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Karnataka Bank. (PTI)
Karnataka Bank. (PTI)

Karnataka Bank fined 1.2 crore by RBI

  • Karnataka Bank was fined for deficiencies in regulatory compliance
  • RBI said the penalty is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers

The full impact of the lockdown on manufacturing and services will become more apparent in the June quarter, with Goldman Sachs predicting a 45% contraction from a year ago. Photo: Priyanka Parashar/Mint
The full impact of the lockdown on manufacturing and services will become more apparent in the June quarter, with Goldman Sachs predicting a 45% contraction from a year ago. Photo: Priyanka Parashar/Mint

India's economy seen slowing rapidly in March quarter, with worse to come

The median forecast from a Reuters poll of economists put annual economic growth at 2.1% in the March quarter

In Karnataka 44% of salaried wage workers reported that they had not been paid their salaries or they had received reduced salaries during the lockdown. (Photo: ANI)
In Karnataka 44% of salaried wage workers reported that they had not been paid their salaries or they had received reduced salaries during the lockdown. (Photo: ANI)

Around 66% workers lost jobs, 77% consuming less than before lockdown: Survey

Azim Premji University on Thursday released the findings of its survey carried out between 15 April and 15 May to understand the impact of the lockdown on livelihoods, and access to government relief schemes

Almost 11% of the shipments comprising non-essential items were stuck in transit at hubs.
Almost 11% of the shipments comprising non-essential items were stuck in transit at hubs.

Medicine, grocery most shipped items in April: Report

  • The survey, which involved 1,931 sellers, revealed that Delhi, Mumbai, and Bengaluru, were followed by Hyderabad and Gurugram in terms of maximum pickups and deliveries
  • The report noted that 11% of the shipments comprising non-essential items were stuck in transit at hubs

In the near term, banks are expected to prioritize asset quality stress management and capital preservation.
In the near term, banks are expected to prioritize asset quality stress management and capital preservation.

Fitch warns of big hit to asset quality of lenders

RBI’s latest measures, including an extension of the 90-day moratorium on recognition of impaired loans and allowing banks to fund interest on working capital loans, will put a heavy burden particularly on state-owned banks to bail out affected sectors, says Fitch

Automobile sales are running out of steam as the pandemic has severely impacted urban income sentiments. (Photo: Mint)
The pre-bid meeting for developing One Sun One World One Grid has been called 5 June. (Bloomberg)
Loans under the  ₹90,000 scheme will be disbursed in two tranches. (Mint)
Loans under the 90,000 scheme will be disbursed in two tranches. (Mint)

Discoms with dues barred from covid loans

  • The primary condition for a loan from PFC and REC is that applicant discoms are not existing borrowers
  • Interest shall be serviced regularly on monthly basis, as per the PFC guidelines, also applicable to REC loans

The remaining over 900 projects pertain to sectors like manufacturing, irrigation, power and mining.
Photo: PTI
Actor Akshay Kumar
A swarm of desert locusts, which is a type of a species of short-horned grasshoppers, attcaks Sri Ganganagar. (ANI)
A swarm of desert locusts, which is a type of a species of short-horned grasshoppers, attcaks Sri Ganganagar. (ANI)

Locust attack: About 90,000 hectares hit in 20 Rajasthan districts

  • Crop over 4,000 hectares in Sri Ganganagar and 100 hectares in Nagaur have been destroyed
  • Swarms of locust had recently entered some residential areas of Jaipur and settled on trees and walls

(Photo: Reuters)
Online and retail stores are seeing a rise in purchase of casual slippers, t-shirts, shorts, and tracks, and even innerwear. Photo: iStock
Online and retail stores are seeing a rise in purchase of casual slippers, t-shirts, shorts, and tracks, and even innerwear. Photo: iStock

Lockdown impact: Casual footwear, apparel find takers offline and online

  • Brands said they are expanding their work from home collections and promoting ‘business casuals' for those who are busy making appearances on Zoom calls
  • Most retailers, who have started opening stores or selling non-essentials online, said the demand is largely need-based for essential apparels.

The Indian economy, Asia's third-biggest, is reeling from lockdown measures to curb the coronavirus pandemic.
The Indian economy, Asia's third-biggest, is reeling from lockdown measures to curb the coronavirus pandemic.

Monsoon onset over Kerala likely to be on June 1: IMD

  • The IMD had earlier forecast the arrival of monsoon rains over Kerala on June 5, four days later than usual
  • The IMD said last month India is likely to get average monsoon rains this year, raising expectations of higher farm output

Epic Games India general manager Quentin Staes-Polet.
(representative image) (Shutterstock)
The government is not only planning to eliminate locusts but their eggs too for long-term relief from their attacks, said MP agriculture minister
The government is not only planning to eliminate locusts but their eggs too for long-term relief from their attacks, said MP agriculture minister

Madhya Pradesh plans to declare locust swarm attacks as natural disaster

Farmers will be able to get compensation for the losses due to locust swarm attacks when the problem is declared a natural disaster, MP agriculture minister Kamal Patel said

Godrej Expert Rich Crème has collaborated with Karan Johar for a video campaign.
Consumers in India report the amount of fat is nearly as important as the type of oil .. Photo: Kalpak Pathak/HT (Kalpak Pathak/HT)
Consumers in India report the amount of fat is nearly as important as the type of oil .. Photo: Kalpak Pathak/HT (Kalpak Pathak/HT)

Study says 78% Indian consumers check for fat and oil in packaged food

  • Around 89% of Chinese consumers are concerned about fats and oils, while the figure stands at 68% globally
  • The FATitude report has been curated to highlight the evolving consumer perspective towards changing lifestyle and its requirements

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