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Karachi, May 8: A cricket museum based in India has bought a bat auctioned by Pakistan Test captain Azhar Ali to raise funds for the needy during the COVID-19 pandemic.

Azhar had put two of his precious belongings -- the bat he used to score 302 runs against the West Indies in a Test in 2016 and the jersey he wore during the 2017 Champions Trophy final win over India -- on an online auction to raise funds for the people affected by the deadly disease.

Both the bat and jersey were signed by members of the Pakistan team.

Azhar announced on social media that he had kept a base price of one million each for the bat and jersey and they had sold for 2.2 million.

He confirmed that Blades of Glory Cricket Museum based in Pune bought the bat by making a winning offer of Rs. 1 million for the bat.

Azhar said that the auction of the shirt also generated a lot of interest and Kash Villani, a Pakistani based in California, came up with the highest bid of Rs. 1.1 million for the shirt before the conclusion of the auction.

Another Pakistani based in New Jersey, Jamal Khan also donated Rs. 100,000 for the cause.

"I put two of my closest belongings on auction with base price of 1 million PKR each to support people suffering due to ongoing crisis. Auction starts now and will close on 11:59 PM 05 May, 2020," Azhar had tweeted.

Ali became the first international player to score a test triple century in Day/Night Test when he scored an unbeaten 302 against the West Indies team in UAE in 2016.

"The shirt is from 2017 Champions Trophy which we won, it has the signature of all the players which were present in the squad," Ali said in a video posted on Twitter.

"Both these things are close to my heart but if it can be used in the difficult times for the benefit of the people I will more than happy."

New Delhi, Jul 8: India has reported a spike of 22,752 COVID-19 cases in the last 24 hours, taking the country's coronavirus tally to 7,42,417 on Wednesday, informed the Union Ministry of Health and Family Welfare.

Out of the total cases reported, 4,56,830 patients have been cured/discharged from the disease while one patient has been migrated, the Health Ministry informed.

It added that there are 2,64,944 active cases in the country.

482 deaths reported in the last 24 hours due to COVID-19 in the country, taking India's death toll to 20,642.

According to the Union Health Ministry, Maharashtra continues to be the worst affected state reporting 2,17,121 coronavirus cases and 9,250 fatalities.

Tamil Nadu -- the second worst-affected state from COVID-19 -- has a total of 1,18,594 cases and 1,636 deaths due to coronavirus.

While Delhi has a total of 1,02,831 COVID-19 cases including 3,165 deaths.

The Indian Council of Medical Research on Wednesday informed that a total of 1,04,73,771 samples tested for COVID-19 up to July 7. Of these, 2,62,679 samples were tested on Tuesday.

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.