UP civic poll: BJP sweeps big cities, but fails to open account in 36 districts

Thiruvananthapuram, Apr 5: Eight more COVID-19 positive cases were reported from Kerala on Sunday, four among whom attended the Tablighi Jamat congregation in Delhi and six people were cured, Health Minister K K Shailaja said.

With this, the total number of affected people under treatment in the state has gone up to 256, she said.

"Out of the eight cases, five are from Kozhikode, and one each from Pathanamthitta, Kannur and Kasaragod districts.

In the case of Kozhikode, four out of the five returned from Nizammuddin meet and one from Dubai.

As of date, 10 people who had returned from Nizammuddin in Delhi have been tested positive," the minister said in a release

A total of 314 cases have been reported from Kerala so far and 56 people have been cured, she said

"We have sent 10,221 samples for testing," she said.

A total of 1.58 lakh people are under observation in the state, out of which 776 are in isolation wards in hospitals.

New Delhi, May 18: Very severe cyclonic storm ‘Amphan’, over central parts of South Bay of Bengal, has intensified into extremely severe cyclonic storm, the India Meteorological Department (IMD) said on Monday. The weather department has warned that ‘Amphan’ may turn into a “super cyclonic storm’.

According to experts, North Odisha coast will face the maximum impact of cyclone Amphan when it makes landfall.

“Wind speed expected to be 110-120 kmph, gusting up to 130 kmph. Balasore, Bhadrak, Jajpur, Mayurbhanj dist can be affected on 20 May (when it makes landfall), IMD Bhubaneswar scientist Umashankar Das told news agency ANI.

The IMD has said that ‘Amphan’ will cross West Bengal - Bangladesh coasts between Digha (WB) and Hatiya island - in the afternoon/evening of May 20 as very severe cyclonic storm.

Earlier, the IMD had warned that ‘Amphan’, over central parts of South Bay of Bengal, will intensify into an extremely severe cyclonic storm on Monday.

“Very Severe Cyclonic Storm (VSCS) ‘AMPHAN’ over central parts of South Bay of Bengal near latitude 12.5°N and longitude 86.4°E, about 870 km nearly south of Paradip (Odisha). To intensify further into an Extremely Severe Cyclonic Storm (ESCS) in the next six hours,” the IMD said in a tweet on Monday.

National Disaster Response Force (NDRF) has sent its 10 teams to Odisha and seven teams to West Bengal in view of the approaching Cyclone Amphan, news agency reported.

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.