RBI extends moratorium on loans for another 3 months till August

News Network
May 22, 2020

New Delhi, May 22: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis.

In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020.

Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, were shifted across the board by three months.

As a result of this moratorium, individuals’ EMI repayments of loans taken were not deducted from their bank accounts, providing much-needed liquidity.

The EMI payments will restart only once the moratorium time period expires on August 31.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 19,2020

New Delhi, Mar 19: Hit hard by coronavirus, budget carrier IndiGo today announced that it will cut salaries of senior employees. IndiGo CEO Ronojoy Dutta, who will himself take a 25% cut in salary, said senior vice presidents and above are taking a 20% pay cut while vice presidents and cockpit crew are taking a 15% pay cut.

With precipitous drop in revenues, the very survival of airline industry is now at stake, Dutta said while announcing the pay cut. "We have to pay careful attention to our cash flow so that we do not run out of cash," Dutta said adding that he knew how hard it was for families to take a cut in "take-home pay".

"With a great deal of reluctance and a deep sense of regret, we are therefore instituting pay cuts for all employees, excluding Bands A and B, starting April 1, 2020," the chief executive officer said. Band A and B are the lowest brackets in salary class, where most of the employees are.

IndiGo's flight operations chief Ashim Mitra had written an email to pilots this morning saying that the economic environment has deteriorated significantly and no airline is insulated from this severe downturn.

"It has become a necessity to initiate some tough calls and we are working on a string of measures that will be shared and implemented over the next few days and weeks," Mitra said.

With countries sealing their borders partially or fully across the world due to the novel coronavirus pandemic, aviation sector has been hit extremely hard as most airlines globally have drastically curtailed their flight operations.

Another budget airline GoAir has already terminated contracts of expat pilots amid curtailed operations due to the coronavirus pandemic.

Citing "unprecedented" decline in air travel, the budget carrier announced it was suspending international operations and offering leave without pay programme to its staff on a rotational basis.

Government-owned Air India may also cut salary of employees by 5% amid its growing financial woes particularly in the wake of the coronavirus pandemic, which has nearly grounded its entire international operations. The reduction will be across the board, according to a PTI report.

The loss-making airline, which is in the process of a second attempt of privatization after failing to get a single buyer nearly two years ago, has already taken some steps such as reduced flying allowances to cabin crew besides withdrawing entertainment allowance to executive pilots, among others.

“Air India is considering a 5 per cent pay cut to its employees as it faces huge financial crisis due to the ongoing coronavirus outbreak, which has brought almost its entire international operations save the US, Canada and a few other markets, to the ground," a source told news agency.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 10,2020

New Delhi, May 10: The Delhi government has asked district magistrates to release 2,446 Tablighi Jamaat members from quarantine centres and ensure that they do not stay in any other place except their homes.

The district magistrates will explore the possibility of sending those Tablighi members, who belong to other states, in buses to their designated places in accordance with social distancing norms and other protocols, DDMA Special CEO K S Meena said in a letter to deputy commissioners (administration).

As man as 567 foreign attendees of the congregation held in Delhi's Nizamuddin area in March, will be handed over to the police, Meena said.

"They (foreign Jamaat attendees) will be handed over to police in connection with several violations like visa violation," a government official said on Saturday.

Delhi Home Minister Satyendar Jain had recently ordered the release of Tablighi members who have completed their required quarantine period in centres and tested negative for COVID-19.

"Out of such people belonging to Delhi, who could be released as per prescribed guidelines should be issued passes to travel from the quarantine centres.

"Under no circumstances, the aforesaid persons should be allowed to stay in any other places including mosques," Meena said in the letter.

In respect of those Tablighi members belonging to other states, it should be ensured by the nodal officer and the area ACP that such people reach their place of residence, he also said.

"The DC should also inform the respective resident commissioner of their states in respect of each and every movement of such persons from Delhi," the Delhi Disaster Management Authority (DDMA) Special CEO said.

Thousands of Tablighi Jamaat members had been taken out of its Markaz (centre) in Nizamuddin, where they had gathered for a religious congregation, and quarantined as the area became a major hotspot after a number of members tested positive for coronavirus.

On March 31, the Delhi Police's Crime Branch had lodged an FIR against seven people, including Maulana Saad Kandhalvi, on a complaint by Station House Officer, Nizamuddin, for holding the congregation.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 29,2020

Theni, Mar 29: A young man under home quarantine for coronavirus after return from Sri Lanka suddenly ran out of his house and fatally bit a 80-year old woman in his neighbourhood in a village near here, police said on Saturday.

The woman with injuries in her neck was hospitalised late Friday after the incident but died on Saturday without responding to treatment, they said.

The man, a resident of Jakkamanayakanpatti and engaged in seasonal business in clothing, was overpowered and handed over to police, who arrested him and investigations were on.

He had recently returned from Sri Lanka and directed to remain under quarantine by health authorities as per the protocol for foreign returnees to check coronavirus spread.

He came out of his house on Friday evening and all of a sudden, denuded himself and began running through the street.

Shocked family members including his father gave a chase even as he caught hold of Nachiyammal, seated on her house’s front yard and bit hard her neck.

The man’s kin overpowered him and admitted the woman to nearby Bodi Government Hospital where doctors on Saturday said she succumbed to her injuries, not responding to treatment. Health authorities were unavailable for comments immediately.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.