RBI allows states to avail short-term relaxations for another 6 months : Bulletin: Business Today
Business Today

RBI allows states to avail short-term relaxations for another 6 months

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Rashi Bisaria | September 30, 2020

COVID-19 impact: Large companies maintaining digital transformation budgets, says TCS

A significant number of large enterprises have either maintained their digital transformation budget or increased it even as the COVID-19 pandemic as impacted revenue of businesses globally, according to a survey by Tata Consultancy Services (TCS). Prior to the pandemic, the average organisation surveyed had only 9 per cent of its workforce working mostly from home. That percentage has increased seven-fold and is expected to remain elevated through 2025.

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RBI allows states to avail short-term borrowing relaxations for another 6 months

The Reserve Bank of India (RBI) on Tuesday extended the relaxation in Ways & Means Advances (WMA) limits of states for another six months to enable them to plan their market borrowings to meet revenue mismatches. Earlier in April, the central bank had hiked the borrowing limit of all states and union territories under the WMA facilities by 60 per cent to help them undertake COVID-19 containment and mitigation measures. WMAs are temporary liquidity support provided by the central bank to the government to meet short-term expenditure needs.

India among worst performing economies but revival in current quarter likely: Abhijit Banerjee

Nobel Laureate Abhijit Banerjee on Tuesday said India is among the worst performing economies in the world and the government's economic stimulus was inadequate to tackle the problem. He, however, said that the country will see a revival in growth in the July-September quarter of the current fiscal.

Mukesh Ambani earned Rs 90 crore per hour since lockdown, total wealth Rs 6.6 lakh crore: Hurun ListMukesh Ambani, Chairman of India's most valued firm Reliance Industries, has topped the list of richest Indians for the ninth consecutive year, with a net worth of Rs 6,58,400 crore, as per the latest IIFL Wealth Hurun India Rich List 2020. Ambani earned Rs 90 crore every hour since the March lockdown imposed to contain the spread of coronavirus, the report said.

COVID-19 outbreak may get worse during festive season, winter, says Dr VK PaulThe government has expressed concerns that the COVID-19 outbreak might get worse during the festive season followed by the winter season. Dr VK Paul, NITI Aayog member (health) said at the government's COVID-19 briefing, "Winter season is seen as a breeding ground for viruses and infections. We must remember that the world is also witnessing a second peak. We are also detecting more severe forms of coronavirus cases as the season progresses".

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