Top headlines: Banks' asset quality stable; normal monsoon forecast in July

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Asset quality of banks remained stable during pandemic year: RBI FSR

Banks did not see their bad loan position worsening during the pandemic year of 2020-21 as the gross non-performing ratio stayed stable at 7.48% of the gross advances at the end of March 31, the Financial Stability Report of Reserve Bank of India showed on Thursday.

The stress test conducted by the regulator, however, indicated an increase from the March 2021 levels due to the second Covid wave. READ MORE. 

IMD forecasts normal monsoon rainfall 'over the country as a whole' in July

Southwest Monsoon over the country is likely to be normal in July, the India Meteorological Department (IMD) said on Thursday.

In the forecast for July, IMD Director General Mrutunjay Mohapatra said rainfall is not expected to be good in the first week, but it is likely to pick up in the second half of the second week of July. READ MORE.

Second Covid wave has taken 'grievous toll' on India: RBI Governor in FSR

The second wave of the pandemic took a "grievous toll" on India, but the dented economic activity has started recovering from late-May, Reserve Bank Governor Shaktikanta Das said on Thursday.

In a first, Das flagged the rising data breaches and cyber attacks as a risk facing the economy, along with others like firming global commodity prices. READ MORE.

WHO warns of third coronavirus wave in Europe

A 10-week decline in new coronavirus infections across Europe has come to an end and a new wave of infections is inevitable if citizens and lawmakers do not remain disciplined, the head of WHO in Europe, Hans Kluge, told a news briefing on Thursday.

Last week, the number of new cases rose by 10%, driven by increased mixing, travel, gatherings, and easing of social restrictions, Kluge said. READ MORE.