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Biz EOD: Banks resist moratorium to NBFCs; CII seeks end to lockdown; SC orders free COVID-19 testing

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

twitter-logo BusinessToday.In   New Delhi     Last Updated: April 8, 2020  | 23:42 IST
Biz EOD: Banks resist moratorium to NBFCs; CII seeks end to lockdown; SC orders free COVID-19 testing
Top stories from the world of business and economy

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:

1. RBI proposes, SBI disposes; banks resist moratorium to NBFCs

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.

2. Coronavirus: CII urges early lifting of lockdown, additional Rs 2 lakh crore package

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.

3. Govt to immediately release pending income tax refunds up to Rs 5 lakh

This move is expected to benefit 14 lakh taxpayers; pending GST and custom refunds will also be issued immediately to 1 lakh taxpayers.

4. RBI allows 'greater space' to states, UTs for availing overdraft facilities

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.

5. Supreme Court wants coronavirus tests to be free in private labs

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.

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