Showing posts with label News. Show all posts
Showing posts with label News. Show all posts

Monday, 30 March 2020

RBI Clarification: Not Just EMI, Credit Card Dues Will Also Be Covered Under Three Months Moratorium


The Reserve Bank of India has clarified that all lending institutions are permitted to grant a moratorium of three months on payments of all instalments on term loans, including credit cards.

The RBI on Friday (Mar 27) announced that all banks will be permitted to allow a three-month moratorium on payment of instalments of all term loans outstanding on March 1, 2020. The loan payments must pertain to the period between March 1, 2020, and May 30, 2020.

During the moratorium period, a borrower is not required to make any repayment. Normally, the repayment begins after the loan is disbursed and the payments have to be made each month. However, the RBI has made a one-time exception in view of the financial distress arising out of the global pandemic coronavirus and the economic havoc wreaked by the lockdown imposed to control its spread.
The decision will be to cover all regional, rural banks, co-operative banks, NBFCs including Housing Finance Companies, however the final decision on passing on the benefit to customers will rest with the banks.
The RBI said the moratorium will not result in asset classification downgrade and will have no adverse impact on the credit history of the borrowers.


Sunday, 29 March 2020

Why didn't China warn the world in December?


The reality is, the worldwide toll could have been checked within time if China had been more transparent and had warned countries regarding the new strain of Severe Acute Respiratory Syndrome (SARS)-like infection, which originated at a 'wet market' in its province of Hubei late last year. 
Almost 5,00,000 covid-19 positive cases and more than 23,000 deaths later, Beijing is now urging for an all-out global war against the pandemic that originated in its own courtyard, Wuhan, before sweeping the world, perishing men, women, children, old and derailing the economies. 
However, the reality is -- the world-wide the toll could have been checked within time if China had been more transparent and had warned countries regarding the new strain of Severe Acute Respiratory Syndrome (SARS)-like infection, which originated at a 'wet market' in its province of Hubei late last year, as per a report published by American magazine National Review
The coronavirus that jumps from an animal species to a human and has now become a deadly infection, was first identified in a patient, a resident of Wuhan in the Hubei province, on December 1, 2019. 
Five days after the onset of illness, the already infected man's 53-year-old wife who had no known history of exposure to the market was also diagnosed with pneumonia, a common symptom of the contagious infection, and was hospitalised and placed in an isolation ward. 
It wasn't until the second week of December that the doctors in Wuhan were able find new cases that further indicated the virus was spreading from one human to another. 
On December 25, Chinese medical staff in two hospitals in Wuhan were suspected of contracting viral pneumonia and were quarantined. Later, hospitals in Wuhan witnessed an "exponential" increase in the number of cases in late December that cannot be linked back to the Huanan Seafood Wholesale Market. 
Whistleblower doctor Li Wenliang warned a group of other doctors about a possible outbreak of an illness that resembled "severe acute respiratory syndrome (SARS)". He urged them to take protective measures against infection. 
On December 31, the Wuhan Municipal Health Commission declared that their investigation has not found "any obvious human-to-human transmission and no medical staff infection." 
China contacted the World Health Organization (WHO) three weeks after doctors first started noticing the cases.
At the beginning of January 2020, the summons was issued to Li Wenliang by the Wuhan Public Security Bureau accusing the doctor of "spreading rumours." 
On January 3, Dr Li signed a statement at a police station acknowledging his "misdemeanour" and promising not to commit further "unlawful acts." China's National Health Commission ordered institutions not to publish any information related to the unknown disease. 
On the same day, the Hubei Provincial Health Commission ordered to stop testing samples from Wuhan related to the new disease and destroyed all existing samples. 
The Wuhan Municipal Health Commission released another statement, reiterating that preliminary investigations have shown "no clear evidence of human-to-human transmission and no medical staff infections." 
Fifty-nine people in Wuhan were sickened by a "pneumonia-like illness", as per a report by The New York Times published on January 6. On the same day, the Chinese Center for Disease Control and Prevention issued a level 1 travel watch. It advised travellers to Wuhan to avoid contact with 'living or dead animals, animal markets, and sick people.' 
On January 8, Chinese medical authorities claimed to have identified the virus, reiterating that it still found "no clear evidence of human-to-human transfer". 
On January 11, China announced its first death from the virus, a 61-year-old man who had purchased goods from the seafood market. 
On the same day, the Wuhan City Health Commission released a Q&A sheet emphasising that most of the unexplained viral pneumonia cases in Wuhan have a history of exposure to the South China seafood market and "no clear evidence of human-to-human transmission has been found." 
Dr Li Wenliang was hospitalised on January 12. He started coughing and developed a fever after unknowingly treating a patient with the coronavirus. Later, Wenliang's condition deteriorated so badly that he was admitted to the intensive care unit and was given oxygen support. 
On January 13, the first case of novel coronavirus was reported outside China involving a 61-year-old Chinese woman in Thailand, who had visited Wuhan. 
However, Thailand's ministry of public health said the woman had not visited the Wuhan seafood market and had come down with a fever on January 5. The woman had visited a different, smaller market in Wuhan, in which live and freshly slaughtered animals were sold. 
On January 14, the World Health Organization in its report stated: ‘Preliminary investigations conducted by the Chinese authorities have found no clear evidence of human-to-human transmission of the novel coronavirus (2019-nCoV) identified in Wuhan, China.’ 
On January 15, Japan reported its first case of coronavirus and its health ministry said the patient had not visited any seafood markets in China. 
The Wuhan Municipal Health Commission in a statement said that the possibility of "limited human-to-human transmission" cannot be ruled out. 
Despite the fact that Wuhan doctors knew that the virus was "contagious", city authorities allowed 40,000 families to gather and share home-cooked food in a Lunar New Year banquet, as per the article in National Review
On January 19, the Chinese National Health Commission declared the virus "still preventable and controllable". 
A day later, the head of China's national health commission team investigating the outbreak, confirmed that two cases of infection in China's Guangdong province had been caused by "human-to-human transmission and medical staff had been infected". 
On January 21, the CDC announced the first case of the coronavirus in the US. The patient had returned from China six days ago. 
On January 22, a WHO delegation conducted a field visit to Wuhan and concluded, "deployment of the new test kit nationally suggests that human-to-human transmission is taking place in Wuhan." 
Nearly two months after the first case of the virus was reported, Chinese authorities announced their 'first steps for a quarantine of Wuhan.' By this time, a significant number of Chinese citizens had travelled abroad as "asymptomatic, oblivious carriers". 
Dr Wenliang tested positive for coronavirus on February 1 and died six days later. 
CLICK HERE TO GET UPDATE CORONAVIRUS IN INDIA
 Today, the killer bug has spread to over 170 countries across the globe, apart from Antarctica. After inflicting its wrath in Asia, the virus has now travelled to Europe which has become the new epicentre of the disease outbreak. 
Cases in Europe topped 250,000 -- more than half of which were in Spain and hard-hit Italy. Spain recorded 655 new fatalities over 24 hours, while Italy's death toll rose by 712 to hit 8,215.

Friday, 27 March 2020

Don’t cancel your IRCTC e-ticket! Full & automatic refunds on cancellation of trains to be provided


Recently, IRCTC which is the official e-ticketing arm of the national transporter issued a statement saying that passengers have raised their doubts regarding the cancellation of e-tickets subsequent to the halting of passenger train services.
 Cancellation of IRCTC e-tickets: With the cancellation of passenger train services due to the novel Coronavirus pandemic, passengers are now raising concerns over the refunds and cancellation of e-tickets. Recently, the Indian Railway Catering and Tourism Corporation (IRCTC) which is the official e-ticketing arm of the national transporter issued a statement saying that passengers have raised their doubts regarding the cancellation of e-tickets subsequent to the halting of passenger train services. The corporation said that for the cancelled passenger train services, refund on e-tickets is full and automatic. Therefore, in this case, the cancellation exercise is not required on the part of the user.
According to IRCTC, if a user cancels his/her e-ticket in situations of train cancellations over Indian Railways network, there are chances that he/she may get less refund. Hence, it is being advised to Indian Railways passengers not to cancel e-tickets on their own for those train services, which have been cancelled by Indian Railways.
IRCTC further said that the train services that have been cancelled by the national transporter can be seen on the National Train Enquiry System (NTES). The refund amount of cancelled services will be credited automatically to the user account that was used for booking the e-ticket. Moreover, no charges will be deducted by Indian Railways in case of train cancellations, it added.
Due to the pandemic of COVID-19, Piyush Goyal chaired Railway Ministry has suspended the operations of passenger train services across the nation till 14 April 2020. At present, the national transporter is only operating freight train services across the country. The Railway Ministry claimed that all efforts are being taken by the national transporter to ensure availability of essential commodities through its uninterrupted freight train services. According to the ministry, Indian Railways staff have been deployed at various good sheds, stations, as well as control offices and, is working round the clock to ensure that the supply of important items does not get affected.
You can see the Notification by the IRCTC by clicking HERE