The Supreme Court on Thursday directed that the bank accounts should not be declared as non-performing asset (NPA) as on 31 August should not be declared as NPAs until the disposal of the pleas seeking an extension of the moratorium period.
In another major development, Finance Minister Nirmala Sitharaman told banks in a meeting today to put in place a loan restructuring scheme for rescuing all viable business units affected by the Covid-19 pandemic by September 15. “During her interaction, the Finance Minister focused on lenders immediately putting in place board-approved policy for resolution, identifying eligible borrowers and reaching out to them and quick implementation of a sustained resolution plan by lenders for revival of every viable business,” the finance ministry said in a statement.
Meanwhile, Prime Minister Narendra Modi will deliver a special keynote address at the US-India Strategic Partnership Forum’s (USISPF’s) 3rd annual leadership summit today. The Prime Minister will address the summit at 9 pm through a video conference.
India has banned 118 more apps said to be either based in or linked to China. PUBG Mobile, Alipay, and Baidu are among the biggest names on the list. India had earlier banned TikTok, WeChat, and more than 50 other China-based apps in June, suggesting they were a security issue. This comes amid the escalating tensions between India and China over an ongoing border dispute.