Banking system credit grew 6.5 per cent year-on-year in the fortnight ended May 22, down almost 50 per cent from a year ago, reflecting the impact of the nationwide lockdown imposed at the end of March.
Credit grew at a similar pace — 6.5 per cent — in the previous fortnight, while it expanded 12.7 per cent a year ago (as of May 24, 2019), according to rating agency CARE Ratings.
Senior bankers said severe demand destruction during the lockdown was one of the reasons behind the fall in credit growth. The use of sanctioned credit would see a gradual rise as businesses begin activities during the unlocking phase, they said.
Also, the first quarter of the financial year is usually lean as units and service sector enterprises are engaged in finalising accounts for the year gone by.
Gold price today fell from Rs 46,767 to Rs 46,696 per 10 gram, while silver slipped from Rs 47,930 to Rs 47,800 per kilogram, according to India Bullion and Jewellers Association (IBJA).
The gold jewellery prices vary across India — the second-largest consumer of the metal — due to excise duty, state taxes and making charges.
On MCX, August gold futures fell 0.7 per cent to Rs 46,369 per 10 gram, a day after surging about Rs 700, media reports said on Friday.
According to the website goodreturns.in, the price of 24-carat gold in New Delhi fell to Rs 46,500 from Rs 46,650 per 10 gram. Gold rate in Chennai is Rs 48,830 and Mumbai Rs 46,000.
The price of 22-carat gold in New Delhi is about Rs 45,300 per 10 gram, while in Chennai the price is at
COVID-19 is a global crisis that knows no borders, has impacted billions of lives, and has left no organization or economy untouched. It’s shown how systemic risks can have exponential repercussions — on health systems, sudden unemployment, supply chains, and the global economic outlook. Our preparation and resilience are being tested. The immense scale and diversity of the challenges sound very familiar to those who have long championed urgent action to avert catastrophic climate change and rapid nature loss. The difference with climate change is we know what the costs will be if we don’t act now.
That’s why we should look at our efforts to rebuild the post-pandemic world economy through the lens of action on climate change and nature loss. The global losses from climate change could total US$600 trillion by the end of the century. That will hit the global economy harder than the coronavirus. When it
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To see the grotesqueness of what’s happening in America … this is not the America I dreamed of as a child. This is not the America I grew up wanting to be a part of, the America where I served in the military.
I was born in New York and raised in Ghana. When I was 16, my parents saved enough to send me back to the United States. My first job was at a McDonald’s. Since then, I served in the Air Force and created content and technologies for the likes of Boeing, Lucasfilm, Universal Music, Miami Children’s Hospital and Microsoft Xbox. Today, I am the head of CEEK Virtual Reality, where we are working to create innovative content solutions and tools for virtual reality and augmented-reality experiences.
As a business owner,
The Securities and Exchange Board of India (Sebi) on Friday approved the so-called regulatory sandbox framework for the stock market ecosystem. The term is used for live testing new financial technology (fintech) solutions on actual customers, without having to be fully licensed, but under strict regulatory supervision.
Sebi’s new framework allows live testing on a small set of customers for a limited period of time.
“Entities regulated by Sebi shall be granted certain facilities and flexibilities to experiment with FinTech solutions in a live environment and on limited set of real customers for a limited time frame. These features shall be fortified with necessary safeguards for investor protection and risk mitigation,” Sebi said in a circular.
The new framework is based on a discussion paper floated by the regulator a year ago.
Sandeep Parekh, managing partner, Finsec Law Advisors said the