Editor, TV channel head arrested over defermatory content against Adityanath

New Delhi, Mar 9: Petrol and diesel prices registered a drop across the country on Monday as global oil prices plummeted around 30 per cent after Saudi Arabia slashed prices and set plans for a dramatic increase in crude production in April.

In New Delhi, petrol price fell by 24 paise intra-day and stood at Rs 70.59 per litre. Diesel in the national capital was retailed at Rs 63.26 per litre on Monday as against Rs 63.51 on Sunday.

The retail price of petrol in Kolkata saw a drop of 23 paise to Rs 73.28 per litre. The diesel price fell by 25 paise in the eastern metropolitan city to retail at Rs 65.59 per litre.

In Mumbai, petrol price was Rs 76.29 per litre as against Rs 76.53 a day earlier. Diesel was retailed at Rs 66.24 per litre, 26 paise lower than on Sunday.

In Chennai, petrol was retailed at Rs 73.33 per litre, 25 paise lower than a day earlier. Diesel price saw a fall of 26 paise to retail at Rs 66.75 per litre in the southern metropolitan.

Global crude oil prices fell by as much as a third following Saudi Arabia's move to start a price war with Russia amid worries over the spread of coronavirus.

Brent crude futures were down 13.29 dollars or 29 per cent at 31.98 dollars a barrel by 04:33 hrs GMT after earlier dropping to 31.02 dollars, their lowest since February 12, 2016.

Brent futures were on track for their biggest daily decline since January 17, 1991 at the start of the first Gulf War.

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.

New Delhi, Jun 8: Delhi Chief Minister Arvind Kejriwal has announced that malls, restaurants and religious places in the national capital would open from Monday after more than two months since the coronavirus-induced lockdown was imposed, but banquet halls and hotels would remain closed.

At an online briefing on Sunday, Kejriwal said hotels and banquet halls might be converted into hospitals in the coming days to treat coronavirus patients and therefore, they would remain shut.

"Malls, restaurants and religious places will be opening from Monday in Delhi in accordance with the Centre's guidelines," he said.

The city government will comply with the instructions of the Centre and its experts like maintaining social distancing and wearing of masks at these places, Kejriwal said.

"In view of the rising number of coronavirus cases, we might attach hotels and banquet halls with hospitals and convert them into hospitals. Hotels and banquet halls will not be opened for now," he said.

The Centre had said on May 30 that "Unlock-1" would be initiated in the country from June 8 and the lockdown would be relaxed to a great extent.

The Delhi government also issued an order allowing opening of restaurants, shopping malls and places of worship except in the COVID-19 containment zones, "subject to compliance with the Standard Operating Procedure (SOP) issued by the Ministry of Health and Family Welfare".

Kejriwal urged the elderly people, who are at a higher risk of contracting the coronavirus, to confine themselves in a room and not to interact with even the family members in order to protect themselves.

Delhi has so far registered over 27,500 coronavirus cases, including 761 deaths.