The relief measures announced by the government blends pragmatism by putting money in the hands of people and compassion by giving them free food grains, say captains of industry.
Monetary contributions, setting up hospitals, reducing prices of handwash, and committing not to cut wages are some of the ways in which corporate India is rising to the challenge.
Prashant Kumar, the bank’s administrator, echoed the words of RBI governor Shaktikanta Das that there was no cause for worry about deposits as the moratorium on withdrawals is set to end on March 18.
The country’s largest public sector lender reported its highest-ever quarterly profit of ₹5,583 crore in the December quarter, led by an overall improvement in asset quality.
The 35 basis point repo rate cut is not the first unconventional rate action from the central bank as two repo rate actions in March 2003 saw a 40 and 10 basis points reduction in a matter of 13 days.
Interim Finance Minister Piyush Goyal announces a committee has been formed to explore setting up an Asset Reconstruction Company to take over troubled loans of public sector banks.
A day after SBI reported its highest ever quarterly loss of Rs 7,718 crore, the stock gained over 6% in early trade driven by positive brokerage reports.
Despite posting a loss of Rs 7,718 crore for the quarter ended March, SBI said next year would be a happy one and that it would look to unlock more value from its subsidiaries soon.
