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No liquidity crisis, demand to pick up: Nirmala Sitharaman

Addressing the media after the meeting, Sitharaman evinced hope that demand would return in most of the sectors.



New Delhi, Sep 26 : Finance Minister Nirmala Sitharaman on Thursday met private sector banks, NBFCs and micro-finance institutions and small finance banks where she said liquidity is no longer an issue while expressing the hope that demand is ready to be kicked off from the festival season onwards and that meeting private bankers was like a tonic for her.

After a two-hour meeting with private sector banks, non-banking finance companies and housing finance companies, Sitharaman said that none of the lenders complained about liquidity issues.

Addressing the media after the meeting, Sitharaman evinced hope that demand would return in most of the sectors.

“Liquidity is not a problem, they (the bankers, MFIs and NBFCs) are willing to lend in each and every one of the segment. The consensus is happening and once the 15-day period goes off (as per Hindu muthology calender ‘pitru paksh’ when no new purchases are made) and post which the festive season starts, from what has emerged today I feel, demand will get back and motivate our economy,” Sitharaman said.

She hoped that in the coming months, things will look up and pep up every other sector, even if there were “one or two sectors where there could be some stress,” she said.

“I have not heard liquidity as a problem from anybody here today. It has been a tonic-like meeting where I heard good news. Not one voice said there was a shortfall of demand. None of them voiced liquidity concerns”, she said.

The FM said even if there was a problem in liquidity, it was in the wholesale financing, and not in the retail. V. Vaidyanathan, MD & CEO of IDFC First Bank, said: “We are growing small ticket loans at over 25% per year. Expect demand for large ticket loans to pick up as sentiment revives”.

“We really feel this is the opportunity for us,” said Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank. “When the government is going out there, it is our ‘dharma’ to lend actively and prudently. We see no pressure from government on outreach programme, we want to lend as there’s surplus liquidity”, he said.

Amid an ongoing slowdown in the economy, the government has been coming up with several ideas and holding consultations to improve credit base of the lenders so that they can infuse liquidity in several sectors and boost consumption.

“Many of the MFIs and micro-finance units said that in deep-country areas, there is still demand and that they are extending loans. All of them clearly voiced a positive growth which is a good encouraging story,” Sitharaman said, adding there is still good demand in rural sector.

Finance and Banking Secretary Rajeev Kumar said: “NBFCs raised issues on KYC while vehicle & housing NBFCs informed about robust demand”.

On the auto sector, the FM said people not coming forward to buy commercial vehicles seems to be a prevalent problems. This had happened a few quarters ago, and is happening again. The lack of demand in passenger vehicles is sentimental while for the consumer vehicles segment, it was more of cyclical and a bank sees issues with regard to CVs getting sorted out in 1-2 quarters,” Sitharaman said regarding the slump in the auto sector.

The meeting was held to get a response from private banks and financiers to join the government-owned banks in the outreach programme to push up credit disbursal from October onwards in 400 distrcits. Private banks & financial institutions said at the meeting that they will hit streets along with PSU banks in a credit outreach programme starting first week of October.

M.G. George Muthoot of The Muthoot Group, an NBFC, said 70% of their branches are in rural areas. “We should get some more liquidity from banks and expect more business during this festive season”.

Bankers also told the Finance Minister that there were impressive possibilities in the services sector, which dominates the Indian economy.


Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.




Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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Amazon Quiz Answers Today, November 24, 2020: Answer and Win Xbox Series X

The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.





Amazon quiz Answers Today, November 24, 2020: The Amazon Quiz for November 24, 2020, is live and today you have the chance to Win Xbox Series X. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize:

Win Xbox Series X
Amazon Quiz Date: November 24, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 24, 2020

Question 1. Who has been named as the new Ambassador for World Wide Fund (WWF) India’s Environment Education Programme?

Answer 1: Viswanathan Anand

Question 2. As per Global Finance magazine, KfW Bank is considered to be the “World’s Safest Bank”. In which country is KfW Bank headquartered?

Answer 2: Germany

Question 3. Starlink is a satellite constellation being constructed by which company to beam satellite Internet access across the world?

Answer 3: SpaceX

Question 4. These ladies are on a tour of which country?

Answer 4: Egypt

Question 5. Considered “the most influential environmental photograph ever taken”, on which mission was this photograph taken?

Answer 5: Apollo 8

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Gold Rates and Silver rates, November 24: Yellow metal price struggles today by 0.23%, check here

Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram.



Gold Wealth Price

Gold Rates and Silver rates, November 24: Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram. When it comes to the gold metal, the prices vary based on the city or state due to excise duty, state taxes, and making charges.

  • CHENNAI ₹52,034 ₹47,674
  • MUMBAI ₹50,950 ₹49,950
  • BANGALORE ₹51,441 ₹47,161
  • DELHI ₹53,637 ₹49,197
  • KERALA ₹51,468 ₹47,148
  • HYDERABAD ₹51,454 ₹47,144
  • KOLKATA ₹52,537 ₹50,127
  • PUNE ₹50,805 ₹48,355

GOLD PRICE IN INDIA (*MCX) ₹49,504 ₹45,379

Know why Gold and Silver rate rise and decline

Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.

How Gold rate is calculated?

As there is no specific measure for the gold and the prices differ from jeweller to jeweller. Final price of the jewellery = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)

How many times gold rates change in a day?

As the yellow metal gold is traded at Multi Commodity Exchange whGGolere the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world.

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Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.