Global rating agency Moody's downgraded India's foreign currency and local currency long-term issuer ratings to Baa3 from Baa2. Softbank-backed hospitality chain OYO has allotted employee stock ownership plans (ESOPs) worth Rs 130 crore to all its furloughed employees impacted by the coronavirus pandemic. Read for more top stories from the world of business and economy:

1. Credit to NBFCs rises in April; retail credit lowest since Jan 2008: SBI report

Among services, there has been an increase in credit to transport operators by Rs 4,300 crore, and retail traders Rs 6,900 crore in April.

2. Moody's cuts India's sovereign rating to Baa3, maintains negative outlook

The decision to downgrade India's ratings reflects Moody's view that the country's policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period of relatively low growth, the agency said.

3. Coronavirus impact: Oyo allots ESOPs worth Rs 130 crore to furloughed employees

On April 8, OYO founder and Group CEO Ritesh Agarwal had said that the company will place a certain number of employees on furloughs.

4. Cabinet approves Rs 50,000 cr equity infusion for MSMEs; MSP for 14 kharif crops increased

The government also gave a nod to Rs 20,000 crore subordinated debt for stressed MSMEs, benefiting two lakh stressed small businesses.

5. Barclays sees 2020 GDP degrowth at 4%, pegs lockdown cost at $306 billion

With over 190,000 confirmed cases as on May 31, India has the world's 7th highest number of recorded coronavirus infections. However, more than 48 per cent infected people have recovered fully with death rate of less than 3 per cent among confirmed COVID-19 cases.

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