Parliament approved Rs 20,000 cr for PSB capital infusion as part of the first batch of Supplementary Demands for Grants for 2020-21 which sought additional spending of a record Rs 2.35 lakh cr p2.35 lakh cr primarily to meet expenses for combating the Covid-19 pandemic. The fund infusion would be for meeting regulatory capital requirements if the need arises in October-December quarter. The 2nd quarter result will give an idea as to which bank may require regulatory capital.
Under the positive pay system, the issuer of the cheque will be required to submit electronically, through SMS, mobile app, internet banking or ATM certain minimum details of that cheque like date, name of the beneficiary, payee, amount to the drawee bank.These details will be cross-checked before the cheque is presented for payment. In case any discrepancy is flagged by cheque truncation system (CTS) to the drawee bank and presenting bank, redressal measures would be undertaken, the RBI said.
Global demand is slowing due to new coronavirus-related restrictions on the economy. Oil has eased this month after briefly climbing above $43 in late August with signs a resurgence in the outbreak could lead to more lockdown measures. The recovery is set to be long and gradual, Russia’s Energy Minister Alexander Novak said on Sunday, estimating global oil demand in 2020 will decline by as much as 10% from a year earlier. Brent’s three-month time spread was $1.25 a barrel.
“The meeting of the MPC during September 29, 30 and October 1, 2020 as announced vide Press Release 2019-2020/2248 dated April 20, 2020 is being rescheduled. The dates of the MPC’s meeting will be announced shortly,” the central bank said in a short statement. The central bank did not ascribe any reason for the delay in the MPC meet.