Economy
⚫ICRA sharply revised its forecast on the contraction in the Indian economy to 9.5% for 2020-21 from its earlier assessment of 5%. It attributed the revision to the climbing Covid-19 infections resulting in a spate of localised lockdowns in some states and cities.
⚫The RBI told ARCs to ensure recovery agents do not harass people, by preparing a fair practices code. ARCs shall ensure that recovery agents are properly trained to handle their responsibilities with sensitivity, particularly with respect to aspects such as hours of calling, privacy of customer information, etc.
⚫The IRDA has asked insurers to recognise make-shift or temporary hospitals permitted by the Govt for settlement of health insurance claims.
Finance
⚫The Finance Industry Development Council said that despite the several interventions made by the Govt and the central bank to provide liquidity to cash starved small and medium NBFCs, the situation has not changed significantly. Access to funding for these mid-sized NBFCs continues to be a challenge.
⚫M&A in India rose 14.55% to $43.54 billion in value terms in the first half of 2020, mainly due to Reliance Industries selling stakes in its digital arm Jio platforms.
Current Affairs
⚫Covid-19 cases in India have surged to almost 1 million in less than six months. Southern states, where the growth was relatively slow, have increased their tally in a big way recently.
⚫Over 687,000 Indians have returned from abroad after the Govt launched the "Vande Bharat" evacuation mission.
⚫ICRA sharply revised its forecast on the contraction in the Indian economy to 9.5% for 2020-21 from its earlier assessment of 5%. It attributed the revision to the climbing Covid-19 infections resulting in a spate of localised lockdowns in some states and cities.
⚫The RBI told ARCs to ensure recovery agents do not harass people, by preparing a fair practices code. ARCs shall ensure that recovery agents are properly trained to handle their responsibilities with sensitivity, particularly with respect to aspects such as hours of calling, privacy of customer information, etc.
⚫The IRDA has asked insurers to recognise make-shift or temporary hospitals permitted by the Govt for settlement of health insurance claims.
Finance
⚫The Finance Industry Development Council said that despite the several interventions made by the Govt and the central bank to provide liquidity to cash starved small and medium NBFCs, the situation has not changed significantly. Access to funding for these mid-sized NBFCs continues to be a challenge.
⚫M&A in India rose 14.55% to $43.54 billion in value terms in the first half of 2020, mainly due to Reliance Industries selling stakes in its digital arm Jio platforms.
Current Affairs
⚫Covid-19 cases in India have surged to almost 1 million in less than six months. Southern states, where the growth was relatively slow, have increased their tally in a big way recently.
⚫Over 687,000 Indians have returned from abroad after the Govt launched the "Vande Bharat" evacuation mission.
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