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<ul><li>CEO and MD of <keyword id="5332775" type="COMPANY" weightage="20" keywordseo="HDFC-Bank-Aditya-Puri">HDFC Bank Aditya Puri</keyword> told employees that the bank’s next CEO, <keyword id="6836606" type="UNKNOWN" weightage="20" keywordseo="sashidhar-jagdishan">Sashidhar Jagdishan</keyword>, is the ‘worthiest person to pass the baton onto’. </li><li>Puri will be retiring from his post in October, and Jagdishan will take up the role of managing director. </li><li>Puri has been with <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> since its inception 26 years ago and is currently the highest-paid banker in India drawing a gross salary of ₹18.92 crore per year. </li></ul>India’s largest private sector bank is gearing up for a change in leadership, and its outgoing CEO and MD, <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword>, believes the ‘worthiest person’ to succeed him will be Sashidhar Jagdishan. “I wouldn’t go into the qualities he possesses because most of us would know that. Suffice to say that in him you have the best person to lead, and I have the worthiest person to hand over the baton to,” Puri said in an email to employees. Puri has been at the helm of HDFC Bank since its inception in India 26 years ago. Starting October 27, when Puri turns 70, the reins will be handed over to Jagdishan, who will take over the post of managing director. Jagdishan has been working at HDFC Bank since 1996 when he joined as the manager. He was one of three candidates shortlisted for Puri’s post. “I’ve always maintained our best is yet to come, and with Sashi now at the helm, I have no doubt that our best will come,” said Puri. Aditya Puri leaves as the highest-paid banker in India “From my first office with broken chairs to now, what we've achieved in this time is incredible and doesn't have too many parallels globally," reflected Puri. Under his leadership, HDFC Bank’s net profit has grown by ₹80 lakh in 1994-95 to ₹26,257 crore in 2019-20. Puri is currently the <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-banks-aditya-puri-highest-paid-banker-for-fy20-with-rs-18-92-crore-in-remuneration/articleshow/77050193.cms?from=mdr">highest-paid banker</a> in the country with a yearly salary of ₹18.92 crore. In comparison, ICICI Bank MD and CEO Sandeep Bakshi earns less than half that amount at ₹6.31 crore. Ahead of his retirement, Puri also <a href="https://www.financialexpress.com/industry/banking-finance/ahead-of-retirement-aditya-puri-sells-95-of-his-stake-in-hdfc-bank/2035590/">sold off 95% of his equity stake</a> in the bank. During the share sale, Puri liquidated around 74.2 lakh shares worth ₹842.87 crore between July 21 and July 23. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-icici-bank-axis-kotak-and-others-have-plans-to-raise-14-billion-but-if-things-go-haywire-they-could-need-three-times-more/articleshow/77506879.cms">SBI, ICICI Bank, Axis, Kotak and others have plans to raise $14 billion — but if things go haywire, they could need three times more</a> <a href="https://www.businessinsider.in/finance/banks/news/icici-bank-sets-floor-price-for-qip-at-351-36-per-share-to-decide-on-allotment-on-august-14/articleshow/77464319.cms">ICICI Bank's share price jumps over 2% after it set floor price for QIP at ₹351.36 per share</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-appointed-former-ceo-of-icici-bank-kv-kamath-to-head-the-panel-for-one-time-restructuring-of-loans/articleshow/77389082.cms">KV Kamath, the veteran banker behind ICICI’s rise in India, will now head the panel for one-time restructuring of loans</a>

HDFC Bank's Aditya Puri believes Sashidhar Jagdishan is the 'worthiest person' to succeed him

India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s managing director <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> called for an unscheduled interest rate cut.</li><li>In an interview with CNBC TV 18, Puri also recommended that the government should relax the terms of loan repayment.</li><li>He assured stockholders that HDFC Bank is in a strong position with $5 billion in cash and the banking sector will safely weather the Coronavirus pandemic.</li></ul>HDFC Bank’s managing director Aditya Puri isn’t worried about the markets tanking. In fact, he’s optimistic that the banking sector will survive the current crisis despite the Indian stock markets hitting a lower circuit again today, March 23. As the <keyword id="722345" type="COMPANY" weightage="20" keywordseo="Nifty-bank">Nifty Bank</keyword> index also suffers from the pandemic, <keyword id="1455865" type="PERSON" weightage="20" keywordseo="HDFC-Bank-stock">HDFC Bank stock</keyword> lost 506 points in three months. 
 
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 As the equities markets are drying up, Puri said that the economy will land in a cash flow problem, in an interview with CNBC TV 18. Puri asserts that the crisis in the economy is not a case of companies failing. “This is a cash flow problem that should be helped by the government,” he said. 
 
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 Instead of just focusing on financial markets — the entire economy needs to be taken into account, Puri said. He expressed the need for an unscheduled interest rate cut, ahead of the monetary policy revision scheduled for April 3. In addition, the government should issue a directive to relax the terms of loan repayment. HDFC Bank is in a good position with $5 billion in cash: Puri Unlike many of its peers, HDFC Bank is not troubled by large loans given to troubled promoters, as over a <a href="https://economictimes.indiatimes.com/markets/stocks/news/can-hdfc-bank-become-a-corporate-play/articleshow/69034736.cms?from=mdr">half of its loans </a>are given to retail customers. Puri insists that HDFC Bank is in a good position with $5 billion in cash and nearly 80% of its loans given to AAA-rated companies. Majority of unsecured loans in the retail sector have been given to salaried employees. “This majorly comprises of good and strong corporates, and government employees. Repayments continue to remain healthy currently,” said UBS Global Research’s report. 
 
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 ‘Likely to see a dip in credit card spending’ Yet, Coronavirus is playing its part in derailing trade and that has had an impact. The bank did see a dip in credit card spending in March despite healthy levels in January and February, according to UBS' report. It could spell trouble for the largest issuer of credit cards in the market, which garners nearly 27% of the market share as of February 2020 — which has fallen from 30% in 2015. When it comes to online spending in particular, HDFC believes that there will likely be a dip due to the lockdown, which will restrain the movement of delivery personnel and take a toll on supply chains. Despite assurances, Bernstein — a global brokerage firm — downgraded HDFC Bank to underperform in the ‘pandemic driven environment’. “HDFC Bank's portfolio is most exposed to unsecured consumer credit risk versus peer private banks,” said the agency’s report. See also: <a href="https://www.businessinsider.in/finance/news/sbi-icici-bank-and-hdfc-bank-revise-banking-hours-and-services-to-fight-coronavirus-outbreak/articleshow/74766656.cms">SBI, ICICI Bank, and HDFC Bank revise banking hours and services to fight Coronavirus outbreak</a> <a href="https://www.businessinsider.in/business/news/hdfc-icici-ask-customers-to-go-digital-amid-coronavirus-outbreak/articleshow/74764081.cms">HDFC, ICICI ask customers to go digital amid coronavirus outbreak</a> <a href="https://www.businessinsider.in/business/news/coronavirus-wash-hands-after-handling-currency-notes-appeals-iba/articleshow/74758386.cms">Coronavirus: Wash hands after handling currency notes, appeals IBA</a>

It's a cash flow problem, we need an unscheduled rate cut: HDFC Bank managing director, Aditya Puri

<ul><li>Several private lenders including Kotak Mahindra Bank and Yes Bank recently announced pay cuts as a cost cutting measure amid the coronavirus pandemic. </li><li>The chairman of India’s largest public sector bank State Bank of India (SBI), <keyword id="254056" type="PERSON" weightage="20" keywordseo="Rajnish-Kumar">Rajnish Kumar</keyword> said that the salaries are already so less, if pay cuts would be implemented, he would have to live on the streets. </li><li>According to the bank’s annual report, Kumar’s per day income stood at ₹ 8,092 in FY19, in contrast to 3.74 lakh earned by Aditya Puri of HDFC Bank, who is the highest paid bank chief. </li><li>However, the public bank chiefs get added perks like accommodation, which is exclusive of the salary. </li></ul>Several private lenders including Kotak Mahindra Bank and Yes Bank recently announced pay cuts as a cost cutting measure amid the coronavirus pandemic. While the chairman of India’s largest public sector bank State Bank of India (SBI), <a href="https://www.businesstoday.in/current/corporate/sbi-chairman-rajnish-kumar-jokes-on-pay-cut-road-pe-rehna-padega/story/406129.html">Rajnish Kumar said</a> that the salaries are already so less, if pay cuts would be implemented, he would have to “live on the streets”. He said this in a jovial way during a conference call with analysts. The statement has yet again raised the issue of widening pay gap among the private and public bank chiefs. Here’s how much the CEOs get paid in India’s top five private and government banks: <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public lenders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO salary in FY19 (Monthly) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Private Banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CEO salary in FY19 (Monthly) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.42 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹89 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.77 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.74 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.38 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22-26 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.46 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹16 lakh </td></tr></tbody></table> As of 2019, the disparity between the remuneration of state-owned and private <keyword id="611855" type="PERSON" weightage="20" keywordseo="Bank-CEOs">bank CEOs</keyword> increased by nearly ₹70,000 in two years. <a href="https://www.moneycontrol.com/news/business/economy/pay-gap-between-public-and-private-sector-bank-chiefs-widens-4371661.html">According to</a> a Mint analysis of public and private lenders, a public-sector bank chief had a daily compensation of ₹8,541, as per the FY19 annual reports. Private bank chiefs, on the other hand, were paid ₹2.48 lakh per day. However, the public bank chiefs get added perks like accommodation, which is exclusive of the salary. "The executive compensation in the public sector, as is well known, is lower than that in the private sector... If PSBs are required to compete with private sector banks on a level playing field, there is a good case for compensating them too on a competitive basis," <a href="http://archive.indianexpress.com/news/salaries-of-psu-bankers-need-to-go-up-bhatt/679619/">said</a> D Subbarao, former governor of the Reserve Bank of India during the 9th Global Banking Summit organised by the Indian Bankers’ Association and FICCI. See also: <a href="https://www.businessinsider.in/personal-finance/news/bharti-axa-life-renewal-income-grows-17-to-1359-crore-in-fy20/articleshow/76258273.cms">Bharti AXA Life posts 17% growth in renewal premiums to ₹1,359 crore in FY20</a> <a href="https://www.businessinsider.in/business/news/yes-bank-case-ed-raids-five-premises-of-cox-and-kings-in-mumbai/articleshow/76256791.cms?upcache=2">Yes Bank's top borrower Cox and Kings sees raids at five of its premises</a> <a href="https://www.businessinsider.in/business/startups/news/vijay-shekhar-sharma-binny-bansal-come-together-to-back-the-latest-vc-firm-arkam-and-its-not-a-batman-reference/articleshow/76255655.cms">Vijay Shekhar Sharma, Binny Bansal come together to back the latest VC firm Arkam ⁠— and it’s not a Batman reference</a>

SBI Chairman has brought back the debate on wide salary gap between private and government banks

<ul><li>RBI governor <keyword id="6359111" type="UNKNOWN" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword> cuts interest rates by 75 basis points. </li><li>Experts expect a 50 basis rate cut from RBI governor’s press conference today. </li><li>A lot of experts have been seeking a possible solution for burgeoning EMIs, and a possible extension to pay loans. </li><li>All these rate cuts and CRR will release ₹3.74 lakh crore into the system. </li></ul>Asia's third-largest economy, India, is reeling under the sudden squeeze due to the lockdown imposed to curb the spread of the novel coronavirus. Hope floats that Reserve Bank of India (RBI) governor Shaktikanta Das will take steps to improve the flow of cash and credit, ease compliances and keep borrowers solvent, till the situation improves. The monetary policy panel decided to cut the <keyword id="43352" type="PERSON" weightage="20" keywordseo="Repo-rate">repo rate</keyword> by 75 basis points and the reverse repo rate by 90 basis points. The reverse repo rate has seen a sharper cut to disincentivise the banks from depositing money with the RBI. "Banks have been depositing ₹3 lakh crore daily with the RBI in the last few days," the RBI Governor said while citing that credit flow has stopped. The banking regulator also reduced the cash reserve ratio that banks have to maintain by 1% to 3% to release over Rs 1.3 lakh crore into the system. “This kind of uncertain outlook was never seen before. Tough times don’t last but tough people and tough institutions do,” said Das speaking of the Coronavirus pandemic. The last quarter of 2019-20 was expected to grow at 4.7%. It is now at risk, the governor said. Das said that if “everyone follows the rules” to contain the virus, some of the growth worries can be reduced. Retail inflation has been 30 basis points above the RBI estimate in January and February 2020 largely due to a spike in onion prices. However, going forward, the aggregate demand may weaken further and oil prices may fall, easing consumer price inflation. "The situation is fast changing, outlook is uncertain like never before, and therefore, the Monetary Policy Committee refrained from forecasting the impact of Covid-19 on GDP and inflation," Das said. Banks and financial institutions must do all that they can to ensure credit flow. However the prices of food grains will be softened in the near future, after the government announced its plan to distribute grains to underprivileged class. Experts were expecting a 50 basis point rate cut today from the RBI governor, considering that inflation is comparatively low. “We need to get through the next 2-3 weeks without causing much more damage to the financial system” Sajid Chinoy of JPMorgan told CNBCTV18. Yesterday, India’s middle class was clamouring for a break from paying their loans after the 21-day lockdown came into effect to contain the spread of the novel Coronavirus. However, Nirmala Sitharaman’s <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitharaman-26th-march-speech-highlights-and-updates/articleshow/74825011.cms">financial action plan</a> of ₹1.7 lakh crore ($22 billion) did not offer any relief on equated monthly installment (EMI) payments. HDFC Bank’s managing director Aditya Puri expressed the need for an unscheduled interest rate cut last week, ahead of the monetary policy revision scheduled for April 3. He also sought a directive to relax the terms of loan repayment. A lot of experts have been seeking a possible solution for burgeoning EMIs, and a possible extension to pay loans. While most salaried class is working from home, a lot of them are being forced to take unpaid leaves and salary cuts Here are highlights of Das’s speech: We are meeting in extraordinary circumstances today. The Monetary Policy Committee has decided to advance its meeting which was originally scheduled on March 31 and announcements due on April 3. MPC undertook a careful evaluation of the current and evolving macroeconomic and financial conditions — and, ofcourse, the outlook. After extensive discussion, the MPC voted for a sizable reduction in the policy repo rate and for maintaining the accommodative stance of the monetary policy as long as necessary to revive growth, mitigate the impact of Covid-19 while ensuring that inflation remains within the target range. While there were some differences in the quantum of reduction, the MPC voted by 4-2 majority to reduce the policy repo rate by 75 basis points to 4.4%. Repo rate - 5.15% to 4.4% Reverse repo rate - reduced by 90 basis points to 4%. Simultaneously, the fixed reverse repo rate which sets the floor of the liquidity adjustment facility was reduced by 90 basis points to 4%. Thus creating an asymmetrical corridoor. The purpose of this measure relating to reverse repo is to make it relatively unattractive for banks to passively deposit funds with the RBI and instead, to use these funds for on-lending to the productive sectors of the economy. It may be recalled that, in the month of March, the banks have been parking close to ₹3 lakh crore on a daily average basis under reserve repo — even as the growth of bank credit has been steadily slowing down. These measures have been warranted by the disruptive course of the coronavirus. It is intended to: <ol><li>Mitigate negative effects of virus </li><li>Revive growth </li><li>Preserve financial stability </li></ol>A war effort has to be mounted, and is being mounted in order to combat the virus involving both conventional and unconventional measures in a continuously battle-ready mode. MPC noted that global economic activity has come to near standstill as Covid-19 related lockdowns and social distancing is imposed across a widening swarth of affected countries. Expectations of a shallow recovery in 2020 from 2019’s decade-low in global growth have been dashed. Outlook is now heavily contingent on the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession. The implied GDP growth of 4.7% in Q4 of 2019-20 by NSSO within the estimate of 5% annually, is now at risk. The outlook for 2012, aside from continued resilience of agriculture and allied activities, most other sectors of the economy will be adversely impacted by the pandemic. RISK FACTORS If Covid-19 is prolonged and supply chain disruption is accentuated the global slowdown could deepen with adverse implication for India. Slump in crude prices can provide some relief in terms of trade gains. Down side risks to growth arise from Covid-19 and prolonged lock downs. Upside growth impulses are expected to emminate from monetary, fiscal and other policy measures and the early containment of Covid-19. The prints for Janurary and February indicate that actual outcome for the quarter are running 30 basis points above earlier projections, reflecting the onion price shock. Looking ahead, food prices may soften even further under the beneficial effects of the record food grain and horticulture productions — at least until the onset of the usual summer uptake. Furthermore, the collapse in food prices could work towards easing both fuel and core inflation pressures depending on the level of pass through to retail prices. Aggregate demand may weaken and ease core inflation in the future. Heightened volatility in the market also have a bearing on inflation. Projections of growth and inflation would be heavily contingent on the how Covid-19 plays out. This is why the MPC refrained from giving out specific growth and inflation numbers because the situation is fast-changing and the outcome is extremely uncertain. This kind of uncertain outcome has never been seen before. Both demand and supply risks brought on by Coronavirus could be severe. Banks and financial institutions should do all that they can to ensure to keep the credit flowing to the economic agents which are facing financial stress on account of the isolation that has been imposed. Comprehensive package with force multipliers. Category 1: Measures to expand liquidity in the sytem to ensure markets and financial institutions are able to function normally Category 2: Steps to reduce monetary transmission so that banks credit flows on easier terms is sustained Category 3: Steps to ease financial stress caused by Covid 19 disruptions by relaxing repayment pressures and improving access to working capital Category 4: Endeavour to improve markets in view of the high volatility See also: <a href="https://www.businessinsider.in/finance/news/finance-minister-nirmala-sitharaman-package-for-coronavirus-relief-ignores-loan-emis/articleshow/74827588.cms">India’s anxious middle class is left waiting for EMI relief after the $22 billion Coronavirus lockdown package</a>

RBI governor Shaktikanta Das cuts interest rates by 75 basis points to 4.4%

<ul><li>Conceptualized and executed by <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> and <keyword id="2805202" type="PERSON" weightage="20" keywordseo="Dentsu-Webchutney">Dentsu Webchutney</keyword>, the digital agency from the house of Dentsu Aegis Network (DAN) India, #SwiggyFoodoshop is an Instagram filter. </li><li>It allows users to tag their favorite restaurants and talk about the best times they’ve had there.</li></ul> How do you support your <keyword id="2181023" type="PERSON" weightage="20" keywordseo="favourite-restaurants">favourite restaurants</keyword> in 2020? Dentsu Webchutney has an answer: Swiggy Foodoshop! Close your eyes and try to play out these scenes in your head - a birthday party celebration, an awkward first date, a noisy family brunch, late-night chow with colleagues - some of our fondest memories have always revolved around our favourite restaurants. In light of the pandemic, today, one out of every four restaurants face the risk of closing down permanently. It’s imperative that we champion our eateries and support them in this time of crisis - exactly what Swiggy did using AR in its latest campaign on Instagram. Conceptualized and executed by Swiggy and Dentsu Webchutney, the digital agency from the house of Dentsu Aegis Network (DAN) India, #SwiggyFoodoshop is an Instagram filter that allows users to tag their favorite restaurants and talk about the best times they’ve had there, allowing users to support their favourite restaurants right from their homes. Points for the clever wordplay on the campaign name. <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Users can activate the filter by visiting Swiggy's Instagram profile, and virtually place themselves at their favourite restaurants while recreating those memories or making new ones. Speaking about the campaign, Ashish Lingamneni, AVP – Marketing, Swiggy said, “Our restaurant partners are at the core of Swiggy and we have been working very hard to bring most of them back online. Even during the lockdown, we were able to deliver consumers’ favourite dishes to them at the convenience of their homes. While we didn’t give them a chance to miss their preferred dishes, we realised they did miss their favourite eateries and the memories associated with it - birthdays, salary days, family get-togethers, personal milestones, etc. That’s when we ideated ‘Foodoshop’ and are amongst the first brands in the food space to seamlessly use AR to help discover many restaurants across India.” P.G Aditya, NCD, Dentsu Webchutney said, “The brief asked for connecting customers and restaurants in a way that's novel and engaging for both, while people were stuck at home. With the ease and advantages that come with using an IG filter, the campaign has users teleporting themselves to their favourite eatery or café, and ultimately extending support to their favourite restaurant. Apart from getting entries where they foodoshopped themselves with Pani Puri and Burgers, users have started using custom pop culture backgrounds, Reels and IG Music showing the kinda fun people are having with the campaign." Over a period of 5 days, the filter saw over 20,00,000 impressions and 23,000+ shares and participation from various internet content creators like Zakir Khan, Dolly Singh, Tanmay Bhat, <keyword id="3288876" type="PERSON" weightage="20" keywordseo="Sejal-Kumar">Sejal Kumar</keyword>, coming out in support for their favorite local eateries.

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