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The country’s economic recovery is likely to be gradual as the country is still reeling from the impact of coronavirus (COVID-19), RBI Governor Shaktikanta Das said on Wednesday.
Addressing the FICCI National Executive Committee Meeting, the central bank chief said that the economic recovery is not fully entrenched. He added that the GDP data for the first quarter (Q1) was a telling reflection of how COVID-19 affected the economy.
Meanwhile, the Parliament's monsoon session is underway, which started on Monday with unprecedented precautions against the coronavirus, including staggered sittings of both houses and social distancing between MPs.
The Bihar government has set the wheels in motion for the construction of a new complex of the Patna Collectorate, days after the high court lifted an interim stay on the demolition of the historic landmark, dealing a blow to a sustained bid by citizens for its preservation. Chief Minister Nitish Kumar is slated to lay the foundation stone of the new complex.
Stay tuned for the latest news of the day.
12:50 AM
US outlook remains 'highly uncertain': Fed's Powell
12:01 AM
The US Federal Reserve pledged to keep rates low until it has achieved its goal of maximum employment, which forecasts by the central bankers showed would not happen until at least 2024
10:55 PM
Committee formed to suggest reforms in criminal laws: MHA
A Committee has been constituted under the Chairpersonship of the Vice-Chancellor, National Law University, Delhi to suggest reforms in the criminal laws, Minister of State (MoS) for Home Affairs G Kishan Reddy informed the Rajya Sabha on Wednesday.
9:04 PM
Indian airlines seek $ 1.5 bn in interest-free credit line, says govt
Airlines in India are seeking at least $1.5 billion as an interest-free credit line from the government, Civil Aviation Minister Hardeep Singh Puri said, as lockdowns and restrictions linked to the coronavirus pandemic hit demand for air travel.
The carriers in what was until recently the world’s fastest growing aviation market are also seeking to defer loan repayments by six months, without these borrowings getting classified as “non-performing,” Puri said in a written reply in Parliament. Local airlines have asked the government to include jet fuel in the South Asian nation’s goods and services tax, and abolish excise duty on aviation turbine fuel, the minister said. Read more
8:58 PM
TikTok-Oracle deal to result in separate US firm: Report
With details of TikTok-Oracle deal still scarce, a new Financial Times report suggests that the short video-sharing platform is likely to spin off into a separate US-headquartered company as per the arrangements. In this new corporate entity, Oracle will be a minority shareholder, said the report on Tuesday, citing people familiar with the matter.
However, what will be the size of Oracle's ownership is still not clear. But an important role the Cloud major will play is in ensuring that data of TikTok's users in the US are stored and processed within the boundaries of the country.
The Trump administration last month issued an executive order barring anyone from doing transactions with TikTok's Chinese parent ByteDance 45 days after the order was released.
8:41 PM
Delhi court stays order to unlock residential parts of Nizamuddin Markaz
A court here on Wednesday stayed an order directing Delhi Police to unlock the residential portion of the Nizamuddin Markaz, which was locked after a case was registered against several people attending a religious congregation in violation of COVID-19 guidelines in March.
Additional Sessions Judge (ASJ) Sandeep Yadav passed the direction on a plea by Delhi police, which approached the sessions court against an order passed by a magisterial court on September 11.
8:34 PM
LS passes Banking Regulation (Amendment) Bill, more powers to RBI over UCBs
The passage of the bill to amend the Banking Regulations Act will enhance the Reserve Bank of India’s power to supervise co-operative banks to protect the interests of depositors and strengthen banking entities.
The government introduced the Bill in Lok Sabha replacing the ordinance, promulgated on June 26, 2020, in the current monsoon session. The Lower House of Parliament (Lok Sabha) passed the bill on Wednesday and it will become a law after the President signs it and it is notified.
The banking regulator has already started working on increasing the oversight of urban co-operative banks (UCBs). Read more
8:25 PM
Covid-19 forces early end to Telangana Assembly session
The Covid-19 pandemic forced an early end to the Telangana Assembly session as both the Houses were adjourned sine die on Wednesday, 12 days before the scheduled time.
Both the Legislative Assembly and Legislative Council were originally scheduled to have the session till September 28 but a sudden spurt in Covid cases among the staff on duty is believed to have forced the presiding officers to cut short the session.
Assembly Speaker Pocharam Srinivas Reddy and Council Chairman G. Sukhender Reddy adjourned the Houses sine die after completing the day's agenda.
The decision was taken after a member of Assembly and over 50 others including policemen and legislature staff on duty reportedly tested positive.
8:11 PM
No proposal for regulation of OTT services at present: Dhotre
The government on Wednesday informed Parliament that there is no proposal at present regarding legislation for regulation of Over-The-Top (OTT) service providers.
The Telecom Regulatory Authority of India (TRAI) has given its recommendations on 'Regulatory Framework for OTT Communication Service', where it said no regulatory interventions are required in respect of issues related with privacy and security of OTT services at the moment, Minister of State for Communications and IT Sanjay Dhotre said in a written reply in the Lok Sabha.
The regulator further said it is not an opportune moment to recommend a comprehensive regulatory framework for various aspects of OTT services, beyond the laws and regulations prescribed presently, and that matter may be looked into afresh when more clarity emerges in international jurisdictions.
8:00 PM
Majority of people want personal lives, world to change significantly: WEF survey
Majority of people want the world to change significantly and become more sustainable and equitable, according to a global survey by the World Economic Forum (WEF).
The respondents were spread across 28 countries, including India, and nearly nine in ten said they were ready for their lives and the world to change.
Also, 86 per cent respondents want the world to become more sustainable and equitable, rather than going back to how it was before the COVID-19 crisis started.
Out of them, 87 per cent of the respondents totally agreed that they want "the world to change significantly and become more sustainable and equitable rather than returning to how it was before the COVID-19 crisis".
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First Published: Sep 16 2020 | 6:44 AM IST