The Cabinet set a 90-day time limit to provide up to Rs 5 lakh to each account holder of a bank if it fails. USA’s economy is on track, says the Federal reserve.
Read more on this and other top headlines for the day.
US economic recovery on track despite Covid-19 surge: Federal Reserve
The US economic recovery remains on track despite a rise in coronavirus infections, the Federal Reserve said on Wednesday in a new policy statement that remained upbeat and flagged ongoing talks around the eventual withdrawal of monetary policy support.
In a news conference following the release of the statement, Fed Chair Jerome Powell said the US job market still had “some ground to cover” before it would be time to pull back from the economic support the US central bank put in place in the spring of 2020 to battle the coronavirus pandemic’s economic shocks. Read more
Depositors to get up to Rs 5 lakh within 90 days if bank under moratorium: FM
The Union Cabinet has cleared the Deposit Insurance and Credit Guarantee Corporation (DICGC) Bill, 2021, which will allow depositors to withdraw up to Rs 5 lakh in 90 days.
The announcement will cover 98.3 per cent of all deposit accounts and 50.9 per cent of the deposit value, Finance Minister Nirmala Sitharaman said on Wednesday. This compares with the global deposit insurance coverage of 80 per cent of all accounts and 20-30 per cent of the deposit value. Read more
The amendments, approved by Cabinet, will remove the clause for the Centre to hold at least 51 per cent in public sector insurance companies at any given time. It will also have an enabling provision for the transfer of management control from the government to the potential buyer of the public sector insurance company. Read more
Back to old normal: FMCG leaders beat FY21 blues, exceed pre-Covid levels
In spite of a severe second wave of the coronavirus pandemic, and a widespread disruption in public life therefore, India’s fast-moving consumer goods (FMCG) sector seems to have emerged as one of the most resilient segments of the economy. The early numbers and estimates for the April-June quarter indicate a steady recovery in FMCG players’ business, which is now set to exceed the pre-pandemic level. Read more
Indian Air Force deploys first Rafales in East to counter China
The Indian Air Force (IAF) Air Chief Marshal Rakesh Kumar Singh Bhadauria formally inducted Rafale fighters into Number 101 Squadron, at Air Force Station Hasimara, in Eastern Air Command on Wednesday.
With barely four fighter squadrons based in the eastern sector to counter the threat from China, the second Rafale squadron will come as a boost to the IAF. Read more
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