Business

A precursor of the Catastrophe Containment and Relief Trust was used for Haiti after the devastating earthquake that struck the island nation in 2010.

The All India Petroleum Dealers Association (AIPDA), which claims to represent the bulk of about 64,000 petrol pump operators in the country, sought a financial relief package.

As part of its economic stimulus package, Japan has earmarked $2.2 billion to help its manufacturers shift production out of China.

Spot gold fell 0.5 per cent to $1,654.26 per ounce by 0735 GMT, after rising to a one-month high of $1,671.40 earlier in the session. The metal had risen as much as 2.8 per cent on Monday.

The Directorate General of Foreign Trade (DGFT) on Saturday banned the export of diagnostic kits from India as the country faces major shortages of medical equipment needed for Covid-19 testing and treatment.

Fitch Ratings also said micro, small and medium-sized enterprises and the services segment are likely to be among the most affected amid reduced consumer spending.

The spike in reported non-perfoming assets (NPAs) would be reflected over the next few quarters, rating agency Icra said.

Trump expressed alarm at the impact on the US energy industry from the twin blows of the economic shutdown caused by the coronavirus and the Russia-Saudi row.

Savings bank accounts with deposits up to Rs 50 lakh will earn 3.25 per cent interest as against existing 3.5 per cent, it said.

This option is for home and auto loan borrowers only and is given under the three-month moratorium announced by the Reserve Bank of India last week, on payment of all instalments of all term loans falling due between March 1, 2020, and May 31, 2020.

Experts have already made it clear that this is not an interest waiver, but a deferment of payments, meaning the additional interest costs will have to borne by the customers.

Sources said IOC has asked the four suppliers to defer some of the volumes they were to deliver in April.

Finance Minister Nirmala Sitharaman had in her budget for 2020-21 pegged gross borrowing in the new financial year at Rs 7.8 lakh crore, higher than Rs 7.1 lakh crore estimated in the current fiscal.

Privatisation-bound Bharat Petroleum Corp Ltd (BPCL) provided Rs 175 crore, while Hindustan Petroleum Corp Ltd (HPCL) chipped in Rs 120 crore.

The pharmaceutical company has signed an agreement with the US government's Biomedical Advanced Research and Development Authority to invest $1 billion in the effort, it said in a statement on Monday.

Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore, also said all his companies have effectively ceased operations due to lockdown.