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SC seeks finance ministry’s reply on waiver of interest on loans during moratorium period

The bench was hearing a plea, filed by Gajendra Sharma, in which he has sought a direction to declare the portion of RBI’s March 27 notification “as ultra vires to the extent it charges interest on the loan amount during the moratorium period, which create hardship to the petitioner being borrower and creates hindrance and obstruction in ‘right to life’ guaranteed by Article 21 of the Constitution of India”.

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India’s COVID-19 tally reaches 2,16,919 with record spike of 9,304 cases; death toll 6,075

Of the 260 deaths reported since Wednesday morning, 122 were in Maharashtra, 50 in Delhi, 30 in Gujarat, 11 in Tamil Nadu, 10 in West Bengal, seven each in Madhya Pradesh, Uttar Pradesh and Telangana, six in Rajasthan, four in Andhra Pradesh and one each in Bihar, Chhattisgarh, Jammu and Kashmir, Karnataka, Punjab and Uttarakhand.

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British watchdog enlists 8 insurers in pandemic test case of Business Interruption cover

“We expect the test case to provide guidance for the interpretation of many other business insurance policies that are not in the representative sample,” the FCA said.

The eight insurers asked to take part in the court case were Lloyd’s of London insurers Hiscox, Arch, Argenta and MS Amlin, as well as RSA, QBE, Zurich and Ecclesiastical, the FCA said in a statement.

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Covid-19 has not changed in terms of transmissibility, severity: WHO expert

WHO Director-General Tedros Adhanom Ghebreyesus warned that the world is “losing its ability” to use critically important antimicrobial medicines.
Speaking at a virtual press conference on Monday, the WHO chief said that the Covid-19 pandemic has led to an increased use of antibiotics, which ultimately will lead to higher bacterial resistance rates, news agency IANS reported.

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Insurers’ business interruption U-turn could lead to significant uptake in product,says GlobalData

Ben Carey-Evans, Insurance Analyst at GlobalData, a leading data and analytics company, said “This is a significant turnaround for the industry, which had up to this point been stating that claims were not valid because of pandemic exclusions.In reality, there was no positive outlook for insurers in this dispute. Paying out will cost millions in claims as businesses around the country have been shut down or severely restricted during lockdown. However, not paying out would also have led to reduced consumer trust, with many business owners likely to avoid taking out any form of business interruption insurance in the future.

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Cyclone Nisarga to disrupt India’s Mumbai financial hub

The second cyclone in the country in a fortnight will carry heavy rain and wind speeds as high as 120 kilometers per hour (75 miles). It is seen hitting the coasts of Maharashtra and Gujarat Wednesday afternoon and will be intense enough to damage communication, electricity poles, trees, and plantations, according to the India Meteorological Department.

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