Reserve Bank again postpones submission of TLTRO reversal requests

Banks are not willing to reverse the money taken under targeted long term repo operations (TLTRO) in favour of low cost TLTRO, which comes with some riders.

The again postponed the date of submission for requesting the reversal of the money taken from the central bank to invest in corporate bonds and commercial papers. The idea was that the banks would reverse the money, taken at repo rate that time, in favour of repo rate now.

The rates have come down by more than 100 basis between these two points. The new TLTRO, however, came with a condition that the on-tap fund availed under the route should be invested in papers issued by companies in the agriculture, agri-Infrastructure, secured retail, micro, small and medium enterprises (MSMEs), drugs, pharmaceuticals and in healthcare.

The on-tap TLTRO scheme would remain operational till March 31, and all banks are eligible to participate.

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Reliance Capital net loss widens multi-fold to Rs 2,577 cr in Sept quarter

on Friday reported multi-fold widening of its consolidated net loss to Rs 2,577 crore in the second quarter ended September of this fiscal.

The company had posted a net loss of Rs 96 crore in the quarter ended September a year ago.

The loss in the quarter under review was also higher as compared with Rs 1,095 crore loss in June quarter of this fiscal.

Total consolidated income fell to Rs 4,929 crore in July-September period of 2020-21 from Rs 5,064 crore in the year-ago quarter, said in a regulatory filing.

Total expenses at Rs 7,183 crore exceeded its income during the quarter. The expenses stood at Rs 9,042 crore in the corresponding quarter of last year.

“The parent company has defaulted in repayment of obligation to the lenders and debenture holders and has incurred losses during the period, which indicate material uncertainty exists that may cast a significant doubt on the company’s ability to continue as a going concern,” said.

Further, it said the company is in the process of meeting its obligations by way of

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Europe Coronavirus Deaths Surge Past 300,000

A second coronavirus wave ploughed on relentlessly through Europe which reported more than 12 million cases and 300,000 deaths as swathes of Italy returned to lockdown and the British city of Liverpool trialled city-wide testing on Friday.

The continent has become the new epicentre of the pandemic and a total of 300,688 deaths have been reported in Europe since the Covid-19 virus first hit, according to an AFP tally of health authorities figures.

More than 9.6 million people have been infected and 234,000 have died in the United States so far during the pandemic
 AFP / Daniel SLIM

Two-thirds of these fatalities have been registered in the United Kingdom, Italy, France, Spain and Russia.

As countries raced to try and curb their spiking cases, they imposed new lockdowns despite signs of growing unrest, with several Italian regions shutting down and Greeks facing fresh stay-at-home orders from Saturday.

The United States is also struggling to rein in the pandemic, recording over 1,200 deaths and more than 120,000 infections between Wednesday and Thursday evening in another daily record, according to the Johns Hopkins University.

Experts say Italy is already in the grip of a second wave after a sharp rise in contagion numbers

Experts say Italy is already in the grip of a second wave after a sharp rise in contagion

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