Today its 7th day of lockdown in India, and data of Corona-virus victims are increasing day by day and the number of total positive cases is recorded to 1,251 and death cases are rise to 32. There are highly single day cases are registering which is 227 per day.
Worldwide, the number of corona-virus cases are reached more than 7,85,850 and around 3780 have lost their lives so far.
As per RBI Governor Shaktikanta Dass, all banks and other financial institutions (NBFCs) are permitted to provide a 3 months moratorium for all term loan installments which are due for payment between 1st March 2020 and 31st May 2020. The objective of the RBI circular is that people have freedom from the pain of repayment of loans due to lockdown by COVID-19.
But on the other side, RBI clarifies that the interest rate three months has to be accumulated together. There are around 100 million Small and Medium Enterprises that are not in the position to pay the total three months interest rate together.
In additions, middle or lower class families are not in the positions to pay accumulated interest together if any, because truly says by Funds Instructor that “there is no guarantee that the Lockdown period will be over after 21 days as well as there is no ascertain way that it will be increased from 21 days to 30-60 days.” In that situation, middle or lower class families and SMEs are not able to pay accumulated interest for 3 months. Because after the lockdown period first of the pay their rents, salary to their workers, utility bills and children’s education fees and daily essentials needs expenses, etc. Therefore, Govt. of India has to be looked into this matter and revisit the topic and remove the three months interest accumulated clause from the report.
With two-thirds of the worldwide population living in developing countries facing abnormal economic damage from the COVID-19 crisis.
According to the latest report by UN trade, the worldwide economy will go into recession this year with the loss of trillions of dollars of global income due to the COVID-19 pandemic. Where every industry is affected with the Novel COVID-19 another side it is also affected stock markets. Automobile, Airline industries, Pharmaceuticals, other manufacturing industries, and some industries like as zomato, swiggy, foodpanda, ola, uber, etc. are most affected industries in stock market.