International Monetary Fund (IMF) Managing Director Kristalina Georgieva has warned of a recession worse than the global financial crisis back in 2008. "We're now in recession, it is way worse than the global financial crisis," Georgieva said on Friday at a joint press conference with the World Health Organization (WHO), noting the "dual crisis" -- health and economic crisis -- caused by COVID-19 outbreak is unprecedented in the history of IMF, Xinhua reported.
Additional Chief Secretary Home Awanish Kumar Awasthi on Friday said on the directions of Chief Minister Yogi Adityanath all banks in the state will remain open on Mahavir Jayanti and Good Friday during the lockdown period. Banks will remain open on two public holidays on the instructions of the chief minister on Mahavir Jayanti and Good Friday -- April 6 and 10 -- so that the beneficiaries of various schemes who have been given financial aid face no problems, he said.
The trade between China and India fell 12.4 per cent year-on-year to USD 12 billion in the first two months amid the coronavirus outbreak, according to the latest data from Chinese customs. From January to February, China's exports to India were 67.1 billion yuan (USD 9.5 billion), down 12.6 per cent on a yearly basis and imports from India dropped 11.6 per cent to 18 billion yuan (USD 2.5 billion), the state-run Global Times reported on Friday.
Equity benchmark Sensex tumbled 674 points on Friday, weighed by losses in banking stocks as unabated spike in new COVID-19 cases fuelled uncertainty over the economic impact of the pandemic. After hitting a low of 27,500.79 during the day, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95. The NSE Nifty shed 170 points, or 2.06 per cent, to finish at 8,083.80.
The price of CNG used in automobiles and cooking gas piped to household kitchens was on Friday cut by 7 per cent in step with a reduction in input natural gas prices. Indraprastha Gas Ltd, the retailer of CNG and piped natural gas in the national capital and adjoining areas, said CNG price in Delhi will be cut by Rs 3.20 to Rs 42 per kg.
Bank shares on Friday dropped up to 15 per cent after Moody's Investors Service changed the outlook for Indian banking system to negative from stable. Shares of RBL Bank tumbled 14.99 per cent, Kotak Mahindra Bank tanked 7.77 per cent, IndusInd Bank fell 7.33 per cent, ICICI Bank 6.56 per cent, SBI 4.34 per cent.
India's economic growth is likely to slow down to 4 per cent this fiscal on the back of the current global health emergency, Asian Development Bank said in its outlook for financial year 2020-21 on Friday.
In the view of nationwide coronavirus lockdown, the Central government on Thursday announced to get Rs 500 per month to women Jan Dhan account holder for the next 3 months through DBT (Direct Benefit Transfer). As per the government's data, this decision will benefit about 20 crore account holders. This benefit will come as a part of Union Finance Minister Nirmala Sitharaman's announcement of Gareeb Kalyan package worth Rs 1.7 lakh to give relief to the poor tide over the coronavirus COVID-19 pa
As the new financial year has begun, so many public sector banks including some private banks announced tweeting that they will offer the service of 3 months moratorium to their existing customers and they can avail the service according to their needs due to Pandemic, COVID 19 impact on finances of people. People were worried even after the announcement by RBI to give 3 months loan moratorium because they were getting SMSs and mail alerts from their banks to pay the EMI before the due date. So,