Real Ayodhya is in Nepal, Lord Ram was Nepali, says Nepal PM

Malappuram, Apr 11: Farmers in Malappuram district are facing problems in selling cucumbers and watermelons due to the drop in demand and prices in the market amid the nationwide COVID-19 lockdown.

"We have cultivated cucumbers for our Vishu festival in Kerala. In recent conditions, we are facing issues in selling our crops. In comparison to the previous years, we have a huge production this time," said Saifu, a farmer in the Malappuram district.

"We have also cultivated different kinds of watermelons here. The major issues that we are facing are the low prices and the lockdown," he added.

The nationwide COVID-19 lockdown was imposed by Prime Minister Narendra Modi form March 25 for 21 days as a precautionary measure against the spread of the virus.

According to the Union Ministry of Health and Family Welfare, the total number of positive COVID-19 cases in Kerala is 364. Till now, 123 people have either been cured or discharged, while two deaths have been reported.

The total number of positive coronavirus cases across the country are 7,529 including 6,634 active cases. So far, 652 patients have either been cured or discharged while 242 deaths have been recorded in the country, as per data provided by the Ministry of Health on Saturday evening.

New Delhi, Apr 21: Tablighi Jamaat leader Maulana Saad Kandhalvi, who has been booked by the Delhi Police for holding a religious congregation here during the lockdown, on Monday urged the followers of the organisation to pray at home in the month of Ramzan.

"I request all, both in India and abroad, to strictly follow the guidelines and instructions of the local or national governments and till the time restrictions are in place and please observe prayers at home. And even in this, we should not invite people from outside," he said in a statement.

Ramzan begins later this week.

While addressing an online briefing on Sunday, Chief Minister Arvind Kejriwal cited the Tablighi Jamaat congregation last month, a major hotspot, and the large inflow of travellers from other countries to Delhi as the reasons for the spread of the virus, and said the city was "fighting a difficult battle".

The Delhi Police crime branch, had on March 31, lodged an FIR against seven people, including the cleric, on a complaint by the Station House Officer of Nizamuddin police station for holding the congregation in alleged violation of the orders against large gatherings to contain the spread of coronavirus.

Later, the Indian Penal Code Section 304 (culpable homicide not amounting to murder) was added to the FIR.

The cleric is wanted by the Delhi Police and he responded twice to them. He is currently under home quarantine.

In an audio message released earlier this month, Kandhalvi had said he was exercising self-quarantine after several hundreds who visited the congregation at Nizamudddin Markaz tested positive for coronavirus.

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.