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New Delhi, Mar 24 () Finance Minister Nirmala Sitharaman on Tuesday said an economic package to help through the coronavirus lockdown will be announced very soon. She said an announcement on the package would be made sooner rather than later.  DP   ANZ ANUANU

Economic package to deal with coronavirus crisis soon: FM

New Delhi, Feb 26 () Finance Minister Nirmala Sitharman on Wednesday said the government is keeping a close watch on the impact of the coronavirus outbreak on the Indian economy.The minister also said that the process of merger of public sector banks was underway as per the schedule. The government has announced to merge 10 sector state-run banks to create four bigger lenders.The governemnt is "closely monitoring" the impact of the coronavirus outbreak on the economy, she said.Over 2,700 people have died due to Novel Coronavirus 2019 (COVID-19) while the number of those infected is around 80,000. In the wake of the virus outbreak, whose epicentre is China, many airlines, including Indian carriers, have cancelled some of their overseas flights.On bank mergers, Sitharaman said there is "no uncertainty about bank merger" and the process is on as per the schedule. Last year in August, the government announced merger of 10 public sector banks into four. United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB) from April 1 this year.It was also decided to merge Syndicate Bank with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.In April 2019, Bank of Baroda, in the first three-way merger exercise, amalgamated Vijaya Bank and Dena Bank with itself.SBI had merged five of its associate banks -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad as well as Bharatiya Mahila Bank with itself effective April 2017. DP NKD CS MKJ

Govt closely monitoring coronavirus impact on economy: FM

<ul><li>The Finance Ministry and <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> will hold a meeting on Tuesday to decide on government's borrowing plan for the first half of 2020-21 </li><li>The meeting between the Finance Ministry and Reserve Bank of India (RBI) will be held through video conferencing for the first time as there is lockdown across the country. </li><li>Post meeting, the borrowing calendar for issuance of dated government securities and short term papers will be announced in the evening.</li></ul> The Finance Ministry and RBI will hold a meeting on Tuesday to decide on government's borrowing plan for the first half of 2020-21 amid the lockdown to contain the spread of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>.According to sources, the government would resort to front-load its borrowing plan to deal with the challenges posed by COVID-19 on the economy. The meeting between the Finance Ministry and Reserve Bank of India (RBI) will be held through video conferencing for the first time as there is lockdown across the country, the sources said. Post meeting, the borrowing calendar for issuance of dated government securities and short term papers will be announced in the evening. As per the Budget, the government plans to borrow Rs 5.36 lakh crore from the market in 2020-21, higher than the Rs 4.99 lakh crore estimated for the current financial year ending March 2020. The gross borrowing would be Rs 7.8 lakh crore for the next financial year as compared to Rs 7.1 lakh crore estimated for the current financial year. Gross borrowing includes repayments of past loans. Repayment of past loans in the next financial year has been pegged at Rs 2.35 lakh crore. Presenting Budget for 2020-21, Finance Minister Nirmala Sitharaman had said, "Net market borrowings for the year 2019-20 would be Rs 4.99 lakh crore and for the year 2020-21, it would be Rs 5.36 lakh crore". "A good part of the borrowings for the financial year 2020-21 would go towards capital expenditure of the government that has been scaled up by more than 21 per cent. "As I had previously mentioned another about Rs 22,000 crore have been allocated for equity to fund certain specified infrastructure finance companies, who would leverage it manifold and provide much-needed long-term finance to the infrastructure sector. That should spur growth impulses in the economy," she had said. The government raises funds from the market to fund its fiscal deficit through dated securities and treasury bills. The Budget has pegged fiscal deficit at 3.5 per cent for the next fiscal, down from 3.8 per cent of the GDP in the current financial year. The government had earlier estimated the fiscal deficit to be 3.3 per cent of the GDP for the current fiscal but due to revenue shortage, the Centre had to increase it and utilise the 'escape clause' in the Fiscal Responsibility and Budget Management (FRBM) Act. The 'escape clause' allows the government to breach its fiscal deficit target by 0.5 percentage points at times of severe stress in the economy, including periods of structural change and those when growth falls sharply. DP BAL

FinMin and RBI to connect over videocall to decide borrowing plan for FY21

<ul><li>Radio and podcast companies have to work from their studios. So how are they functioning remotely amidst the Coronavirus threat?</li><li><keyword id="82551" type="ENTERTAINMENT" weightage="20" keywordseo="Big-FM">Big FM</keyword> and <keyword id="3826899" type="PERSON" weightage="20" keywordseo="Mirchi-Love">Mirchi Love</keyword> have instituted work from home for the entire team. On the other hand, <keyword id="9734" type="COMPANY" weightage="20" keywordseo="Radio-Mirchi">Radio Mirchi</keyword> and IVM Podcasts are still calling their drive-time jocks and speakers, respectively, to their studios. 90% of their employees are working remotely. </li><li>The use of technology has enabled most of these players to allow their employees to work from home.</li></ul>In wake of the Covid-19 outbreak, lots of agencies and media companies have asked their employees to work remotely, in an attempt to implement social distancing. However, there are a lot of organisations for which working remotely might be difficult, like radio stations, that work out of their studios. So how are these radio stations dealing with the situation? Have they asked their employees to work from home and if yes, how are sole of the roles, that require people to be in studios, being carried out. We reached out to some of the people heading a few of India's biggest radio stations to understand how they have been working. Big FM says it has been making use of advanced technology to make work possible during a time like this. Abraham Thomas, CEO, Big FM said, "Big FM has moved completely to a remote working model where all our 59 stations are live from their homes, thanks to technology while our business teams interacted with over 500 clients, all in a day's work, from home. We believe we have two key responsibilities, a) stay safe - our teams, our families, our communities and society at large and b) stay open for business to keep the economy moving forward and people employed so that societies are able to function." On being asked what kind of technology they are using to make their work possible from home, he added, "We had built-in contingencies and our disaster management plan helped us to shift seamlessly to remote working using our sound equipment systems connected via VPN." 
	<div type="twitter" handle="bigfmindia" handlename="92.7 BIG FM" image="http://pbs.twimg.com/profile_images/1146347435826040832/o6yLq9qK_normal.png" favoritecount="137" retweetcount="12" status="Privileges of working from home!! Nothing can keep BIG FM and it's RJs away from its listeners! For the Next Few Da… https://t.co/lzec65yNzN" createdat="1584379008000" id="1239601522293391361"></div>



 Mirchi Love is also stationed at home. They are using Virtual Private Networks and softwares to do their work remotely. Indira Rangarajan, National Programming Head, Mirchi Love, said, "Our listeners depend on us to give timely and important updates especially during times like these and we’ve geared up to do just that. However, this is not at the cost of the health of our colleagues. The entire organisation has worked together to ensure that we give our best on air while working from home. We are using all possible tools at our disposal to make this happen." On the other hand, Yatish Mehrishi, Chief Operating Officer, Radio Mirchi said that they have allowed 90% of their employees to work remotely. Drive-time jocks are still going to the studio to record, strictly on their private vehicles. They also have a backup plan in place in case the situation worsens. He said, “90% of our employees are working from home. We just set up a board meeting today and only the internal team was part of it, else, everybody is working from home across the country. We are asking the drive-time jockeys to come, do their shoots and go. They come and go at different times. As a broadcast medium, we have a responsibility towards the public as well. We have to send in the right messaging, be in touch with the government. However, if the situation goes out of control and jocks cannot come in, we have technology available so that they can work from home. Our IP systems are all in place, all systems are equipped to facilitate that. Right now it is not so bad a condition.” Only one person is allowed in Radio Mirchi’s studio at a time and they are sanitising it twice a day. So what are the challenges of having employees of a radio station work remotely? Nisha Narayanan, COO and Director, RED FM and Magic FM explained, “As a radio network, we have certain in-built studio equipment which are crucial while producing on-air shows. RED FM’s technical team is trying to make it as convenient as possible for our teams to work effectively together when working from home. Special softwares are being installed on laptops as an alternative to studio-based equipment to ensure a hassle-free production process. Through such measures, our teams are constantly working towards ensuring smooth operations even when we are working at home. Working from home has certain other set of challenges such as the teams would not be readily available for each other and delay in on-air scheduling among others. Keeping in mind all these challenges we are virtually connecting everyone to ensure no work is being hampered during this period. For employees who might have to visit the office for some important work that cannot be done from home, we have arranged for all the necessary safety measures at our office.” Narayanan further shared that the organization is taking a lot of measure to ensure that people who do have to come to office are safe. She shared that RED FM is encouraging meetings via video conference wherever possible, visitor screenings at the entry gate, increasing frequency of office sanitization and has also implemented the temporary discontinuation of biometric attendance. “We are also providing cab services to employees who might have to travel for some urgent work or in case of any emergency,” she added. IVM has also instituted work from home for most of its employees. However, for some, it is still a work-in-progress. “It's a tremendous challenge given our busy studio recording schedules. We've instituted WFH for most people and want everyone to be safe,” said Amit Doshi, Founder, IVM Podcasts. Kavita Rajwade, Co-founder of IVM Podcasts, adds, “Our studio is not 100% shut but we are minimising operations from there. We are going to temporarily move to recording online and remotely.”

How Radio channels and podcast networks are recording live shows remotely amid Coronavirus threat

New Delhi, Mar 15 () Traders' body CAIT has appealed to Finance Minister Nirmala Sitharaman to direct regulator IRDAI to mandate insurance firms to introduce coverage for disruptions to businesses on account of the coronavirus outbreak. In a letter to Sitharaman, CAIT suggested that insurance companies may be mandated to introduce 'disruptions due to coronavirus' as an additional cover to fire and materials damage policies, and the existing policyholders may be offered an option to add the additional cover. Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal highlighted the need for insurers to come up with need-based policies like cover against mosquito-borne diseases and vector-borne diseases, which can cover hospitalisation expenses due to coronavirus or fixed benefits upon its diagnosis. CAIT has also sent a similar representation to Commerce Minister Piyush Goyal to take up the matter with Finance Ministry. RSN RVK

CAIT writes to FM seeking insurance cover for coronavirus-hit businesses

New Delhi, Feb 18 () The government will soon announce measures to deal with the impact of Coronavirus outbreak on the domestic industry, Finance Minister Nirmala Sitharaman said on Tuesday. The minister was addressing media after meeting representatives of the industry to review the situation following the outbreak of the deadly virus in China. Sitharaman said she would hold a meeting with the secretaires of different ministries tomorrow and then announce steps to deal with the situation in consultation with the Prime Minister's Office."There are no concerns about price rise so far due to Coronavirus," she said, adding it is too early to talk about the impact of Covid-19 outbreak on the Make in India initiative.She also said there were no reports of shortage of medicines or medical equipment, instead the pharma industry is asking for lifting of ban on exports of certain items.However, there could be some disruptions in supplies and concerns have been expressed by the representative of pharma, solar and chemical industries, she said. DP KPM CS MR

Govt to soon announce measures to deal with Coronavirus impact on industry: FM

New Delhi, Mar 24 () Following are the highlights of a host of relief measures related to statutory and regulatory compliance matters across sectors in view of the coronavirus outbreak announced by Finance Minister Nirmala Sitharaman on Tuesday:* Last date for income tax returns for 2018-19 extended from March 31 to June 30* Last date for Aadhaar-PAN linking advanced to June 30 instead of March 31* No additional 10 pc payment for Vivad se Vishwas scheme if payment by June * Payments for delayed advanced tax, TDS, etc, at reduced interest rate of 9 pc * No interest, late fee and penalty to be charged * Companies with turnover more than Rs 5 crore can file returns by last week of June * On delay of 15 days, the same would attract reduced rate of interest 9 pc as against 18 pc now* Date for filing GST annual returns of 2018-19 extended till the last week of June* Necessary legislative amendments to give effect to these will be with approval of GST Council* Payment date under Sabka Vishwas Scheme extended from March to June * 24x7 custom clearance till the end of June 30 * Debit card holders can withdraw from any other banks' ATM free till June* Waiver of minimum balance fee by banks* Reduced bank charges for digital trade transactions for trade finance customers* Threshold limit for referring a default case for insolvency enhanced to Rs 1 cr* No fine for late filing on MCA-21 registry irrespective of due date * Mandatory requirement of holding board meeting within prescribed interval to be extended by a period of 60 days till next two quarters * Newly incorporated companies required to file a declaration for commencement of business within 6 months of incorporation get additional 6 months * Non-compliance of minimum residency not to be treated as a violation for 2019-20* Commerce ministry to extend timelines for various compliance. DP HRS

HIGHLIGHTS-FM

<div type="image" title="fingerprint online cybersecurity" height="1333" width="1777" msid="79268037" hostid="261"></div><ul class="summary-list"><li>Cybercrime reports have jumped from about 1,000 per day pre-pandemic to almost 4,000 per day, according to the FBI.</li><li>With more employees working from home, companies are more vulnerable than ever to cyberattacks, which can be costly for businesses. </li><li>Companies should invest in <keyword id="6361948" type="UNKNOWN" weightage="60" keywordseo="cybersecurity">cybersecurity</keyword> tech to protect remote workers, including tools to control access, encrypt and protect data, detect attacks, and backup and recover data from cybercrimes.</li></ul>More people are <a href="https://news.gallup.com/poll/318173/remote-workdays-doubled-during-pandemic.aspx">working remotely</a> these days, as businesses strive to keep their employees safe and help stop the spread of COVID-19. But with so many employees working outside the office, organizations may be opening the door to a different kind of threat: a cyberattack.The FBI's Internet Crime Complaint Center (IC3) has seen an <a href="https://www.businessinsider.com/fbi-official-number-of-coronavirus-cyber-complaints-on-rise-2020-4">uptick in cybercrime reports</a> during the coronavirus crisis, with <a href="https://markets.businessinsider.com/news/stocks/top-cyber-security-experts-report-4-000-cyber-attacks-a-day-since-covid-19-pandemic-1029493070">3,000 to 4,000 a day</a> compared to 1,000 a day before the pandemic. As of May 28, IC3 had received <a href="https://www.fbi.gov/news/testimony/covid-19-fraud-law-enforcements-response-to-those-exploiting-the-pandemic">320,000 complaints for the year</a>, almost as many as the 400,000 or so for all of 2019.Cybercriminals tend to take advantage of crises, like COVID-19, and the shift to remote work has made businesses more vulnerable. When employees are working from home, they're likely using their home internet and not protected by a company's on-premise firewall, creating ripe conditions for a cyberattack, said <a href="https://www.linkedin.com/in/domatthews">Doug Matthews</a>, vice president of data protection and compliance at <a href="https://www.veritas.com/">Veritas Technologies</a>, a data management company.Many companies simply aren't prepared and lack a cybersecurity configuration capable of fully protecting their data while employees aren't in the office, he added. That's why there's been an "<a href="https://www.interpol.int/en/News-and-Events/News/2020/INTERPOL-report-shows-alarming-rate-of-cyberattacks-during-COVID-19#:~:text=INTERPOL%20report%20shows%20alarming%20rate%20of%20cyberattacks%20during%20COVID%2D19,-4%20August%202020&amp;text=An%20INTERPOL%20assessment%20of%20the,corporations%2C%20governments%20and%20critical%20infrastructure.ure.">alarming rate</a>" of cyberattacks during COVID-19, according to an Interpol report from August, with the most common cyberthreats being online scams and phishing, ransomware, data harvesting malware, malicious domains, and misinformation scams.<h2>Investing in cybersecurity tech is good for business</h2>Too many organizations mistakenly believe they're not a target, and that puts them at risk, said <a href="https://globalmedia.umgc.edu/richard-white-ph-d/">Richard White</a>, an adjunct professor of cybersecurity information assurance at the <a href="https://globalmedia.umgc.edu/">University of Maryland Global Campus</a>, "There's no reason why any responsible business owner, regardless of size, should say, 'Cybersecurity doesn't matter to me,'" White said.Cyberattacks cost businesses in more ways than one. In 2019, victims lost more than $3.5 billion due to reported cybercrimes, according to the <a href="https://www.fbi.gov/news/stories/2019-internet-crime-report-released-021120">FBI</a>. Business email compromise alone led to $1.7 billion in losses.Businesses could lose customers, too, said <a href="https://www.dickinson-wright.com/our-people/sara-h-jodka?tab=0">Sara Jodka</a>, an employment and cybersecurity attorney at law firm <a href="https://www.dickinson-wright.com/our-people/sara-h-jodka?tab=0">Dickinson Wright</a>, "[Cyberattacks can] become a customer-experience and brand-reputation issue that no amount of money can usually account for, especially if it's made public," Jodka said.Consumers expect companies to protect their information. According to a 2019 survey by digital payment platform <a href="https://www.businesswire.com/news/home/20190917005012/en/New-Global-Research-Shows-Poor-Data-Security">PCI Pal</a>, 83% of US consumers said they would stop doing business with a company for a few months after a data security breach, and 21% would never do business with the company again.A company's cybersecurity program could also help with hiring and employee retention, as a company's brand increasingly factors into the decisions people make about where they want to work. Factoring in all of these costs, White said the price of cybersecurity is "worth its weight in gold." The cost of cybersecurity technology varies widely, but he said investing $10,000 to $15,000, though it may seem like a lot to some businesses, will protect your most valuable assets.<h2>What an ideal work-from-home setup should include</h2>The first step in creating a cybersafe remote-work setup is to provide employees with a laptop with the correct security configuration for access control, encryption, and a perimeter firewall, White said.Access control refers to a two-factor (or multi-factor) way to authenticate, encrypt, and grant access to employees working from home. It requires users to provide multiple pieces of information before access is granted and protects their credentials. Encrypting all data ensures confidentiality and privacy, and a firewall protects the network, he said, "So you can allow access remotely and control it and monitor it."A VPN (virtual private network) is also needed to secure data and ensure that it's transmitted through an encrypted path. Without a VPN, White said, "data would move through clear text across the hostile internet, and there'd be no way to control the path that the data would take."Malware scanning technology should be included to protect systems from a variety of attacks, including ransomware, Matthews added. "If you do it effectively, that's going to stop 99+% of the problem," Matthews said. "But sometimes something is so new, those tools haven't detected it yet and aren't ready to detect it."A detection capability is another must for identifying problems as they happen. Early detection of a cyberattack lets you remedy the situation immediately and pinpoint exactly when your data was compromised if an attack occurs, Matthews added.Backup and recovery technologies are vital, too. Matthews suggested relying on a "three, two, one rule" to protect and recover lost data. "You need three copies of every bit of data in at least two locations, one of which is completely air-gapped," he said.<h2>Everyone within an organization must embrace cybersecurity protocol</h2><a href="https://www.cnbc.com/2018/06/21/the-biggest-cybersecurity-risk-to-us-businesses-is-employee-negligence-study-says.html">Employee negligence</a>, such as clicking on a suspicious link, is the biggest cybersecurity risk for businesses. So for a cybersecurity program to be successful, it must be a top-down initiative with ongoing communication from the C-suite to all employees, Jodka said.Employees also need to know who to call and what to do if they're faced with a potential cyberattack, and if there's disciplinary action for negligence. Organizations should hold regular training on cybersecurity, including testing employees' abilities to recognize phishing attempts, White said. Training should also cover industry-specific data protection regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) in the healthcare sector. Regular reminders about cybersecurity will keep it fresh on everyone's mind, too.According to <a href="https://www.pwc.com/us/en/library/covid-19/workforce-pulse-survey.html">PwC's Workforce Pulse Survey</a> from July, just 30% of employees said they received training on protecting company and personal data and information, even though about 70% of technology officers said they increased cybersecurity training because of the pandemic. And 23% of employees said their organization didn't offer a "compelling case" for good cybersecurity practices, and less than 30% said their employer provided a device for them to use while working remotely without having to use their own personal equipment.Data breaches from cyberattacks could land company leaders in legal trouble, Jodka said. In January 2019, former officers and directors of <a href="https://casetext.com/case/in-re-yahoo-inc-sholder-derivative-litig-1">Yahoo agreed to pay $29 million</a> to settle claims that they had mishandled customer data during several cyberattacks from 2013 to 2016 that compromised three billion user accounts.The Yahoo case "changed the game," Jodka said, showing that cybercrime could be seen as a breach of the duty of care and duty of loyalty that officers and boards of directors have to their organizations.As the transition to remote work continues, cyberthreats will likely intensify, and investing in cybersecurity to tighten security remains a critical issue for businesses of all sizes."The issue is still significant as thousands and thousands of dollars continue to go out the door in response to these phishing and other schemes," Jodka said.

Cybercrimes can cost companies money, customers, and employees. Here's what types of cybersecurity protocols every business needs to keep their data and information safe.

<div type="image" title="man working at desk in office" height="1414" width="1885" msid="79154740" hostid="261"></div><ul class="summary-list"><li>34% of employers didn't have an <keyword id="1549476" type="PERSON" weightage="60" keywordseo="Emergency-Preparedness">emergency preparedness</keyword> plan before the pandemic, a recent survey by the Society for Human Resource Management reported.</li><li>Businesses should be ready for any emergency that comes their way if they want to retain top talent and keep everyone productive and well taken care of.</li><li>A crisis management plan should include what types of risks are out there and the level of impact they could have on business, who's responsible for handling what during a crisis, and how the organization plans to communicate with staff.</li><li>The pandemic has also encouraged businesses to consider whether they address work-from-home policies and mental and physical health in their plans.</li></ul>Businesses have undoubtedly learned many hard lessons this year, but maybe the biggest is the need to be prepared for anything at any time, even something as unprecedented as a pandemic.According to a <a href="https://shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/SHRM%20CV19%20Research%20Presentation%20Release%202.pdf">survey</a> conducted by the Society for Human Resource Management (SHRM) in April, 34% of employers didn't have an emergency preparedness plan before the pandemic, and 53% of companies with a plan are revising them because of the coronavirus.That doesn't surprise Kurt von Koch, CEO of <a href="https://fmsystems.com/our-solutions/">FM:Systems</a>, a workplace facility management software company. "So often organizations are hyper-focused on running the day-to-day pieces of their business like growing sales, retaining clients, or solving problems and are not able to take a step back and discuss what they would do if a flood, hurricane, or other existential threat were to impact their company," he said.Organizations have mostly always planned for smaller-scale, local disaster response, but von Koch said they need to use what they've learned from the pandemic to prepare for emergencies on a broader scope. A comprehensive <a href="https://www.businessinsider.com/how-to-make-emergency-contingency-plan-for-office">crisis management plan</a> removes ambiguity and ensures employees remain productive, taken care of, and able to manage any negative implications of the emergency, said Tina Riley, <a href="https://hrlr.msu.edu/directory/faculty/riley.html">associate director</a> and associate professor at the <a href="https://hrlr.msu.edu/index.html">School of Human Resources and Labor Relations</a> at Michigan State University. It's also important for recruitment and retention as <a href="https://www.businessinsider.com/safety-new-workplace-perk-job-seekers-applying-to-companies-2020-8">employees consider whether their workplace feels safe</a> and supports their well-being.Most employers have the legal responsibility to provide a safe, healthy workplace under the Occupational Safety and Health Administration (OSHA) <a href="https://www.osha.gov/Publications/osha3021.pdf">General Duty Clause</a>. Riley said these regulations, and Title VII of the Civil Rights Act and the Americans with Disabilities Act, should be factored into all emergency plans to prevent discrimination."The importance of these plans are first and foremost the health and safety of people, but it also helps to improve the chances of business continuity and increased business resilience," von Koch said. <a href="https://www.osha.gov/SLTC/etools/evacuation/eap.html">OSHA</a> and the <a href="https://emergency.cdc.gov/">Centers for Disease Control and Prevention</a> have several online resources to help you get started on or revise your emergency plan. All plans should include the following provisions, according to von Koch and Riley:<ul><li>Risk-type categories: List all types of possible emergencies (fires, active shooters, pandemics, cyberattacks, and other crises), how they'll affect employees and the business, and the likelihood and potential magnitude of the event. A risk-assessment matrix can help organizations prioritize risk.</li><li>Team roles and responsibilities: Designate who's responsible for emergency preparedness and outlining who has authority to execute the plan during an emergency.</li><li>Information accessibility and communications: Describe the systems, policies, and procedures for updating employees in case internal communication systems are disrupted. The policy should also include alternative communication methods and details about storing information and data externally in a secure location with quick access.</li></ul>For natural disasters, Riley said, include procedures for evacuation, closing and boarding up facilities, moving equipment, and turning off electricity, as well as how employers will communicate with employees and how employees will be paid.<h2>Emergency plans also need work-from-home and health policies</h2>COVID-19 has made businesses realize they need health-related provisions. More than half of organizations with emergency plans didn't have one that covered communicable diseases pre-pandemic, according to <a href="https://shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Documents/SHRM%20CV19%20Research%20Presentation%20Release%202.pdf">SHRM</a>.Riley suggested adding policies for screening employees and visitors, handling instances of illness, communicating with employees and others, informing employees of leave policies and resources, and outlining how work will be performed during the emergency and how employees will <a href="https://www.businessinsider.com/sc/how-to-safely-return-to-work-during-the-coronavirus-crisis-2020-6">return to work safely</a>.The pandemic also underscored the need for emergency preparedness to include detailed work-from-home plans. "Many organizations and their employees have developed deep expertise in remote work, including modern digital communication capabilities such as conferencing," von Koch said.Above all, the safety and physical and emotional well-being of employees should be a top concern. "What we have learned from the current pandemic is that we also need to create plans that address the emotional and social effects of losing loved ones through death and separation," von Koch said. "Plans of the future need to take into consideration the people side of the emergencies, not just the logistics of moving resources."<h2>Emergency plans need regular re-evaluation</h2>Emergency preparedness plans are not a "one-shot deal," von Koch said. They need continual evaluation and revision. New employees need to be trained on the process, and existing ones need refreshers.To keep emergency plans relevant, Riley suggested designating one person responsible for reviewing and revising the plan as needed, and forming a "cross-functional" crisis management team with members representing human resources, facilities, operations, and leadership.Run regular organization-wide drills and training to test the plan, making sure everyone responds well to real-life situations, von Koch said. If you ever put the emergency plan into action, conduct an after-action review (AAR) once the emergency has been resolved. "The AAR evaluates what worked well, what didn't, and what was missed," she said. "The plan, policies, or procedures are then revised accordingly."<h2>Companies must plan for the unexpected to thrive in the future</h2>Everyone gets busy, and too often company leaders consider emergency or crisis planning a low priority, Riley said. But, the pandemic illustrated that the unthinkable can happen at any time."The current pandemic should be causing every single organization globally to update their plans to include lessons learned from the current crisis," von Koch said.At a time when many <a href="https://www.mediapost.com/publications/article/348770/businesses-unprepared-for-covid-19-crisis.html">businesses are struggling</a> because of COVID-19, a company's survival depends on planning and being prepared for every emergency. Minimizing risk and ensuring employees' wellbeing is vital for long-term success."Given the current pandemic, the wildfires raging across the west, the social unrest we're experiencing [and other crises], companies can no longer assume that they face little risk of a crisis impacting their organization," Riley said.

Resilient businesses have an emergency preparedness plan ready for any crisis. Here's what it should include.

<ul><li>Finance Minister Nirmala Sitharaman has hit pause on filing <keyword id="9235757" type="UNKNOWN" weightage="20" keywordseo="fresh-insolvency-cases">fresh insolvency cases</keyword> for the next one year.</li><li>The minimum threshold for initiating proceedings has also been increased from ₹1 lakh to ₹1 crore.</li><li> Any debt that arose due to the impact of coronavirus won’t be categorised at ‘default’ under the Insolvency and Bankruptcy Code (IBC).</li></ul>"Any indebted situation that comes up because of coronavirus will not be considered as ‘default’ and no fresh insolvency proceedings will be initiated for the next one year," Finance Minister Nirmala Sitharaman said while unveiling the fifth and final tranche of reforms to fight the impact of COVID-19 pandemic on the economy. This means for the defaults that happen in the next few months cannot be called non-performing assets (NPA), simply put a bad loan. “At the moment, I think, the MCA has extended it to six months, we intend to increase it by another six months because even once the lockdown lifts, immediately after, you’re not sure how much of business will be restored,” Sitharaman explained. A special insolvency framework will be notified under Section 240 A of the Insolvency and Bankruptcy Act. These measures will be enforced via ordinance and then later taken to Parliament for approval. The total NPA for India’s banking industry is at ₹7.27 lakh crore, the government said on February 2020. There was a fear of a massive spike in bad loans due to the economic crash caused by the pandemic and the lockdown to contain it. ICICI Securities had expected a 50% jump in gross NPA as nearly ₹2 in every five rupees lent by the banking sector went to “high and medium risk segments”. “We expect credit cost to rise 2.3% and earnings to decline 18%,” the report dated May 13 concluded, ahead of the announcements made by Sitharaman. The latest decisions will improve the prospects for both banks and non-banking financial institutions. A special insolvency framework will be notified under Section 240 A of the Insolvency and Bankruptcy Act. Not just big businesses, even small businesses shielded The minimum threshold to initiate proceedings has been raised from ₹1 lakh to ₹1 crore to insulate MSMEs. “This is a major step forward, and in all probability, we’ll be going through an ordinance to achieve this goal immediately. Of course, we’ll go back to it, once the parliament commences, to have it passed as an act,” she said. Nearly 10% of all loans made by State Bank of India (SBI), India’s largest bank, are to MSMEs whereas in the case of Axis Bank the proportion is about 7.5%, according to a recent Edelweiss report dated May 13. The reduced risk of NPAs is likely to boost these stocks when the market opens on Monday, May 18. “However, the responsibility for businesses to use this time to stabilize and improve functioning will squarely be there with onus to put better mechanisms for internal governance as creditors would have to forbear an important right during this period of suspension of IBC for a year,” said Kumar Saurabh Singh, a partner at law firm Khaitan and Co. Further, the government decision to reduce the number of central government owned companies will also boost the market sentiment. While it is not clear if banks will be part of the notified list of strategic sectors, the Modi government’s existing stance is to merge public-sector banks and to reduce their number. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-final-stimulus-plan-to-boost-gdp-of-india/articleshow/75784571.cms">India's Finance Minister reveals the final lot of Modi's economic stimulus programme</a> <a href="https://www.businessinsider.in/policy/economy/ashok-gulati-interview-on-essential-commodities-act-and-apmc-changes/articleshow/75760364.cms">"I have been asking for this for 20 years," says Ashok Gulati, agriculture scientist ⁠— cheering the changes to Essential Commodities Act and APMC</a> <a href="https://www.businessinsider.in/science/space/news/lt-and-godrej-join-like-boeing-and-lockheed-martin-ula-after-biggest-space-reform/articleshow/75778037.cms">"Now, L&amp;T and Godrej can join hands like Boeing and Lockheed Martin’s ULA," says Gateway House scholar cheering India’s 'biggest space reform'</a>

India puts a pause on new bankruptcy cases for a year ⁠— and other changes that will cap the rise in bad loans

New Delhi, Mar 13 () Finance Minister Nirmala Sitharaman on Friday said the government and the Reserve Bank are closely monitoring the stock market, which is facing intense volatility amid mounting coronavirus fears.Together with the RBI, the government is closely monitoring markets, she said on the situation arising out of a panic spread of coronavirus pandemic.After being battered in the early session, the BSE Sensex spurted 1,325.34 points and the NSE Nifty rose 365.05 points to settle the day at 9,955.20. Indian market saw its biggest intra-day selloff in early session, wiping nearly Rs 12 lakh crore off investor wealth in less than 20 minutes of opening trade.As coronavirus-led recession fears triggered panic selling globally, both Sensex and Nifty plunged over 10 per cent in the opening session, hitting their lower circuit levels.Stock exchanges halted trading for 45 minutes. Normal trading resumed at around 1030 hours.The last circuit freeze happened in January 2008. NKD KPM MJH MKJMKJ

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