All banks are currently offering a three-month moratorium on loan instalments to corporate as well as retail borrowers, but they aren't offering the same to NBFCs. Confederation of Indian Industry (CII) has recommended lifting of the coronavirus lockdown as early as possible. The Supreme Court ordered the government to ensure free testing for coronavirus at both government and private labs. Read for more top stories from the world of business and economy:
Reserve Bank of India (RBI) in its COVID-19 package has said that all commercial banks, cooperative banks and NBFCs including MFIs and housing finance companies are permitted to provide a moratorium on all kinds of term loans.
Coronavirus update: The CII said that the said that the government should not use all its firepower at once as the COVID-19 crisis is not likely to get over soon.
This move is expected to benefit 14 lakh taxpayers; pending GST and custom refunds will also be issued immediately to 1 lakh taxpayers.
RBI has increased the number of days for which a state/UT can be in "overdraft" continuously to 21 working days from the current 14 days; this will provide greater flexibility to states to tide over cash-flow mismatches.
The apex court was hearing a Public Interest Litigation (PIL) for free testing of coronavirus. The petition was filed by Shashank Sudhi who had said that the coronavirus test was very expensive in private labs.