On Friday, the Reserve Bank of India (RBI) has asked scheduled commercial banks and co-operative banks not to make any dividends for the financial year ending March 2020 and said it will review this stand on the basis of the financial positions of the banks for the quarter ended September 2020. RBI Governor Shaktikanta Das today said this was being done to conserve cash in view of the challenges posed by covid-19.
‘It is imperative that banks conserve capital to retain their capacity to support the economy and absorb losses in an environment of heightened uncertainty,’ RBI Governor Shaktikanta Das said in his address while announcing several steps to improve liquidity, particularly for non-banking finance companies (NBFCs).
The central bank cut the reverse repo rate by 25 basis points to 3.75 per cent even as it kept the repo rate unchanged at 4.4 per cent, the increased spread between the two key policy rates meant to tell the banks to not park their money with the central bank and instead lend more to corporate and individuals.
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BMC uses emergency powers as lakes drop to 31% and tanker strike hits water supply
Mumbai is facing a water crisis, with its reservoirs at just 31% capacity due to low lake levels and a water tanker strike.
The Brihanmumbai Municipal Corporation (BMC) has invoked emergency powers to manage water tanker operations during the strike.
Mumbai’s total water stock has dropped to 5.67 lakh million litres, significantly lower than last year’s 9 lakh million litres.
The city’s daily water usage is 3,850 million litres, and current supplies will last only 45 days if no rain or alternative arrangements are made.
Smaller lakes are at higher capacity but contribute less, while major lakes like Modaksagar and Bhatsa run low, risking supply cuts.
The ongoing tanker strike, caused by stricter borewell regulations, is worsening the situation, affecting water delivery to homes and construction sites.
BMC has deployed teams to manage seized tankers and is encouraging water conservation to help avoid further shortages.
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PM Modi Launches 44 Projects Worth Rs 3,880 Crore in Varanasi on 50th Visit
PM Modi inaugurated and laid the foundation stones of 44 projects worth Rs 3,880 crore during his 50th visit to Varanasi.
The projects include rural development initiatives such as 130 drinking water projects, 100 new Anganwadi centres, 356 libraries, a polytechnic college in Pindra, and a government degree college.
Governor Anandiben Patel and CM Yogi Adityanath were present at the event. Key projects included a transit hostel, police barracks, four rural roads, beautification works, and railway development. Modi highlighted Kashi’s transformation, calling it ancient and progressive, and noted its rise as a health capital.
Of the 44 projects, 25 worth Rs 2,250 crore focused on electricity infrastructure, including 15 new substations, transformers, and 1,500 km of power lines. Security was tight, with 4,000 personnel deployed, rooftop surveillance, CCTV, drone monitoring, and strict security protocols for officers.
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Audi Sets Up 6,500 EV Chargers in India, 75% Are Fast Chargers
Audi India announced on Thursday that it has set up over 6,500 EV charging points nationwide as part of Phase II of its ‘Charge My Audi’ initiative.
Over 75% of these chargers are DC fast-charging stations aimed at reducing charging times and enhancing convenience for EV users.
The expansion added 5,500 new chargers across highways, urban hubs, and commercial areas, ensuring seamless long-distance travel and daily commutes. Audi India has partnered with 16 new EV infrastructure providers to strengthen its network.
Audi India Head Balbir Singh Dhillon highlighted the importance of a strong charging network in accelerating EV adoption and improving customer accessibility.
The initiative is supported by ChargePoint Operators, including Shell India, Adani Total Energies E-Mobility, Charge Zone, and Statiq.
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India Approves Rs 63,000 Crore Deal for 26 Rafale Marine Jets from France
India has approved a Rs 63,000 crore deal to acquire 26 Rafale Marine fighter jets from France, with the agreement expected to be signed during French Defence Minister Sébastien Lecornu’s visit this month.
Cleared by the Cabinet Committee on Security, chaired by PM Narendra Modi, the deal includes 22 single-seater and four twin-seater Rafale-M jets for the Indian Navy.
The package covers fleet maintenance, logistics, training, and offset obligations to boost indigenous manufacturing. It also includes upgrades, equipment, and spares for the 36 Rafale jets already in service with the IAF.
The new Rafale-M jets will be delivered within 37 to 65 months, with full induction expected by 2030–31. The Defence Ministry had approved the procurement in July 2023 for deployment on INS Vikrant.
The IAF currently operates 36 Rafale jets at Ambala and Hasimara airbases, and the new deal will enhance its capabilities, including an upgraded “buddy buddy” aerial refuelling system.
The Navy will need to install specialised equipment on aircraft carriers to operate the 4.5-generation Rafale jets and is also planning to induct indigenous fifth-generation Rafale jets developed by DRDO.
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Haldiram’s Confirms Merger of Delhi and Nagpur Units
Haldiram’s has merged its Delhi and Nagpur units under Haldiram Snacks Food Private Ltd (HSFPL), unifying its FMCG operations.
CEO Krishan Kumar Chutani called it a fresh start blending legacy, passion, and future vision. The merger, first reported in 2022, was completed after approvals from the Competition Commission of India (CCI) and the National Company Law Tribunal (NCLT).
Under the deal, the Delhi unit holds a 56% stake, while Nagpur owns 44%. The move follows recent minority stake sales to Temasek, Alpha Wave Global, and International Holding Company (IHC), valuing Haldiram’s at $10 billion. These investments will fuel global expansion, particularly in the US and the Middle East.
Founded in 1932 by Ganga Bishan Agarwal, Haldiram’s later split among his grandchildren. Shiv Kishan Agarwal runs the Nagpur entity (west and south India), while Manohar and Madhusudan Agarwal manage the Delhi unit (north India). The family collectively dominates 50% of India’s ethnic snacks market.
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