The banks received support from central government with solicitor general Tushar Mehta submitting that waiving off interest will have a 'cascading effect'.
Michael Patra, RBI deputy governor and a member of the panel, said the ‘damage is so deep’ that India’s potential output has been pushed down, and it will take years to repair.
The survey captures consumer sentiments across parameters such as general economic situation, employment scenario, overall price situation, one's income and spending.
The petition stated that RBI's decision to delay EMI payments but allow interest liabilities to accrue during the loan moratorium would negate the relief provided.
S. Gurumurthy’s statement comes at a time when many economists expect govt to borrow directly from RBI, because of rising expenditure and falling tax revenues.
RBI hasn’t directly bought sovereign debt since a law barring the practice came into effect in April 2006. It’s expected to abandon that austerity now.
Printing money, a last resort in financing the deficit, can help move resources from those with some existing savings to those with no existing savings.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
India exited the Indo-Russian FGFA programme in 2018. But now it might procure at least 2 squadrons of Su-57 aircraft from Russia and evaluate Russian proposal to manufacture them in India.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
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