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Biz EOD: NHAI offers COVID loan; SBI cuts FD rates; Maha tops MSME registrations

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

twitter-logoBusinessToday.In New Delhi Last Updated: May 27, 2020 | 23:54 IST
Biz EOD: NHAI offers COVID loan; SBI cuts FD rates; Maha tops MSME registrations
Top stories from the world of business and economy

In a much-needed relief for highway developers, National Highways Authority of India (NHAI) has offered COVID-19 loans to help them tide over coronavirus crisis. State Bank of India (SBI) has cut interest rates on fixed deposits by up to 40 basis points (bps) across all tenors. Maharashtra topped the chart in MSME registrations with 15.26 lakh new registrations, followed by Tamil Nadu with 9.46 lakh aspiring entrepreneurs. Read for more top stories from the world of business and economy:

1. Bihar, UP outperform most states, Maharashtra tops with 15.26 lakh MSME registrations

As per data compiled by the Ministry of Micro, Small and Medium Enterprises (MSMEs), Bihar ranked number 3 in MSME registration leaving behind the most populous state of Uttar Pradesh and the industrial states of Gujarat and Karnataka.

2. Value buying in banks leaves investors richer by Rs 2 lakh crore

Short-covering by institutional investors, mostly in banking stocks helped Sensex (363 points) and Nifty (77 points) cover losses of last two sessions.

3. Indian banks need $20 billion additional capital as credit quality weakens: Credit Suisse

The lenders would require extra capital in the coming 12 months as credit quality declines, resulting in wider provisioning.

4. SBI cuts fixed deposit rates by 40 bps; check out new rates

The new rates on retail term deposits are applicable from May 27, according to data available on the bank's website.

5. NHAI offers 'COVID loan' to private operators at 2% more than bank rate

The NHAI will disburse 'COVID-19 loan' within 60 days of receiving a valid request from the concessionaire. The loans will be granted only to those parties who are not in default of contractual obligations as on February 19, 2020.

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