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Top 15 finance stories of the day, August 26, 2020

·6-min read

Today’s big finance news at a glance:

Govt only thinking business, not people: SC on loan EMI interests

The Supreme Court on Wednesday, 26 August, pulled up the Centre for not taking a stand on waiver of interest on interest during the loan moratorium period during a hearing against financial institutions levying interest on loans while the temporary suspension period was on. Read more

Gold prices steady as economic growth risks offset US-China trade hopes

On Wednesday morning, gold futures on MCX (Multi Commodity Exchange of India) were slightly changed at Rs 51,127 per 10 grams. In the international market, spot gold was flat at $1,928.35 per ounce as signs of progress in US-China trade negotiations, a negative for the precious metal's demand, was balanced by worries over the global economic outlook. Read more

Valid pollution under control certificate now a must to renew, claim vehicle insurance: IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has notified all general insurance companies in India to obtain valid pollution under control (PUC) certificate for vehicles at the time of renewal of policy. Read more

COVID-19 has hit India hard: RBI

COVID-19 has hit India hard and the path ahead is shrouded with uncertainty, the RBI has said in its annual report for 2019-20. "While the path ahead is still shrouded with high uncertainty, sifting through the experience of the year gone by could fortify this resolve and marshal the grit and resources to deal with the challenges that confront us in 2020-21 and beyond over the medium-term," the Reserve Bank has said in its annual report. Read more

SBI advances after Moody's reaffirms deposit ratings

"The deposit ratings of SBI are at the same level as India's Baa3 sovereign rating", Moody's said in a statement. At the same time, the ratings agency has downgraded SBI's Baseline Credit Assessment (BCA) and adjusted BCA to ba2 from ba1. It has maintained SBI's rating outlook, where applicable, as negative, in line with the outlook on India's sovereign rating. Read more

An AI just found 50 new planets: Here's how

In a major development, an AI algorithm has discovered as many as 50 new planets. The bodies, broadly called exoplanets, are located outside our Solar System, meaning well beyond our current reach, but their discovery marks a major push for the use of machine learning in the field of astronomy. Here is all you need to know about it. Read more

GST relief for 2-wheelers in the offing?

Finance Minister Nirmala Sitharaman continues her outreach program to comfort India Inc as Asia’s third-largest economy battles Covid-19. In her interaction today with industry body CII, FM said that sectors such as Tourism, Hotels & Hospitality, Real Estate & Construction and Airlines have been disproportionately affected by the pandemic. In order to ease the pain of a few of these ailing sectors, the Standard Operating Procedures (SoPs) for the hotels, banquets & related activities will be looked into. Read more

Modi Govt to revive tourism industry in India; plans to promote pilgrimage sites under Udan

With 40 million jobs at stake and 15 Lakh Cr losses to the hospitality industry. Govt is setting its bets on reviving the tourism industry. The tourism task force has been set up by the Modi Govt to revive the sector, and a high-level inter-ministerial meeting has been scheduled on this very subject. On top of the agenda, Govt plans to promote pilgrimage sites and Buddhist circuit with better air connectivity under Udan. Govt also plans to promote Ladakh as a key tourism hotspot with direct flights from Bangalore, Ahmedabad, and other parts from North India. Read more

COVID-19 impact: Air India expression of interest extended

The Modi governments plan to sell the loss-making national carrier Air India has hit another hurdle. The government has extended the deadline for interested bidders to place their bids for Air India by two more months to October 30 as against the previous deadline of August 31st. The Department of Investment and Public Asset Management said the deadline has been extended in view of the "request received from the IBs (interested bidders) in view of the prevailing situation arising out of COVID-19". This is the fourth extension given by the government for putting in bids for the national carrier. Read more

The 7 richest gangsters of all time

There are no useful lessons to learn from the riches acquired through heinous methods, but it’s interesting to discover the how these ruthless gangsters amassed the huge wealth that they owned (or still own). Here’s a look at 7 of the richest gangsters of all times. Guess which Indian gangster features on this list? Read more

Upcoming Kia Sonet compact SUV fuel efficiency figures revealed ahead of launch in India

Going by the number of bookings that the Sonet garnered in a single day, we could say the least that Kia could be looking to repeat the same history it had with the Seltos. The Sonet is set to enter the hotly-contested compact SUV segment against popular offerings like the Maruti Suzuki Vitara Brezza, Hyundai Venue and Tata Nexon among others. And ahead of its price reveal, reports have now revealed the fuel efficiency figures of the car. Read more

Everything you need to know about top-up home loans

There are many ways to borrow. But borrowing over an ongoing home loan is a much-overlooked option. A home loan top-up allows you to borrow through a home loan that yo’re currently repaying. There are several advantages of taking this option, and it allows you to access credit cheaply and without a lot of paperwork. Read more

OnePlus Nord gets certified as a YouTube signature device: all you need to know

Google has added the recently released OnePlus Nord to the YouTube Signature Devices list. The YouTube Signature Devices programme certifies smartphones that, according to Google, deliver the best YouTube-viewing experience, reports XDA Developers. Read more

Not even one Rs. 2,000 note printed in 2019-20

Four years after they were introduced, the circulation and printing of Rs. 2,000 notes have declined sharply with not even a single one being printed by Reserve Bank of India's (RBI) currency note presses in the 2019-20 fiscal year, the annual report of the top bank said this week. In sharp contrast, a larger number of Rs. 500 notes are in circulation. Read more

Do I need to invest in international stocks?

A friend and I were discussing stocks the other day, when I mentioned, "I am so glad I exposed my portfolio to international stocks. It is an easy and excellent tool for diversification." But to my surprise, he said, "I didn’t know you could invest in the international markets. Besides, do we really need to?'' Read more