UAE to contribute Rs 700 crore for Kerala flood relief

Beijing, Feb 19: The death count from China's new coronavirus epidemic jumped to 2,000 on Wednesday after 132 more people died in Hubei province, the hard-hit epicentre of the outbreak.

In its daily update, the province's health commission also reported 1,693 new cases of people infected with the virus.

This brings the total number of cases in mainland China past 74,000.

Most of the cases are in Hubei, where the virus first emerged in December before spiralling into a nationwide epidemic.

Wednesday's jump in the death count was an increase on Tuesday's figures, although the number of new cases reported in Hubei were the lowest for a week.

A study released by Chinese officials claimed most patients have mild cases of the illness.

Outside of hardest-hit Hubei, which has been effectively locked down to try to contain the virus, the number of new cases has been slowing and China's national health authority has said this is a sign the outbreak is under control.

President Xi Jinping, in a phone call with the British prime minister, said China's measures were achieving "visible progress", according to state media Tuesday.

However, the World Health Organization has cautioned that it was too early to tell if the decline would continue.

On Tuesday the director of a hospital in the central Hubei city of Wuhan became the seventh medical worker to succumb to the COVID-19 illness.

Yadgir, Feb 27: A four-year-old girl and her four-month-old sibling died after consuming pesticide mistaking it to juice at Kodal village in Vadagera taluk of Yadgir district on Wednesday.

After noticing her daughters lying lifeless, mother Shehnaz attempted suicide by consuming poison.

Khairunna (4) mistook pesticide for juice and consumed it while her mother was busy doing household chores. She also reportedly made her four-month-old sister drink. 

Upon seeing the siblings lying lifeless, Shehnaz, fearing her husband and mother-in-law, attempted suicide by consuming poison.

All three were rushed to Yadgir district hospital. The siblings died while their mother is battling for her life.

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.