The monsoon, which shapes the lives of millions and influences food prices, is critical for agriculture as it irrigates fields directly and fills reservoirs that help winter-sown crops. It assumes greater significance this year as millions have lost their livelihoods because of stringent stay-at-home rules imposed to stem the coronavirus.
An estimated Rs 20,000 crore worth of bad loans from state-run banks are up for sale to asset reconstruction companies as banks prepare for a fire sale due to suspension of the bankruptcy law which has blurred the recovery horizon.
Loans to the economically weaker sections in April was nearly 40% higher than loans to big corporates, indicating low credit demand for investments while also pointing to the need for borrowings to keep the poor going at a time when economic activities came to a virtual standstill.
Apple has awarded Indian bug bounty hunter Bhavuk Jain Rs 75 lakh ($100,000). It gave the award under its bug bounty programme, after Jain found a bug in the ‘sign in with Apple’ account authentication that would have allowed an attacker to take control of users’ accounts on third-party applications.
Many questions remain unanswered; govt should consult RBI, lenders and other stakeholders before going for ordinance, experts say. Just as financial and operational creditors can initiate the IBC process on a company, the code allows the corporate debtor to opt for self-insolvency. RBI is likely to insist that it should have the final say on any change in the definition of default in IBC in the context of the pandemic.