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India s Economy Likely Returned To Growth Last Quarter: Reuters Poll
The economic recovery has been aided by the government s spending plan and its commitment to not bring its fiscal deficit down to pre-pandemic levels for at least five years, and by the Reserve Bank of India s pledge to keep monetary policy accommodative.
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India s economy is likely to have returned to growth in the December quarter due to the easing of restrictions on movement after the first wave of the coronavirus epidemic peaked, a Reuters poll predicted.
The median forecast from a survey of 58 economists, conducted between Feb. 18-24, put year-on-year growth at 0.5% in the December quarter, as the economy stabilised after contracting 23.9% and 7.5% in April-June and July-Sept quarters respectively.
BW Businessworld
Nabard s Serving, Retired Staff Stage Protest Over Pension Issues
Nabard was carved out of the Reserve Bank of India (RBI) in 1981, by replacing three of its departments Agricultural Credit Department (ACD), Rural Planning and Credit Department (RPCD) and Agricultural Refinance and Development Department (ARDC).
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Officers, employees and retired staff of Nabard on Monday staged a day long sit-in protest demanding resolution of their long-pending pension related issues, as per a statement. The protests were held at Nabard s head office in Mumbai and 30 regional offices across the country. The staff members of Nabard both serving and retired were protesting under the banner of the United Forum of Officers, Employees and Retirees of NABARD (UFOERN).
The Reserve Bank of India has put restrictions on the Deccan Urban Co-operative Bank Ltd from granting fresh loans or accepting deposits on Friday (February 19). The Deccan Urban Co-operative Bank Ltd has been prohibited from making any fresh investments or incur any liability without taking permission from the Reserve Bank of India.
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RBI Puts Rs 1,000 Withdrawal Cap On Deccan Urban Co-Op Bank; Fresh Loans, Deposits Restricted
It has also asked the lender to desist from disbursing any payment whether in discharge of its liabilities or otherwise, or dispose of any of its assets except as notified in the RBI direction.
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The Reserve Bank on Friday said it has barred Karnataka-based Deccan Urban Co-operative Bank Ltd from granting fresh loans or accepting deposits and customers cannot withdraw more than Rs 1,000 from their savings account for a period of six months.
The lender has also been asked not to make fresh investments or incur any liability without its prior permission.
RBI puts Rs 1,000 withdrawal cap on Deccan Urban Cooperative Bank ANI | Updated: Feb 20, 2021 12:52 IST
The bank cannot undertake any fresh business, including giving new loans and taking fresh deposits, said the RBI adding that the directions will remain in force for six months from the close of business on February 19 and are subject to review. Considering the bank s present liquidity position, a sum not exceeding Rs 1,000 only of the total balance across all savings bank or current accounts or any other account of a depositor may be allowed to be withdrawn, the RBI said in a statement late on Friday.