-The Hindu ‘This indicates the extent of reverse migration from lockdown States to native States’ The demand for MGNREGA work so far in the month of April has increased to 2.57 crore households, 92% higher than a year ago, and a record high for April since 2013, as per State Bank of India (SBI) research. “This indicates the extent of reverse migration from the lockdown States to their native States,” SBI group chief...
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India tightens oversight on funds received by NGOs -Vijaita Singh
-The Hindu New guidelines to banks on Foreign Contribution (Regulation) Act rules. The Ministry of Home Affairs (MHA) has laid down a charter for banks which says that “donations received in Indian rupees” by non-governmental organisations (NGOs) and associations from “any foreign source even if that source is located in India at the time of such donation” should be treated as “foreign contribution”. As per the existing rules, all banks have to report...
More »SBI, PNB, ICICI, HDFC among 8 top banks witnessing wilful defaults surge -Shayan Ghosh
-Livemint.com * SBI saw total wilful defaults rise by around ₹14,000 crore in the six months to September to ₹58,475 crore *ICICI Bank is the only outlier when seen on a standalone basis, with wilful defaults falling 0.2% Eight of India’s biggest banks have seen a significant jump in wilful defaults in the six months to September, with such loans rising by over ₹37,000 crore to ₹1.5 trillion, shows data on suit-filed accounts...
More »Q2 GDP shows surprising resilience: Is it good enough to last?
-Livemint.com/ PTI * 'Despite being the worst affected sector in Q1(due to lockdown), it is quite puzzling how manufacturing turned itself around in Q2,' says Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI * There is evidence of inventory buildup that could act as a drag on future manufacturing growth, says Ghosh New Delhi: The surprise resilience shown by the manufacturing sector that restricted GDP contraction to only 7.5 per cent in September...
More »Why farmers are not cheering their exceptional feat this kharif season -Richard Mahapatra
-Down to Earth Highest rice acreage in six years, more farmers in farms, a bounty monsoon and an expected bumper harvest don't enthuse farmers as their earning dips It is a piece of news that everybody would love to cheer about, except those who made this possible. The current kharif season is exceptional. In comparison to last year, over eight million more hectares of farms are under cultivation this season. There are more...
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