Top headlines: S&P cuts India's growth forecast; updates on Covid-19 cases

From RBI considering relaxing bad loan rules to DoT's appeal for AGR relief to telcos, Business Standard brings to you the top headlines of the day

1. Govt, RBI may relax bad loan rules for sector hit by coronavirus: Report

The government and the Reserve Bank of India (RBI) are considering giving relief to banks, aviation and other hospitality sectors hit by the coronavirus outbreak by relaxing bad loan classification rules, a source familiar with the matter said. The government is discussing increasing timeline by 30-60 days to classify a loan as a bad loan, the source said. Currently, a debt not serviced for 90 days is classified as a bad loan. Read more...

2. 276 Indians, including 255 in Iran, infected with coronavirus abroad: MEA

As many as 276 Indians have been infected with coronavirus abroad, including 255 in Iran, 12 in UAE and five in Italy, the government informed the Lok Sabha on Wednesday. In a written reply to a question in the Lok Sabha, Minister of State for External Affairs V Muraleedharan said the total number of Indians infected by coronavirus is 276 -- 255 in Iran, 12 in UAE, five in Italy, and one each in Hong Kong, Kuwait, Rwanda and Sri Lanka.  Read on...

3. S&P lowers India's growth forecast to 5.2% for 2020 amid Covid-19 pandemic

S&P Global Ratings on Wednesday lowered India's economic growth forecast to 5.2 per cent for 2020, saying the global economy is entering a recession amid the coronavirus pandemic. The agency had earlier projected a growth rate of 5.7 per cent during the 2020 calendar. Read more...
 

4. DoT plea for AGR relief to telcos: SC irked, to decide after two weeks

A Supreme Court Bench, comprising Justices Arun Mishra and M R Shah, on Wednesday expressed its displeasure over the Department of Telecommunication’s (DoT’s) plea seeking to allow telecom operators to make a staggered payment of their adjusted gross revenue (AGR) dues. The matter was deferred to be heard again after two weeks. Read on...

5. Banks to approach RBI for relief on NPA classification amid Covid-19 fears

The coronavirus pandemic has sparked concerns about a fresh surge in bad loans at India’s lenders, and the industry body representing the banks plans to appeal to regulators to provide some reprieve in bad-debt classification, two sources told Reuters on Tuesday. Read more...

6. RBI may cut key interest rates by 175 bps in FY21 to tackle slowdown: Fitch

Fitch Solutions on Wednesday said it expects the Reserve Bank of India to cut key interest rates by 175 basis points during the fiscal year starting April 1, up from earlier estimate of 40 bps reduction, to combat the economic shock from the coronavirus outbreak. Read on...

7. Global refiners consider crude oil cuts as coronavirus destroys fuel demand

Falling prices for crude oil are usually a good thing for global refiners - except when nobody is driving. Worldwide, refineries are slowing output and contemplating extensive maintenance due to travel restrictions put in place in response to the coronavirus pandemic. Read more...