Top headlines: FM lays out bad bank framework; Airtel to opt for moratorium

Business Standard brings you the top stories from today

FM Sitharaman announces over Rs 30,000 cr guarantee for bad bank

The Union Cabinet has cleared a proposal to provide Rs 30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company (NARCL) as part of resolution of bad loans, Finance Minister Nirmala Sitharaman said on Thursday.

The proposed bad bank or NARCL will pay up to 15 per cent of the agreed value for the loans in cash and the remaining 85 per cent would be government-guaranteed security receipts.

The government guarantee would be invoked if there is loss against the threshold value. Read more

Will opt for moratorium to redirect cash flow to build network: Mittal

Telecom operator Bharti Airtel will opt for payment moratorium, offered in telecom relief package, and redirect the cash flow to aggressively build networks, its Chairman Sunil Bharti Mittal said on Thursday.

Telecom reforms will spur growth, and have paved the way for all players to come together and work as a team to unleash India's telecom dream, Mittal said. Read more

Virat Kohli to quit national T20 captaincy after World T20

Virat Kohli on Thursday announced he will step down as India's T20 captain after the T20 World Cup in UAE but will continue to lead the side in ODIs and Test cricket.

"I've decided to step down as the T20 captain after this T20 World Cup in Dubai in October," Kohli said in a statement posted on his Twitter page.

For some time, there has been speculation about Kohli's future as white-ball captain especially in the backdrop of Rohit Sharma's brilliant track record of winning five IPL titles for Mumbai Indians. Read more

Snapdeal announces additional maternity benefits, two-week paternity leave

Gurugram-based e-commerce firm Snapdeal, which has repositioned itself as a value e-commerce company, said on Thursday it would offer new mothers the option to work from home for six months, in addition to six months of maternity leave.

As companies look to welcome employees back to the office, Snapdeal announced this update to its maternity leave policy keeping in mind the ongoing pandemic and apprehensions that new mothers may have while returning to the office. Read more