RBI on Friday announced a repo rate cut of 75 basis points, Rs 3.74 lakh crore liquidity boost, and deferment of loan instalments for 3 months, among other things, to counter the economic impact of coronavirus. Tata Motors on Friday decided to convert its passenger vehicle business unit including its new found electric vehicle business into a separate subsidiary. Although the government has approved 35 private laboratories to conduct Covid-19 testing, they fear the stock may not last longer than a week. Read for more top stories from the world of business and economy.
RBI's list of announcements included a repo rate cut of 75 basis points, Rs 3.74 lakh crore liquidity boost, and deferment of loan instalments for 3 months, among other things.
The new subsidiary would be led by the current president of EV business, Shailesh Chandra from April. The current MD of the PV business, Mayank Pareek will retire from the company in February 2021.
To an economy passing through demand depression and high unemployment, the lockdown would add supply-side stress, accelerating the slowdown further and jeopardising the economic wellbeing of millions.
SBI Chairman Rajnish Kumar said that the bazooka of conventional cash reserve ratio (CRR) cut by 100 bps and unconventional liquidity measure of incentivising banks will lift the spirit of financial market.
The short-supply of personal protective equipment is fast emerging as a big problem confronting laboratories nationally, especially those collecting samples from home.