Finance Minister Nirmala Sitharaman will review the implementation of resolution framework for Covid-related stress in bank loans, with the top management of scheduled commercial banks and non-banking financial companies (NBFC) on Thursday.
As the pandemic has led to severe economic stress across sectors, the Reserve Bank of India (RBI) earlier this month announced to provide a resolution framework to enable the lenders to implement a resolution plan, in respect of eligible corporate borrowers without change in ownership while continuing the account status as standard, subject to specified conditions.
“The review will focus on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation,” a Finance Ministry statement said on Sunday.
Announcing the move post the Monetary Policy Committee’s (MPC) meeting, the RBI Governor said that the move has been announced in a bid to provide relief to stressed companies which have not been able to repay loans due to cash flow issues amid the pandemic.
The prudential framework dated June 7, 2019 provides a principle-based resolution framework for addressing borrower defaults under a normal scenario.
Any resolution plan implemented under the framework which involves granting of any concessions on account of financial difficulty of the borrower entails an asset classification downgrade, except when it is accompanied by a change in ownership, which allows the asset classification to be retained or upgraded to Standard, subject to the prescribed conditions.
The RBI decided to provide a window under the Prudential Framework to enable the lenders to implement a resolution plan in respect of eligible corporate exposures without change in ownership, and personal loans, while classifying such exposures as Standard subject to specified conditions.
Data is fuel, 5G fabric for digital transformation: Michael Dell
Reiterating that technology has never been more central than it is in the pandemic times, Dell Technologies chairman and CEO Michael Dell has said digital transformation is like a machine with data as its fuel and 5G as its digital fabric.
Announcing the new Project Apex as-a-service offering, Michael Dell said that as we talk about the digital transformation, “my hope is that we are also seeing a human transformation with more kindness, generosity, and empathy”.
“We’ve needed all of that because in the last eight months, we’ve also revealed hard truths, some hard to watch, and hard to live through, as the fault lines of our society are laid bare, in access to healthcare, to education, to opportunity, and to justice,” he said during the company’s virtual conference this week.
“We are going to need all of that kindness and generosity and empathy going forward to help bridge these divides and make good on the promise of a brighter future”.
In a bid to help customers and partners on their digital transformation journey in the pandemic times, Dell Technologies announced a Cloud Console that will provide customers a single interface to manage multi-cloud, on-premise and edge deployments.
The Cloud Console is part of a new ‘Project Apex’ as-a-service strategy that aims to simplify how customers access Dell’s capabilities across storage, servers, networking, hyper-converged infrastructure, PCs and architectural offerings.
“We are committed to delivering all of our products and solutions as a service in an effort we’re calling Project Apex; so you can consume solutions, any way you want, pay-as-you-use, pay-as-you-go or subscription,” the Dell Technologies CEO said during the opening keynote.
Directionally, Project Apex will be Dell Technologies’ North Star. The new Dell Storage as a Service is an on-premises portfolio of scalable and elastic storage resources that will be available first in the US in the first half of next year.
In a nutshell, Dell’s flexible on-demand pricing, multi-cloud management and similar plans will be built into ‘Project Apex’.
“As everything in the physical world becomes intelligent and connected, the amount and relevance of data will continue to explode. The data era is here and to win organisations need to accelerate the digital transformation,” Michael Dell emphasised.
Steady oil prices holds up any reversion in petrol diesel prices
The pump prices of auto fuels petrol and diesel remained unchanged on Saturday as softer global crude and product prices prevented oil marketing companies from carrying out any revision in prices.
With this, Petrol prices have now been unchanged for 32 days at a stretch while diesel prices were the same for the 22 consecutive days.
Price of petrol in the national capital stood at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively.
Diesel prices in Delhi, Mumbai, Chennai and Kolkata continues to be at Rs 70.46, Rs 76.86, Rs 75.95 and Rs 73.99, respectively.
Oil sector experts said that with global oil prices under pressure from slowing demand in the second wave of Covid-19 pandemic sweeping several western countries, crude price could fall in coming days. If this holds on for a week or so, there could be positive gains for auto fuel consumers in India by way of a fall in retail price of petrol and diesel.
Global crude prices are holding close to $42 a barrel now. It has been hovering between $40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear among oil producing companies that crude prices may start falling again.
Adidas hosts ‘Sneakers Day’ to celebrate India’s growing sneaker culture
Global sportswear giant, Adidas continues to invest in India by bringing global stories and curating meaningful experiences for the consumers. As an addition to this, Adidas extends an opportunity for its customers to celebrate the growing sneaker culture with the specially curated ‘Sneakers Day’ initiative.
The four-day sneaker festival is to celebrate the best ‘Performance and Original Sneakers’ of Adidas. From October 22-25 Adidas is offering impressive deals and is hosting consumer engagement activities to make it accessible to a wider audience.
Speaking on this occasion, Manish Sapra, Senior Marketing Director at Adidas said, “Sneakers are a strong growth category for us and Adidas India has witnessed a 3X increase in sneaker sales over the last three years, especially in the premium and hype categories. Consumers in India are embracing and experimenting with sneakers as an integral part of their lifestyle, going beyond casual wear, to formal and occasion wear. We are excited to announce the Adidas ‘Sneakers Day’ festival and celebrate the growing culture with our fans and the wider community.”
Through this initiative, Adidas aims to bring together diverse audiences and drive impetus to a fast growing and already strong sneaker community, offering various exciting deals and access to limited-ed Adidas memorabilia along with a year-long supply of sneakers. Any consumer who shops for Rs 25,000 and more from the Adidas online store or select retail stores stands a chance to win a year-long supply of Adidas footwear and merchandise.
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