All things Money Thread

Big Daddy

Super User
This crisis shows that Modi is a poor leader because he succumbs to populist pressure. There was no need for shutdown or bailout packages. It is time and money wasted and India has gone back to poverty from where it will never recover. The best strategy was to use the shutdown as a threat and ask people to social distance and business to adopt measures to enforce social distancing. India can never enforce a total shutdown. Whatever India has done is only going to delay the spread of Coronavirus. There was no point to shutdown economy unless there is ample proof. With ample proof, the government has ample reasons for the shutdown. There is no shutdown in the USA where cases have the largest in number. Some combinations of social distances, masks and closing are used, but total shutdown is never a good idea.


I am sure fight to avoid Corona is lying in working environment only. With working minds, you can invent / discover new ways to fight it back easily. Lockdown is shutting doors temporarily to a mass spreader. Later it will attack severely. Then also survival rate will be almost similar.
Finding ways is only solution.
Common man will find ways. Govt can't feed whole population for shut down.



Companies will go bankrupt: HDFC MD says India will take 9 months to recover

2020-04-12 17:15:41 IST

ByShashi Sharma

HDFC Bank chairman Deepak Parekh has predicted that the economic crisis due to the coronavirus pandemic will be completely different than the 2008 global financial crisis and said that it will take India nine months to recover from it. Addressing a webinar on Friday Parekh said that the real estate prices in the country would fall around 20 per cent at least, thus, leaving many companies bankrupt.

"Land is a state subject. Real state prices will come down 20 per cent at least. Developers who have bought land at high prices will take a hit on the projects. Many companies will go bankrupt, MCHI- Credai must talk to the government for a one-time restructuring like in 2008. It will take 8-9 months for things to normalise for real estate," Parekh said.

[https://data1]HDFC chairman Deepak Parekh Reuters

The deadly coronavirus pandemic, which has killed more than one lakh people and infected over 1.6 million, has rattled the economies globally. India, where several sectors have already been facing a big slump, will also take a hit as the pandemic has forced the country to shut its businesses and services except essentials. The virus has killed over 250 people in India with more than 8,000 positive cases. The country remains in a 21-day lockdown that is very likely to be extended for at least two more weeks.

Poor needs to be supported more

The HDFC bank chief said that the government should support the poor more since they are the ones who the first affected and last to recover. He also expected the government to come out with another stimulus package next week and urged them to do away with "complicated tax rules".

Restarting manufacturing post lockdown would be a difficult task

[https://data1]HDFC Bank Reuters

He warned that after the lockdown it would be a tough task to restart the manufacturing as the labours would be in a tough situation to choose between life and livelihood. He suggested that to manage this, the labour manufacturing firms will have to incentivise them to return to work.

"You will have increase wages for workers to incentivise them to come back. Getting back will be a problem... Management has to guarantee them the security of life, food and stay if required. They should be your first priority," he said.

Parekh said that getting the cash flow back should be the first priority and suggested cost-cutting, reduction in salaries and downsizing. "Management has to become more prudent by Cutting Costs, downsizing, No increments /bonus. Getting cash flow back should be first priority... Cut costs, reduce salaries, prune manpower if needed," he added.

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Explained: The 3-month loan moratorium
By Tamal Bandyopadhyay
April 14, 2020 09:20 IST

'Common sense says if one can afford, servicing the loans during this period is a better bet than postponing it by three months,' says Tamal Bandyopadhyay.


Illustration: Uttam Ghosh/

Till recently, the depositors of YES Bank Ltd and even now the Punjab & Maharashtra Co-operative Bank Ltd would get nightmares on hearing the word moratorium'.
Now, for millions of borrowers in India's financial system, both corporate and retail, moratorium is music to the ears.
In the world of finance, a moratorium is a temporary suspension of an activity in response to sudden financial hardships.
Recently, in an out-of-turn meeting of the Monetary Policy Committee, the Reserve Bank of India, cut the policy rate to its historic low and announced a slew of measures to boost liquidity in the system.
The Indian central bank topped up the policy with a three-month moratorium on the repayment of all loans to fight the impact of coronavirus on Asia's third largest economy.
Almost every financial intermediary, lobby groups and even the finance ministry have released the so-called FAQs (frequently asked questions) on the moratorium.
Let me add my two cents.
First, what it means for the retails borrowers.
All loans -- such as mortgage, auto loans, two-wheeler loans, consumer durable loans, education loans, personal loans and even repayment of money spent using credit cards -- are covered by the moratorium.

The point to note is that it is a three-month deferment of payment of loan instalments which includes principal and interest and not a waiver.
So, the loans have to be repaid and interest will continue to accrue on the outstanding loan.
Technically, interest will be capitalised.
In other words, one will have to pay interest on interest (for these three months).
Here is the catch.
Take the case of a home loan borrower who chooses to take advantage of the moratorium.
She has, say, 100 equated monthly instalments or EMIs left to pay off the loan.
Would she now have to pay 103 EMIs?
No, many more. This is because of the interest cost (and interest on interest over a period of time).
How many more? It depends on the interest rate, the tenure of the loan and how much she has already repaid.
Typically, in the initial stage, a home loan borrower's EMI could have as much as 80 per cent interest component.
As the years pass by, the interest component goes down.
This means, those who have just started paying their EMIs for home loans will have to pay many more extra EMIs than those who are close to the end of their home loan tenure.
Overall, the shorter the tenure of the loan, the lesser the number of extra EMIs to be paid.
For certain retail loans, if the loan tenure cannot be extended, the EMI amount will increase.
The moratorium is for three months for the repayment of all loans between March and May.
Those who take advantage of this would not be tagged as a defaulter and their credit history will not be spoilt.
However, this is optional. It is up to the borrower whether to opt for the relief or continue to pay.
Common sense says if one can afford, servicing the loans during this period is a better bet than postponing it by three months.
While payment of interest and principal for all retail loans and even term loans can be staggered following the moratorium, the norm for working capital facilities is different.
Here too the banks are offering the three-month relief from debt servicing, but the interest on the outstanding amount of the working capital facility needs to be paid immediately after the moratorium.
Not too many will quibble on this.
As working capital is a revolving door where companies enter and exit depending on their cash flows, the three-month interest burden won't hurt many.
However, two critical aspects of the moratorium norms need closer scrutiny and probably a relook by the banking regulator.
A ministry of finance press information bureau FAQ, purportedly picked up from the Indian Banks Association, the premier bankers'S body, says all term loans and cash credit/overdraft facilities are eligible to avail of the benefits under the package, provided they are 'standard' assets as on March 1.
However, the central bank says the so-called special mention accounts or those accounts that have not serviced loans in the immediate past for one or two instalments, cannot get the benefit of the moratorium. (Adding to the confusion, some say IBA has never formally released any FAQ.)
There are borrowers who delay payments at times but pay up before 90 days.
Such accounts are 'standard'; an account becomes a non-performing asset when it is not serviced for 90 days and banks need to provide for such accounts.
The RBI probably wants to discourage the habitual late payers of bank loans but there could be instances where borrowers delay payments for genuine reasons.
If they do not get the benefit of this moratorium, the NPAs of banks will swell.
Even though the RBI has not explicitly said so, it seems that the central bank is not in favour of allowing the financial intermediaries such as micro-finance institutions or MFIs and non-banking finance companies or NBFCS (there are many MFIs that are NBFCs) into the fold of the moratorium.
It is a bit tricky for such entities.
They cannot claim repayment from their borrowers because of the moratorium but they need to pay back the loans taken from the banks (which they have used to lend to their borrowers).
When they cannot lend fresh (and earn interest) because of the nationwide lockdown and claim repayment following the moratorium, how will they service bank loans?
The RBI probably wants them to borrow short-term money from banks.
It has opened a targeted long-term repo (TLTRO) window for up to Rs 1 trillion from which the banks can borrow to invest in corporate bonds, commercial papers and non-convertible debentures of NBFCs and mutual funds.
Theoretically, it is possible but many small NBFCs will not be able to raise fresh funds at this point. There could be a few casualties.
I am told some of the banks are extending the moratorium to their NBFC borrowers on their own.
That's a good sign. The RBI probably needs to take a close look at the NBFCs and relax the norm for some, if not all.
It is early to say but the moratorium may also need to be extended.

But that seems to be a given, if the economic situation does not improve.

Explained: The 3-month loan moratorium


'India too large and complex to be under long lockdown'
By Ishita Ayan Dutt
April 14, 2020 12:19 IST

'It will take six months to one year to move to normalcy, depending on how the pandemic plays out in India.'

IMAGE: A view of a deserted road near National Highway 24 in New Delhi, April 13, 2020. Photograph: Arun Sharma/PTI Photo

Tata Steel cut production across its sites in the wake of restrictions to contain the spread of COVID-19.
"We were just coming out of a difficult period. So the government should ensure liquidity not just with the banks, it should be passed on to industry too," Tata Steel Managing Director and CEO T V Narendran tells Ishita Ayan Dutt.

Is it time to make the lockdown targeted?
There should be some easing without compromising on the actions being taken to contain the pandemic.
The country is too large and complex to be under complete lockdown for too long without harming economic activity irreparably.
So, while we shouldn't compromise on the health of people, a selective easing of the situation is probably required.

Do you see demand bouncing back once the lockdown is lifted?
I don't expect the lockdown to be completely lifted for some time because the battle to contain the pandemic is still on.
Things may be better than what it was in the past three weeks.
But it will take six months to one year to move to normalcy, or to where we were in January-February, depending on how the pandemic plays out in India.

Tata Steel reduced operations despite being under ESMA (the Essential Services Maintenance Act). Is that related to demand or lockdown restrictions?
The first one week was most challenging.
The main steel plant sites at Jamshedpur, Angul and Kaliganagar had the permission to operate.
But steel plants don't operate in isolation.
So, the first one week, we were focused on ensuring critical consumables come in and we were operating at 80 to 90 per cent.
Once we had the supply chain in control, we were driven by our need to optimise demand and cash.
Most of our customers like the auto firms and construction sites were closed.
We then recalibrated, optimising cash and inventory levels.
The focus was on adding value to raw materials rather than investing in buying more.
Hence, in the past 10 days, we have been operating at 50 per cent levels at key sites.

On the capex front, Tata Steel had already recalibrated expansion, what further changes are likely to be made?
Right now, we can't mobilise labour, our suppliers are not available and technicians can't come from places where we are buying equipment.
So, there will be a pause for the next few months.
We will focus on conserving cash and optimising capex.

What is the impact of the pandemic on Tata Steel Europe?
The experience in Europe is slightly different because there is no lockdown there.
There is a slowdown as some of the customers like auto companies are closed, and to that extent, there is a drop in sales.
But there are many other sectors like packaging that are continuing to take in steel.
Europe sales are at 70 per cent of normal levels and there is a view that life will start coming back to normal after Easter.

Would Tata Steel be considering job/pay cuts?
For now, we are focused on using the existing workforce productively.
We want to support everyone who is working with us directly or indirectly.
As things pan out, we will continue to look at long-term productivity, which is nothing new for us.
But we will not take any knee-jerk actions now.

Will deleveraging plans be impacted?
We need to recalibrate. But in the long-term, we will recover and do what we have to do.

What does the government need to do to get the economy back on track?
The biggest problem is liquidity, for MSMEs as well as larger businesses.
We were just coming out of a difficult period, and last year was not a great year, particularly for manufacturing.
So the government should ensure liquidity not just with the banks, it should be passed on to industry too.
The government would also need to focus on MSMEs, that are most impacted by this lockdown.
Bigger companies have the ability and flexibility to survive, but the smaller ones will need to be supported.
Next would be migrant labour.

Construction activities and manufacturing to a large extent are dependent on migrant labourers.
Government spend on infrastructure would be a good way to kick start the economy.
Liquidity, however, is the key.

'India too large and complex to be under long lockdown'


Weak Rs to make India Inc's foreign debt repayment costly
By Dev Chatterjee
April 15, 2020 11:32 IST

RBI is expecting the rupee to stay close to Rs 75 to a dollar, as COVID-19 forces foreign funds to withdraw from emerging markets.


Illustration: Uttam Ghosh/

With the rupee falling 10 per cent against the US dollar since January, India Inc is staring at an extra repayment burden on its overseas loans.
The overseas fundraising fell to $5 billion in the first quarter of calendar year 2020, compared to $8.8 billion raised by Indian companies in the same period of 2019.

This, even as corporates take steps to cut risks due to the coronavirus disease (COVID-19) pandemic.
On Monday, the Indian currency was trading at Rs 76.27 to a dollar.
The Reserve Bank of India (RBI) is expecting the rupee to stay close to Rs 75 to a dollar, as COVID-19 forces foreign funds to withdraw from emerging markets.

Analysts expect the rupee to remain under pressure till the pandemic subsides and the RBI takes measures to keep the financial markets liquid and stable.
Analysts said while companies - with forward cover - will find it easier to repay their overseas debt, half the Indian companies with open positions are in financial dire straits.
According to data from Bloomberg, about $2.1 billion worth of dollar bonds are maturing till June.
“It depends on the risk management strategy of every corporate. Several top companies have taken cover.
"But it’s the medium- and small-sized companies which may face problems due to lack of cover,” said a Mumbai-based analyst.
Large corporates like Reliance, Tata, Ashok Leyland, and the Mahindras have taken adequate cover, he added.
“There are several Indian firms exposed to overseas debt. In such an unprecedented scenario, no level is holding true for the Indian rupee,” said Rahul Gupta, head of research-currency, Emkay Global Financial Services.
“Globally, market sentiments are fragile over the corporate impact of the pandemic.
"Since the beginning of this year, the rupee has already depreciated by nearly 7 per cent to 76.54.
"Any further depreciation will hurt the companies further. They will end up coughing up more money.
"In such a pessimistic market, it will not be a surprise if the rupee depreciates to 77.5 and beyond in the coming weeks,” added Gupta.
Chief financial officers said during the lockdown period, the cash flows of several Indian companies have dried up, making it difficult for them to repay loans.
“There will be defaults as companies are not making any sales. There could be more asset sales to repay foreign loans,” he said.
While companies, which have foreign exchange earnings, will be able to tide over the crisis as they have a natural hedge against a weakening rupee, others may not be so lucky - especially in the real estate and non-banking financial company sectors.
Another option for companies is to refinance their foreign loans.

For instance, Macrotech Developers (earlier known as Lodha Developers) refinanced in the March quarter.
The moratorium announced by the RBI on loan repayments to local banks, and a steep rate cut will help companies divert funds to repay foreign loans.

Weak Rs to make India Inc's foreign debt repayment costly


Desperate, farmers in Nashik sell onions for Rs 3/kg
By Dilip Kumar Jha
Last updated on: April 07, 2020 12:33 IST

The model or average price for a kg of onion was Rs 6 on Monday -- the lowest in this late kharif and rabi harvesting season, so far. While poorer quality kharif onions traded at Rs 3 a kg, the price of export quality was Rs 9 a kg.

Image used for representational purpose. Photograph: ANI Photo.

Fearing their onion stock may get spoiled owing to the low shelf life of the late kharif variety and the demand disruption caused by the nationwide lockdown, farmers in Maharashtra’s Nashik district are selling their produce at a loss -- for as low as Rs 3 a kg against the cultivation cost of Rs 6 a kg.
With the benchmark Lasalgaon mandi remaining closed for the past four days after the entire Nipad taluka was quarantined following Covid-19 cases there, farmers in the district are queueing up at the nearby Vinchur mandi.

The model or average price for a kg of onion was Rs 6 on Monday -- the lowest in this late kharif and rabi harvesting season, so far. While poorer quality kharif onions traded at Rs 3 a kg, the price of export quality was Rs 9 a kg.

According to traders, onion demand has fallen 30-40 per cent since the lockdown on March 25 forced the temporary closure of hotels, restaurants and roadside eateries.
“Farmers are in a hurry to sell onion, especially of the late kharif variety, fearing spoilage. With most market yards closed, farmers have pushed their supply to the Vinchur agricultural produce market committee (APMC). As a result, the model onion price has fallen to as low as Rs 6 a kg,” said Narendra Wadhvane, secretary, Lasalgaon APMC.
Total arrivals of onion at the Vinchur mandi jumped unusually high -- at 2400 tonnes -- on Monday. This was almost twice the usual daily arrivals.
Though transportation of onion, which is an essential commodity, is allowed, movement of the vegetable remains highly restricted.
Also, exports have come to a standstill because of fewer overseas orders. According to experts, exports are likely to remain subdued as major importing countries, too, are battling the pandemic.
“Onion prices have declined sharply over the last few days. Also, there is a bumper output in Nashik, which feeds onion to the entire country,” said Arun Kale, secretary, Nashik APMC.
In retail, onion is selling currently at Rs 30 a kg because of weak supply. Also, the impact of the latest price decline will be seen in the retail market in 7-10 days.
Onion farmers are currently passing through distress because they are not able to recover even the cost of cultivation. The cost of onion cultivation stands at Rs 5.50-6 a kg in most parts of Nashik. In some areas where irrigation facility is unavailable, the cultivation cost goes up to Rs 7-8 a kg.

“Farmers, especially of small and medium farmers, do not have adequate storage capacity and they cannot afford to pay for storing their produce in public warehouses. They do not have any option but to sell their produce at a loss. Large corporates, stockists, and warehouse keepers take advantage of such a situation – they buy cheap and store it for selling in the lean season,” said Wadhvane.

Desperate, farmers in Nashik sell onions for Rs 3/kg


Why health insurance premiums are set to rise
By Subrata Panda
Last updated on: April 13, 2020 09:43 IST

The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products.
Health insurance premiums are set to rise as non-life insurance companies and standalone health insurance firms scurry to revamp their products to include the modifications mandated by insurance regulator Insurance Regulatory and Development Authority (IRDAI).
The rise in premiums could be in the range of 5-25 per cent, depending on the features that each insurance company adds on its products.

Insurance firms have been given time till September 30 to include modifications mandated by the regulator.
From October 1, the products must have the suggested modifications of the regulator.

Insurers are using this time to revamp their offerings by adding new features and standardising products, according to IRDAI’s guidelines.

They will launch the revamped products with a higher price within 2-3 months.
“The regulator has called for some changes in health products to bring standardisation in the exclusions and include certain diseases.
"It has given a provision stating that if there has to be any premium changes for the added coverage, and if the premium change is within the range of 5 per cent, it can be done on the basis of certification,” said Rashmi Nandargi, head - retail health, travel & PA underwriting, Bajaj Allianz General Insurance.
“But if the increase is more than 5 per cent, then the regular process of file and use has to be followed.
"So, we are working on the changes and evaluating impact of the proposed changes,” she added.
Amit Chhabra, health business head,, said, “The scope of a product becomes much broader as things which were not covered earlier are coming into the ambit of the product.
"This means that prices will rise to compensate for the added coverage.”
On one hand, insurance companies can refile their products and increase the features that the regulator has asked for, which many companies are doing.
On the other hand, some companies are taking this opportunity to revamp their products by adding a range of features.
Last year, the regulator had come out with guidelines.
Essentially, the regulator’s concern was that there was no clarity on what is excluded and included in a health insurance policy.
Every insurance company was framing guidelines according to their convenience and this was a cause for discontent among policyholders.
The regulator has sought to standardise products to improve the current offering in order to be in line with dynamic needs of today.
It is also to ensure that insurers follow prudent practices to protect the interests of policyholders.
“From October 1, every policy copy has to look similar and even the language has to be standardised.
"Similarly, all insurers have to follow the guidelines on the list of consumables that will be covered and not covered,” said Chhabra.
The insurance regulator said all health conditions and illnesses acquired after the issuance of this policy will be covered under it.
Some of the major diseases that must be added in the list include alzheimer, parkinson, AIDS/HIV and morbid obesity.
Moreover, insurers will now be barred from excluding ailments contracted due to hazardous activity, treatment of mental illness, artificial life maintenance, age-related degeneration and internal congenital diseases.
Some other barred exclusions are behaviour and neurodevelopment disorders, puberty and menopause-related disorders, genetic diseases and disorders.
Also, age-related ailments like cataract surgery and knee-cap replacements would also need to be covered.

Factory workers, working with harmful chemicals that impact health over a long-term period, cannot be refused coverage of respiratory or skin ailments that arise as a result of workplace conditions.

Why health insurance premiums are set to rise


COVID-19: Job loss, salary cuts are BIGGEST worries
By Shyamal Majumdar
April 11, 2020 10:28 IST

'A large number of people are suddenly waking up to the fear of losing jobs,' says Shyamal Majumdar.

Illustration: Dominic Xavier/

For many, it's the fear of the unknown and uncertainty over how long they have to resort to limiting their daily lives.
For others, it's the fear of contracting the coronavirus or worry about how this will affect their financial situation.
There's more. A large number of people are suddenly waking up to the fear of losing jobs after their employers are done with the customary lip service of 'we are in it together' kind of stuff.
And finally, there is the concern about a salary cut.
In a world reeling under COVID-19, there is no denying that the fears are real.
Psychologists say that the COVID-19 crisis has indeed created a combination of economic and financial instability, and there has been a huge disruption of habit and the normal structure of life, leading to a severe effect on people's emotional health.

For example, hoarding and panic buying in grocery shops in the initial days of the lockdown were visible examples of people acting on their fears at the instability and uncertainty they face.
In fact, fear of contamination has become a huge trigger for an almost obsessive compulsive disorder for many people.
The biggest fear, of course, is the effect the pandemic can have on people's mental health.
And it can manifest in several ways.
For example, work from home, which sounded like a bliss in the initial days, is slowly turning out to be a drudgery.
Apart from the fear of an impending non-existence of 'work', people are falling into a pattern of overworking, a sense or feeling that they should be working long hours, to show colleagues and bosses that they are being productive as no one can physically see them working.
When they are working from home and can't get to a call or email right away, the co-workers may wonder if you are taking it easy.
Stress is normal in a person's life.
But what has started affecting many people's mental health (often unknowingly) is that among many global health, economic and societal disruptions, the novel coronavirus has forced millions to physically isolate.
Combined with an unknown future, it can create havoc.
Physical distancing, isolation measures, the closure of schools and workplaces, are particularly challenging, as they affect what we love to do, where we want to be, and who we want to be with, says an official of the World Health Organisation.
In any case, loneliness is one of the world's most significant risk factors.
Now that many people’s freedom of movement is severely limited, the problem has worsened, particularly for older individuals with limited social life.
That is where digital age comes to your aid.
After all, it has never been so easy to stay connected with the people who matter to you the most.
Video calls at least give that illusion of proximity and feel like the person or people you are talking to are nearby.
One way of capitalising on this isolation is to prioritise the things you enjoy doing by yourself, yet haven't had time to dedicate to them.
To come out of this feeling of loneliness, people should utilise this unexpected time to themselves to focus on aspects of their lives that they may not have paid very much attention to before.
One of the advice psychologists are giving is to minimise watching, reading or listening to news about the COVID-19 that causes you to feel anxious or distressed.
Seek information updates at specific times during the day, once or twice.
The sudden and near-constant stream of news reports about an outbreak can cause anyone to feel worried.
It is key to pay special attention to children during this time.
Children are sensitive and when they hear adults speaking about the virus in a very distressed way, they are left feeling nervous, which can lead to long-term negative effects on the child's psyche.
Finally, now that lay-offs and salary cuts are inevitable in a post-COVID-19 world, companies need to be extra careful about the stress it might create.
One way of dealing with this is to be as transparent as possible.

Everybody knows the reason, but wants to be treated with respect and compassion.
After all, how you treat people on their way out of the door does not go unnoticed by the rest of your organisation.
The short point is that fighting and coping with the coronavirus outbreak is not just a physical or medical challenge, but a psychological one as well.

COVID-19: Job loss, salary cuts are BIGGEST worries


HDFC Bank offers loan deferment option to customers
Source: PTI
April 02, 2020 09:12 IST

Its debit card holders can now withdraw cash from any ATM without charges till June 30.

HDFC Bank on Wednesday offered to defer EMIs in the wake of the coronavirus pandemic.

The bank in an email to its customers said the prevailing situation may pose a huge challenge for people at large.

"In line with the RBI guidelines and to show our solidarity, HDFC Bank is offering its customers EMI moratorium as a relief measure.

"You can defer your EMIs/loan installments and credit card dues up to 3 months," the bank said.
The bank said its debit card holders can now withdraw cash from any ATM without charges till June 30.
"There won't be any cap on the number of withdrawals or other transactions done at the ATM including declined transactions," it said.
"We will also waive the minimum monthly/quarterly balance requirements for the savings and current account holders for four months - from March to June 2020. These customers will be sent a separate communication," the lender added.
All the public sector lenders on Tuesday announced they will be extending the moratorium for three months, giving their customers a window to pay EMIs and interest on working capital loans by small businesses or MSMEs.

These measures are part of RBI's mega liquidity booster announced on Friday as the coronavirus lockdown has crippled almost every economic activity in the country.

HDFC Bank offers loan deferment option to customers