The biggest ever consolidation exercise in the public sector banking space is slated to take shape on Wednesday when six PSU lender will be merged into four in a bid to make them globally competitive.

The exercise assumes significance as it is taking place at a time when the entire country is under the grip of COVID-19 outbreak. It has triggered 21-day lockdown to contain the spread of the deadly virus.

The Brihanmumbai Municipal Corporation (BMC) on Tuesday decided to use vacant buildings in the wake of lockdown such as marriage halls, vacant hotels, hostels, colleges, community centres, gyms, clubs, and exhibition centres to use them as isolation centres so that people can be quarantined if required.

The places will be paid reasonable rent for usage.

Days after the Reserve Bank of India slashed the repo rate by 75 basis points, the Department of Economic Affairs, Ministry of Finance on Tuesday announced interest rate cuts on small savings schemes for the first quarter of the Financial Year 2020-2021.

The interest rate has been slashed on several schemes in the range of 70 basis points to as much as 140 basis points.

More than 42,000 people have died worldwide in the coronavirus pandemic as the cases continue to rise dramatically, with the US becoming the new epicentre of the outbreak where the death toll surpassed China's official toll on Tuesday.

The virus has so far infected more than 858,000 people, killing at least 42,139 of them, according to the latest update provided by the John Hopkins University's coronavirus tracker.

As Maharashtra continues to be troubled by coronavirus with the number of positive crossing 302, the state government on Tuesday warned people against spreading rumours on April 1 and said that strict action will be taken against the perpetrators.

April 1 marks as the April Fool's Day.

The Crime Branch of Delhi Police on Tuesday registered an FIR agaist Maulana Saad and other members of the Tablighi Jamaat for violating the government order restricting religious gatherings in wake of the coronavirus crisis. The case was filed under Section 269, 270, 271 of Epidemic Disease Act 1897 and Section 120-B of the Indian Penal Code (IPC) for violation of directions given to the management of Markaz of Basti Nizamuddin.

The order was issued to restrict social, political, and religious gatherings as well as take safety measures such as including social distancing for prevention of coronavirus infection.

As the cases of coronavirus continue to rise in India, the Union Health Ministry on Tuesday said that research is going on at a fast pace on the development of a vaccine for the virus and the government is moving in the right direction.

The information was given by Joint Secretary in Health Ministry Lav Agarwal during the daily media briefing on coronavirus situation in the country. 227 positive cases were reported in the last 24 hours, taking the total number of confirmed cases in India to 1,251, including 32 deaths, he said.

The central government allowed 100 per cent tax deduction for donations made to newly instituted Covid-19 relief fund, PM CARES Fund, through an ordinance issued on Tuesday. Earlier, the government had announced 50 per cent deduction.

This brings its tax treatment on a par with the Prime Minister National Relief Fund.

Investor sentiment towards state-owned oil marketing companies (OMCs) such as Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) has improved sharply with crude oil prices falling to 18 year low. Shares of the OMCs, after hitting 52-week lows recently, rebounded by up to 15 per cent on Tuesday. And, they could see further gains.

The soft crude oil prices bode well for these companies, which may see a rise in their marketing margins, decline in working capital requirements and zero risks of subsidy burden.

Hindustan Aeronautics Limited (HAL) on Tuesday announced a record turnover of over Rs 21,100 crore (provisional and unaudited) for 2019-20. This amounts to a growth of 7 per cent over the previous year’s turnover of Rs 19,705 crore.

This achievement comes despite difficulties in cash flows, interruptions in operations due to workmens' agitation and the interruption arising in March due to the Covid-19 lockdown. It has affected the final tests and certification of certain additional aircraft that were under final stages of production, said HAL in a press release.

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