Give cash to poor, borrow more to boost demand: Chidambaram : Bulletin: Business Today
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Give cash to poor, borrow more to boost demand: Chidambaram

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BusinessToday.In | September 7, 2020

Delhi Metro to resume in 3 stages, stations in containment zones to remain shut

Delhi Metro is set to resume services in three stages from Sept. 7 after a hiatus of over five months due to the Covid-19 pandemic, but stations in containment zones would remain closed, DMRC said. Officials of the urban transporter also cautioned that "trains may not stop at some of the stations" if social distancing norms are not adhered to by the passengers.

Transfer cash to poor, give free food, borrow more to boost demand: Chidambaram

Former finance minister P Chidambaram has suggested some measures to boost demand as COVID-19 pandemic hits India's economy hard. The senior Congress leader, in a series of tweets on Sunday, advised the Centre should first transfer some cash to the poorest 50 per cent families of the country. He said the Centre should also provide free food grain to all families who need it.

SBI moots VRS scheme to optimise costs, 30,000 employees eligible

In a bid to optimise its costs, the State Bank of India (SBI) has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible. The total employee strength of the country's largest lender stood at 2.49 lakh at the end of March 2020 as compared to 2.57 lakh a year ago. According to sources, a draft scheme for VRS has been prepared and board approval is awaited.

COVID-19 vaccine: Russia all set to roll out Sputnik V for civilian use this week

While most countries are in different stages of trials with regard to their potential COVID-19 vaccine candidates, Russia is all set to roll out its newly developed vaccine Sputnik V for civilian use this week. This vaccine candidate Sputnik V may get the approval for the release of the first batch this week, Denis Logunov, an associate member of Russian Academy of Sciences, said, Russian news agency TASS reported.

Rs 10 lakh crore loans may avail restructuring benefit: Bankers

Banks may restructure loans of more than Rs 10 lakh crore largely attributed to 5-6 critical sectors, including aviation, commercial real estate and hospitality, that have been severely hit by the COVID-19 outbreak, according to bankers. Finance Minister Nirmala Sitharaman last week asked banks and NBFCs to roll out one-time loan restructuring scheme for COVID-19 related stress by September 15.

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