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

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

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

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

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

Passenger vehicle sales to decline by 24-26% in FY21: Crisil

• Passenger vehicle sales in India had fallen 18% last fiscal with commercial vehicle sales falling 29%
• Commercial vehicle sales are also expected to decline 26-28% this year, the report said

India co-opts solar grid to fend off OBOR’s shadow

• The proposed grid gives India a chance to take the lead in evolving global strategies
• Building of the global grid is to countervail China’s attempt to co-opt countries into OBOR

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

Projects worth ₹21.11 lakh crore at a standstill in red zone districts: Report

• Of these 8,917 projects, as many as 7,998, entailing an investment of over ₹16.26 lakh crore, are in the infrastructure sector
• The covid-19 fear has also led to mass migration of labourers to their hometowns.

RBI imposes fines of Rs6.5 crore on three banks

Bank of India was fined Rs5 crore, Karnataka Bank and Saraswat Co-operative Bank Rs1.2 crore and Rs30 lakh, respectively

Dollar Industries unveils new brand identity with Akshay Kumar

• Dollar Industries has also revamped its website and created an e-commerce platform for consumers to shop directly
• It will also actively use social media to promote products as digital becomes preferred shopping channel amidst ongoing pandemic.

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

RBI may allow relaxation for MSME loans, scrap risk weight

The unconditional government guarantee gives enough comfort to RBI to remove the risk weight on these loans, leaving banks with more capital to lend

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.

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

Houseparty will never monetise user data via ads: Epic Games India GM

• The monetisation, if happens, will be based on providing additional services such as premium games and not be an ad-based model used by social media networks

Covid-19 impact: Radio industry on 'ventilator', pleads for support

• The Information and Broadcasting Ministry has responded to the request with a three-month extension of license fee payments without interest
• However, according to AROI the support is much less than had been requested

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

Hair colour brands leverage influencers to stay connected with consumers

• Karan Johar never tried hair colouring at home. This is where Godrej Expert Rich Crème spotted an opportunity and collaborated with him to build an honest piece of communication where he is seen colouring his hair using the brand in a video.

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