Mega merger of PSU banks comes into force from April 1: RBI

Mumbai, Mar 27: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Monetary Policy Committee (MPC) has taken note of the global economic activity coming to a near standstill due to the coronavirus pandemic and added that large parts of the world could slip into recession in the coming days to the coronavirus crisis.
"The MPC noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns and social distancing are imposed across a widening swath of affected countries. Expectations of a shallow recovery in 2020, from 2019's decade low in global growth, have been dashed," Das said.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," he added.
The RBI Governor further added that "the implied GDP growth of 4.7 per cent in Quarter 4 of 2019-20, in the second advance estimates of the National Statistics Office which was released in February 2020, within the annual estimate of 5 per cent for the year as a whole is now at risk."
As per the outlook for the year 2020-21, Das said, "Apart from continuing resilience of agriculture and allied activities most other sectors of the economy will be adversely impacted by the pandemic depending upon, its intensity, spread and duration."
Das also announced a reduction in the repo and reverse repo rates for banks.
"The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent," Das said addressing the media.
The decision for "a sizeable reduction" in the policy repo rate, according to the RBI Governor was taken to "revive growth and mitigate the impact of COVID-19 and ensure financial stability." 

Bhopal, Mar 4: Madhya Pradesh Chief Minister  Kamal Nath on Tuesday asserted that there was no threat to his government.

Nath's comments came when he was asked about reports of alleged 'poaching' attempts being made by the opposition BJP in the state.

“The legislators are telling me that they are being offered so much money. I am telling the MLAs to take it, if they are getting this free money,” Nath told reporters here on the sidelines of a programme.

Congress veteran Digvijaya Singh on Monday alleged that his party MLAs were being offered “huge money by BJP leaders” as part of the saffron party's “poaching” attempt to destablise the Kamal Nath government.

When Nath was asked about any threat to the stability of his government in Madhya Pradesh, he said, “There is nothing to worry about.”

Reacting to Nath's statement, state BJP spokesman Rajneesh Agrawal told PTI that his party has nothing to do with the allegations.

“In fact, these speculations and allegations are part of the internal bickering of among Congress leaders to get nominated for the Rajya Sabha polls,” he said.

After Digvijaya Singh's remarks on Monday, senior BJP leader and former chief minister Shivraj Singh Chouhan accused the Congress veteran of making false statements to create sensationalism.

“Speaking lies to create sensationalism is Digvijaya's habit. Probably some of his (Digivijaya's) works were not done and he wants to create pressure on the CM to get them done,” Chouhan alleged.

New Delhi, May 27: As per the prediction from the IMD, severe heatwave conditions continued in several parts of north India with Delhi recording the country’s second-highest temperature at 47.6 degrees Celsius. On the other hand, Churu in Rajasthan sizzled at 50 degrees Celsius, reporting the highest temperature in the country. Also Read - Delhi Temperature: Heatwave to Continue, IMD Issues Alert, Mercury Rises to 46 Degrees

In Delhi, the mercury soared to 47.6 degrees Celsius in Palam area and most places recorded their maximum temperatures six notches above normal. The Safdarjung Observatory, which provides representative figures for the city, recorded a maximum of 46 degrees Celsius.

The last time when the mercury at the Safdarjung weather station touched the 46-degrees-Celsius mark was on May 19, 2002.

The IMD said the weather stations at Lodhi Road and Aya Nagar recorded their respective maximum at 45.4 degrees and 46.8 degrees Celsius.

In its earlier forecast, the IMD has said that dust storm and thunderstorm with winds gusting up to 60 kilometres per hour is likely over the National Capital Region on Friday and Saturday.

On the other hand, severe heatwave conditions prevailed in several parts of Rajasthan on Tuesday, with the mercury touching 50 degrees Celsius in Churu district.

The IMD said this is the second-highest maximum temperature recorded in Churu district in the month of May in the last 10 years.

Other areas such as Bikaner, Gangangar, Kota and Jaipur recorded maximum temperatures of 47.4 degrees Celsius, 47 degrees Celsius, 46.5 degrees Celsius and 45 degrees Celsius, respectively.

In the adjoining areas of Chandigarh, the severe heatwave condition continued in Haryana, Punjab with Hisar being the hottest place in the region at 48 degrees Celsius.