Banks free to provide funds to Amrapali projects, RBI tells Supreme Court | WeForNews | Latest News, Blogs Banks free to provide funds to Amrapali projects, RBI tells Supreme Court – WeForNews | Latest News, Blogs
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New Delhi, Oct 13 : The Reserve Bank of India on Tuesday informed the Supreme Court that banks are free to decide on the aspect of financing the Amrapali projects in accordance with their commercial judgements.

A bench comprising Justices U.U. Lalit and Ashok Bhushan directed the RBI to depute a high-ranking officer to coordinate with the court-appointed receiver to conduct a meeting with banks to arrange funding of these projects.

In an affidavit, the RBI has informed the top court that the banks are free decide on financing these projects and it has also written a letter to the Indian Banks Association to consider financing Amrapali projects. The top court also allowed the receiver to independently try and arrange funding for construction.

The receiver also informed the court that UCO bank and Union Bank (including erstwhile Corporation Bank and Andhra Bank) representing 3,074 buyers have entered into an agreement for restructuring the loan accounts, but the other banks are not responding to his requests. The bench directed the other banks to treat these agreements as standard and execute similar agreements with the receiver and consider the applications for fresh loans on their merits independently.

Kumar Mihir, advocate for homebuyers, said: “With Reserve Bank of India playing an active role in arranging the finance for these projects, and finalisation of the action plan for sale of properties and unsold inventory, the biggest hurdle in completion of construction and the prevalent apprehension in the minds of homebuyers will be removed. I am sure, there will not be any shortage of funds and NBCC will be able to complete these projects on time.”

The receiver also informed the bench that the MSTC has filed a detailed action plan for valuation and e-auction of properties and this entire exercise will be completed by February 2021. The bench gave in-principle approval to MSTC to go ahead with the plan and directed it to place a revised schedule on record and the valuation report in a sealed cover.

NBCC informed the court that it will undertake sale of unsold inventory and FAR, and the court directed it to place the complete list of unsold inventories by next date of hearing.

The receiver submitted before the court that talks with SBI Caps have been finaliwed and sought the court’s permission to incorporate a “Not for Profit Company under Section 8 of Companies Act, 2013 to receive funds from SBI Caps/SWAMIH Fund. The court granted its permission.

The top court has scheduled the next date of hearing on October 29, when it will take up the issues regarding recovery of funds in terms of findings of Forensic Auditors.

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Manufacturing GVA growth in Q2 ‘surprising’: SBI Report

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Manufacturing

New Delhi, Nov 28 : The manufacturing sector played a major role in narrowing down the India’s GDP contraction in Q2 of FY21. An SBI Ecowrap report, however, dubbed the growth in manufacturing GVA as “astonishing” as the IIP manufacturing for the same period declined by 6.7 per cent.

India’s GDP in the July-September period contracted 7.5 per cent, compared with 23.9 per cent in the preceding quarter.

The GVA in Q2 2020-21 from the manufacturing sector grew 0.6 per cent, as compared with a degrowth of 0.6 per cent in the corresponding quarter of the previous fiscal.

The report by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said: “Though the whole press release is full of surprising numbers, the most astonishing number is the positive growth in manufacturing in Q2.”

He noted that despite being the worst affected sector in Q1 (due to lockdown), it is quite puzzling how manufacturing turned itself around.

The IIP manufacturing and manufacturing GVA growth are highly correlated (almost more than 0.90) and this correlation collapsed in Q2 when IIP manufacturing declined by 6.7 per cent (average of July/August/September) while manufacturing GVA grew by 0.6 per cent.

He said that one possible reason for this could be stellar corporate GVA numbers in Q2 on the back of massive purge in costs.

Further, he said that small companies, with turnover of up to Rs 500 crore, are more aggressive in cutting cost, displaying reduction in employee cost by 10-12 per cent.

“This could turn a potential headwind in future in terms of a drag on consumption. Additionally, there is evidence of inventory build-up that could act as a drag on future manufacturing growth,” said the report.

“Interestingly, government consumption expenditure has also nosedived in Q2, that is difficult to explain, as such expenditures are typically pro cyclical.”

During the July-September period, agriculture sector continued to perform well with its growth pegged at 3.4 per cent. Services remained in the negative territory, although the decline was contained as trade, hotels, transport, communication and services related to broadcasting showed recovery.

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Apple patents new MacBook Touch Bar with Force Touch technology

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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San Francisco: Apple is reportedly planning to add Force Touch sensors to the OLED Touch Bar on a future MacBook Pro.

A new patent published by the US Patent And Trademark Office, suggests Force Touch could have an expanded role in the future on the Mac, with the development of a new pressure-sensitive Touch Bar, reports MacRumors.

The patent offers visual examples of how force-sensing technology would be implemented in a MacBook Touch Bar, with Force Touch circuitry surrounding the touch-sensitive OLED strip.

“The secondary display and force-sensing circuitry may be encapsulated between two glass layers that are bonded to one another by a frit. In some embodiments, the force-sensing circuitry is formed from or constitutes part of, the frit,” reads the abstract of the patent application

Force Touch sensors were introduced for the first time with the first-generation Apple Watch and they allow the screen to identify the touch pressure in order to perform different actions based on touch intensity.

This technology was then introduced to the MacBook trackpad in 2015.

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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Business

Black Friday in-store shopping drops amid pandemic

Black Friday, one of the most anticipated days by consumers, shifted its consumption patterns due to the COVID-19 pandemic this year. More shoppers have opted for online sales, and in-store shoppers tend to buy things much faster than before.

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Retail Store Sales Down

New York: Christina, a 74-year-old woman, only spent about five minutes buying a toaster oven at Macy’s flagship store in New York city on Black Friday morning.

“It was quick, it was a short line. It is not very busy now,” the shopper, who did not give her surname, told Xinhua.

There were a few dozen in-store shoppers at Macy’s flagship store, Saks Fifth Avenue and other retailers’ stores in New York City on Black Friday, a sharp contrast to the crowded scenes in the same time any other year.

Black Friday, one of the most anticipated days by consumers, shifted its consumption patterns due to the COVID-19 pandemic this year. More shoppers have opted for online sales, and in-store shoppers tend to buy things much faster than before.

“This year is scary. You want to get out of the store quicker to protect yourself even though we have masks. We have to prevent socializing and gathering with large crowds. We have to keep a distance,” the 74-year old shopper said.

In the meantime, U.S. consumers’ online spending made a new record high of $5.1 billion on Thanksgiving Day with a year-on-year growth of 21.5 per cent, according to the data issued by Adobe Analytics.

As of Thursday afternoon, coronavirus deaths have added up to 24,241 and confirmed cases to 302,522 in New York City, according to The City, a project that tracks the spread of confirmed COVID-19 infections and fatalities in New York City.

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