Nirav Modi told to pay Rs 7,200 crore to PNB

Mumbai, Mar 27: The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.

The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.

The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.

RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune.

It all depends how India responds to the situation, he said.

Global slowdown could make things difficult for India too, despite some help from falling crude prices, Das said, adding food prices may soften even further on record crop production.

Aggregate demand may weaken and ease core inflation further, he noted.

The liquidity measures announced include auction of targeted long-term repo operation of 3 year tenor for total amount of Rs 1 lakh crore at floating rate and accommodation under Marginal Standing Facility to be increased from 2 per cent to 3 per cent of Statutory Liquidity Ratio (SLR) with immediate effect till June 30.

Combined, these three measures will make available a total Rs 3,74,000 crore to the country's financial system.

After cutting policy rates five times in 2019, the RBI had been on a pause since December in view of high inflation.

The measures announced come a day after the government unveiled a Rs 1.7 lakh crore package of free foodgrains and cash doles to the poor to deal with the economic impact of the unprecedented 21-day nationwide lockdown.

While the Monetary Policy Committee (MPC) of the RBI originally was slated to meet in the first week of April, it was advanced by a week to meet the challenge of coronavirus.

Mumbai, Jan 29: Unfazed by his suspension from flying on Tuesday, stand-up comedian Kunal Kamra on Wednesday claimed that he once again approached television journalist Arnab Goswami, who he said was his co-passenger on a flight from Lucknow, for an "honest discussion" but was turned away.

Kamra tweeted in the morning that "Arnab Goswami was again travelling in his flight while returning from Lucknow". "I again asked him politely if he wants to have a honest discussion he with his verbal arrogant hand jester he asked me to move away & I did that (sic)," he tweeted.

The comedian was suspended from flying by IndiGo and Air India on Tuesday after he allegedly heckled Goswami aboard a Mumbai-Lucknow plane and posted a video clip on his Twitter handle.

FYI - Arnab Goswami was in my
flight again this morning while returning from lucknow... I again asked him politely if he wants to have a honest discussion he with his verbal arrogant hand jester he asked me to move away & I did that...

— Kunal Kamra (@kunalkamra88) January 29, 2020

While IndiGo suspended Kamra from flying with it for a period of six months, Air India banned him until further notice.

In a statement released on Twitter after he posted the video, Kamra said he did "exactly what Republic TV journalists do to people in their private/public spaces". Kamra stated he had not done anything criminal by allegedly heckling Goswami.

New Delhi, Feb 17: Indian officials denied entry to British lawmaker Debbie Abrahams on Monday after she landed at New Delhi's Indira Gandhi International Airport.

Debbie Abrahams, a Labour Party Member of Parliament who chairs a parliamentary group focused on the Kashmir, was unable to clear customs after her valid Indian visa was rejected, her aide, Harpreet Upal, told The Associated Press.

Abrahams and Upal arrived at the airport on an Emirates flight from Dubai at 9 am. Upal said the immigration officials did not cite any reason for denying Abrahams entry and revoking her visa, a copy of which, valid until October 2020, was shared with the AP. A spokesman for India's foreign ministry did not immediately comment.

Abrahams has been a member of Parliament since 2011 and was on a two-day personal trip to India, she said in a statement.

"I tried to establish why the visa had been revoked and if I could get a 'visa on arrival' but no one seemed to know," she said in the statement.

"Even the person who seemed to be in charge said he didn't know and was really sorry about what had happened. So now I am just waiting to be deported ... unless the Indian Government has a change of heart. I'm prepared to let the fact that I've been treated like a criminal go, and I hope they will let me visit my family and friends."

Abrahams has been an outspoken critic of the Indian government's move last August stripping Jammu and Kashmir of its semi-autonomy and bifurcating the state into two Union Territories.

Shortly after the changes to Kashmir's status were passed by Parliament, Abrahams wrote a letter to India's High Commissioner to the UK, saying the action "betrays the trust of the people" of Kashmir.

India took more than 20 foreign diplomats on a visit to Kashmir last week, the second such trips in six months.

Access to the region remains tight, with no foreign journalists allowed.