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:
Short-covering by institutional investors, mostly in banking stocks helped Sensex (363 points) and Nifty (77 points) cover losses of last two sessions.
The lenders would require extra capital in the coming 12 months as credit quality declines, resulting in wider provisioning.
The new rates on retail term deposits are applicable from May 27, according to data available on the bank's website.
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.