The Q2 #GDP figure of -7.5% is better than expected, a contraction nonetheless. If @RBI's forecast is accurate, then the economy will reverse this trend in the current quarter, show positive growth in Q3. A short thread on #GDP data 👇�
Two successive quarters of #GDP contraction means India has now entered a technical recession. But the good news is that @RBI expects this contraction to reverse by the third quarter itself. RBI has forecast a GDP contraction of 9.5% for the full year (FY21).
India's #GDP growth has now been slowing down for two years. Q2 FY21 -7.5% Q1 FY21 -23.9% Q4 FY20 3.1% Q3 FY20 4.1% Q2 FY20 4.4% Q1 FY20 5.2% Q4 FY19 5.7% Q3 FY19 5.6% Q2 FY19 6.2% Q1 FY19 7.1% Q4 FY18 8.2%
Breaking News | Indian economy contracts by 7.5% in the second quarter. #GDP Q1 FY21 at -23.9% Q2 FY21 at -7.5%
#DHFL lenders to reopen bidding for the final time after protest from suitors over #Adani's surprise offer; new bids would have to be submitted by Dec 13. Piramal, Oaktree & Adani set to bid for the entire portfolio, SC Lowy unlikely to participate.
#LakshmiVilasBank advised by @RBI to fully write down Rs 318.20 cr of Tier-2 bonds before amalgamation comes into effect on Nov 27. Write down triggered as per terms of Info Memorandum of Tier 2 bonds issued by LVB as the bank was deemed to be approaching non-viability.
Govt of India notifies scheme of amalgamation of #LakshmiVilasBank with DBS Bank India. Scheme to come into effect from Nov 27, 2020. @RBI says moratorium will accordingly be lifted on Nov 27 itself vs earlier expectation of December 16.
#COVID19 and India's dash to #cash. Even as economic activity came to a near standstill after the lockdown, the demand for currency continued to rise. If this trend sustains, currency-GDP ratio may touch 15% this year. Watch here for more 👇�
#COVID19 & THE DASH TO #CASH! Currency demand rising amid the slowdown; currency in circulation to GDP ratio may touch a decadal high in FY21. Here's why.
#RBI IWG report is just a recommendation- who knows if RBI will welcome corporate houses with open arms after resisting them for so long! Long way to go before we see industrialists owning banks in India. But experts believe corporate-owned NBFCs like Bajaj Fin may find it easier
#Srei Infrastructure Finance says @RBI is conducting a special audit of its books and its subsidiary Srei Equipment Finance. @CNBCTV18Live
#LakshmiVilasBank | TN Manoharan, Administrator @LVBankLtd says: *Bank was brought under moratorium to protect interest of depositors, public and ensure financial stability *All LVB employees will be absorbed into DBS Bank India; more jobs may also be created
#LakshmiVilasBank and #YesBank - similar actions on both banks, but very different outcomes for shareholders. Credit to @RBI for protecting depositors' interest in both cases. #PMCBank depositors still await a concrete resolution, more than a year after restrictions were imposed
#LakshmiVilasBank equity will be written down to ZERO after merger with DBS Bank India, as per @RBI's draft Scheme of Amalgamation. Read more here 👇�
#DHFL Case: Lenders hold off voting as protests against Adani Group's surprise bid intensify. Piramal, Oaktree Capital & SC Lowy threaten to withdraw from process if Adani's new bid to acquire DHFL's entire book is considered by CoC. @ShereenBhan
Breaking News | Govt brings #LakshmiVilasBank under moratorium with effect from 6 pm today until December 16. Withdrawals capped at Rs 25,000 per borrower during moratorium.
#DHFL insolvency case: Piramal protests against Adani's surprise proposal to bid for entire co, says will withdraw from process if lenders consider Adani's new bid. Read the full story here. @CNBCTV18Live @ShereenBhan
Just in | @MoodysInvSvc revises India's growth forecast upwards. Sees India's economy contracting by 8.9% in 2020 vs 9.6% contraction forecast earlier. Forecasts GDP growth rate of 8.6% in 2021 vs 8.1% earlier, and 5.5% in 2022. (1/2) @CNBCTV18Live