26th May Daily News Digest

RBI cuts repo rate by 40 bps; extends loan moratorium till August 

As the lockdown has been extended, the RBI has also extended moratorium on term loans till August 31 

RBI’s monetary policy committee (MPC) has cut repo rates by 40 basis points to 4% 

“Even though the lockdown may be lifted by end-May with some restrictions, economic activity even in Q2 may remain subdued due to social distancing measures and the temporary shortage of labour. 

Loan moratorium extended by another 3 months till August 31. 

In today’s press conference RBI Governor may again announce new measures to ease liquidity pressure in the banking system and to boost the economy from the coronavirus shock. 

PM Modi allocates ?1000 cr. for Amphan-hit West Bengal. 

Prime Minister Narendra Modi announced a rehabilitation package of 1,000 crore for the cyclone-affected West Bengal on Wednesday

An advance assistance of ?1,000 crore will be arranged by the government of India 

Mr. Modi said that the State government does not face any major hardship during these  difficult times. 

Online courses help some cope with lockdown in J&K 

Students in J&K opting for add-on courses online and preparing for the tougher  times ahead with the help of volunteer experts. 

Farhana Sofi pursuing her Doctor of Philosophy (PhD) had to stop her fieldwork due to the ongoing lockdown. 

Muhammad Mutahir, who works with food delivery start-up Zomato, is a volunteer who is sharing his knowledge about entrepreneurial skills for free with the registered students. 

The response of people has been overwhelming,” said J&KSDM Director Peer Ghulam Nabi Suhail. “We even offer courses on fixing home appliances, so that people could handle gadgets locally. 

He said that the goal is to offer a range of courses is to upscale skills and utilise the time offered by the lockdown. We may even allow many to register for longer courses in case they show interest. 

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