After his criticism of demonetisation, ex-chief economic advisor Arvind Subramanian has said the RBI could transfer between 4 to 7 lakh crores of its reserves to the Centre, which could then could be used to recapitalise public sector banks.He added that the decision should come within RBI and shouldn't be forced upon. In his recently released book he also blamed the Reserve Bank for failing to deal with the IL&FS crisis and the Nirav Modi fraud at PNB.

The World Bank and the central government has signed an agreement worth $750 million to boost the flow of finance to micro, small, and medium enterprises (MSMEs) amid the Covid-19 crisis, the Ministry of Finance stated.&nbsp;The agreement is for the MSME Emergency Response Programme which will provide increased financial support to the MSMEs that have borne the impact of the coronavirus crisis in the past few months.&nbsp;The World Bank&rsquo;s MSME Emergency Response program will address the immediate liquidity and credit needs of some 1.5 million viable MSMEs to help them withstand the impact of the current shock and protect millions of jobs.&nbsp;

Stock markets surged on Monday to end with strong gains following global peers.
The Sensex&nbsp;jumped 465 points and the Nifty ended the day at 10,763, up 1.47%.
M&amp;M, Bajaj Finance, Hindalco, Tata&nbsp;Motors and Reliance were the top Nifty gainers. Whereas, Bajaj&nbsp;Auto, GAIL, Bharti&nbsp;Airtel, Wipro and Dr Reddy&nbsp;were the top five losers.
The rupee pared initial gains and settled 2 paise down at 74.68 against the US dollar.

Revenue of telecom service providers through wireless services is likely to fall in the first quarter of FY21 due to the nationwide lockdown, according to a report by Emkay Global Financial Services. The report noted that the lockdown delayed recharges by low ARPU (Average Revenue Per User) prepaid subscribers on account of the impact on income levels along with curbed subscriber additions, SIM consolidation and absence of international roaming revenues.&nbsp;Bharti Airtel&nbsp;and Vodafone Idea are likely to see 5% quarter-on-quarter&nbsp;fall in ARPU. Home broadband to see a healthy increase in new connections, boosted by the lockdown, it said.
&nbsp;

Industry body Assocham has identified 15 large import items for ramping up the country's domestic capacity to achieve the objective of Aatmanirbhar Bharat or self-reliant India in two-three years. These items include electronics, coal, iron-steel, non-ferrous metals and vegetable oils, among others. The analysis, based on the latest data, shows that electronics goods are the largest non-oil import segment. Despite the country being under partial lockdown, India imported electronic goods worth $2.8 billion only in May, 2020. In the circumstance of the industry operating in a normal way, these imports are near about $5 billion a month - a huge drain on the forex which needs to be curtailed,&nbsp;Assocham said in a note.

The&nbsp;Confederation Of All India Traders has urged the government to not allow Chinese firms Huawei and ZTE to participate in 5G network rollout in India, raising concerns on data security. The traders' body has written a letter in this regard to Union Minister Ravi Shankar Prasad. US Federal Communications Commission recently designated Chinese firms Huawei and ZTE as 'national security threats'.

Yes Bank will auction properties of Thapar Group's Avantha Holdings and Oscar Investments Ltd of Singh brothers alongside those of some individuals later this month to recover loan dues of over ₹1,000 crore. The sale of immovable assets will take place through e-auction on various dates in July under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Even as the aviation sector is severely impacted by the coronavirus-led lockdown, billionaire Mukesh Ambani's Reliance Industries&nbsp;plans to increase its network of aviation fuel stations by 50%.&nbsp;RIL is looking to increase its network to 45 locations as against 30 by the end of FY20. India currently has 256 aviation fuel stations, with state-owned Indian Oil Corp owning 119 of them. BPCL&nbsp;has 61 and HPCL&nbsp;the remaining 44. In its latest annual report, RIL said the double-digit growth observed over 52 consecutive months might have been stalled due to the Covid-19 pandemic, but India continues to be one of the fastest-growing aviation markets in the world for the fifth consecutive year.

Equity benchmarks surged in the opening session on Monday following positive global sentiment.
At 9:20 am, the Sensex was 285 points higher at 36,307 and the Nifty was trading above 10,700, up almost a percent.
HDFC&nbsp;Bank, IndusInd&nbsp;Bank, Bajaj&nbsp;Finance, ITC and Eicher&nbsp;Motors were the top market movers.

Niti Aayog CEO Amitabh Kant is all praise for JioMeet, the new video conferencing app launched by Reliance Industries. Kant tweeted about JioMeet on Saturday and called it &ldquo;better than Zoom&rdquo;. He also called the new app a &ldquo;major technological disruptor&rdquo; adding that this app will go places in these challenging times. Announced earlier this year, JioMeet was rolled out to all users on Monday. This new video conferencing app comes with unlimited free calling and allows 100 users on a video call at a time and a host of other features like Zoom. JioMeet&rsquo;s launch has been well timed after India banned 59 Chinese apps recently.

The estimated monthly&nbsp;wage loss attributed to job cuts in the country during the first two lockdowns alone would amount to ₹33,800 crore, as per a study by the Indira Gandhi Institute of Development Research. Assuming these employees remained jobless for a steady six months, the overall anticipated wage loss would amount&nbsp;to ₹2 lakh crore, or 3 times the finances allotted for the MGNREGA scheme within the 2020-2021 union finances, the research mentioned.&nbsp;The research paper also stated&nbsp;that Lockdown 1 and Lockdown 2 have put around 11.6 crore and 7.9&nbsp;crore workers at risk of job loss, respectively.

The Income Tax Department has announced a further extension to the deadline for filing income tax return for the financial year 2019-20 to November 30. The department, in a tweet on Saturday, said that the move has been taken &ldquo;understanding and keeping in mind the times that we are in&rdquo; and hoped it will help taxpayers &ldquo;plan things better&rdquo;. This comes just a couple of days after the I-T department on Thursday extended the deadline for tax saving investments/payments for the financial year 2019-20 up to July 31.

Chinese tech giant unicorn ByteDance Ltd is anticipating a loss of over $6 billion after three of its apps, including the hugely popular video app TikTok, were banned by India this week, a media report said. The $6 billion amount is most likely more than the combined losses for all the other Chinese apps banned by India, China's Caixinglobal.com reported, quoting sources close to the company's senior management. India banned 59 Chinese apps after the Galwan clash which left 20 Indian soldiers dead.

India&rsquo;s trade deficit with China fell to $48.66 billion in 2019-20 on account of the decline in imports from the neighbouring country, according to government data. Exports to China in the financial year 2020 stood at $16.6 billion, while imports aggregated at $65.26 billion, the data showed. The trade deficit stood at $53.56 billion in 2018-19 and $63 billion in 2017-18.

Vedanta will be dropped from the Nifty 50 index and other indices from July 31 as the&nbsp;company&nbsp;proposed voluntary delisting. In its place, HDFC Life Insurance Company will be included in the Nifty 50 index. Apart from that, SBI Cards and Payment Services would replace Vedanta in Nifty 500, Nifty 200, Nifty 100&nbsp;and Nifty Midcap 250 indices.

India's services sector activity remained in a deep downturn in June as the Covid-19 pandemic curtailed intakes of new work orders and disrupted business operations, a monthly survey said on Friday. The&nbsp;IHS Markit&nbsp;India&nbsp;Services Business Activity Index was at 33.7 in June, however, up from 12.6 recorded in May.&nbsp;The Indian services sector activity contracted for a fourth successive month in June.

The finance ministry on Friday said that Income Tax department has issued tax refunds worth ₹62,361 crore to over 20 lakh taxpayers amid the Covid-19 pandemic. Income tax refunds amounting to ₹23,453&nbsp;crore have been issued in over 19 lakh cases to taxpayers and corporate tax refunds amounting to ₹38,908&nbsp;crore have been issued in 1.36 lakh cases to taxpayers during this period, the release stated.

Further upping the ante on China, India has banned the import of power equipment from the neighbouring country. Power minister RK Singh on Friday said that no power equipment import will be allowed from China and Pakistan. The minister added that Beijing may use it as a "Trojan horse" that can be potentially used to trigger a power grid shutdown in the country. "India imported Rs 71,000 crore worth power equipment including Rs 21,000 crore from China. This is something we cannot tolerate that a country will transgress into our territory," the minister said at the state energy ministers conference.

American&nbsp;tech giant&nbsp;Intel will invest ₹1,894&nbsp;crore in Reliance Industries' Jio Platforms, making it the twelfth high-profile investment in the firm in less than three months. As per the deal, Intel will have 0.39% stake in RIL's digital arm. The Intel deal values Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore.
&nbsp;

Indian equity&nbsp;markets opened higher on Friday following positive global&nbsp;cues.
At 9:25 am, the Sensex was 225 in the green at 36,069 and the Nifty was trading above 10,600, rising 0.56%.
Tata Motors, UPL, Axis Bank, BPCL&nbsp;and L&amp;T were the top Nifty movers.
&nbsp;

The US has added as many as 4.8 million new jobs in June, bringing down the unemployment rate to 11.1%,&nbsp;the US Bureau of Labor Statistics said in its latest monthly report. The unemployment rate declined by 2.2 percentage points from 13.3% in May and the number of unemployed persons fell by 3.2 million to 17.8 million.&nbsp;&ldquo;Our economy is roaring back,&rdquo; President Trump told reporters during a White House news conference.

Ex-CEA: RBI should pump excess reserves into PSU banks

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Sony has announced the new pocket-sized vlog camera ZV-1 &ndash; a lightweight, compact all-in-one style solution. Designed from the ground up for content creators and vloggers, the ZV-1 features a 1.0-type stacked Exmor RS CMOS image sensor with DRAM chip. It also offers the latest-generation BIONZ X image processor, comes with a side-opening Vari-angle LCD touchscreen, and supports advanced video features including 4K recording and in-body image stabilisation. Additionally, it provides real-time autofocus tracking and real-time eye AF in movie mode. The Sony ZV-1 is priced at $799 in the US and goes on sale from June 11th.

Sony has announced the new pocket-sized vlog camera ZV-1 – a lightweight, compact all-in-one style solution. Designed from the ground up for content creators and vloggers, the ZV-1 features a 1.0-type stacked Exmor RS CMOS image sensor with DRAM chip. It also offers the latest-generation BIONZ X image processor, comes with a side-opening Vari-angle LCD touchscreen, and supports advanced video features including 4K recording and in-body image stabilisation. Additionally, it provides real-time autofocus tracking and real-time eye AF in movie mode. The Sony ZV-1 is priced at $799 in the US and goes on sale from June 11th.

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May 27, 2020 15:02 IST

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