Photo: Reuters

The Centre and the Central Board of Secondary Education (CBSE) have informed the Supreme
Court that an expert body is in the process of taking a final decision "hopefully by Wednesday,
on whether to scrap the remaining Class XII exams scheduled from July 1-15 in view of the
increasing number of coronavirus cases.

The International Monetary Fund (IMF) on Wednesday steeply slashed India’s growth outlook
for the current fiscal year to a minus 4.5 per cent from 1.9 expansion estimated in April owing to
an extended Covid-19 lockdown and slower economic revival. This will be the lowest in several
decades.

Meanwhile, a day after India and China were reported to have agreed to disengage in parts of
eastern Ladakh, the Working Mechanism for Consultation and Coordination on India-China
Border Affairs (WMCC) is likely to hold a virtual meet today to discuss border tensions between
the two countries. The WMCC talks are headed by joint secretary-level officials from both sides.

In Punjab, Chief Minister Amarinder Singh held an all-party meet today over the issue of three
ordinances related to the agriculture sector passed by the Centre recently. The CM had convened
an all-party meeting to evolve a consensus on the central government's agriculture-related
ordinances. Singh had already said the ordinances were totally unacceptable to the state. 

Stay tuned for the latest news of the day.

CATCH ALL THE LIVE UPDATES
Auto Refresh

07:27 PM

Global output is projected to decline by -4.9% in 2020:

International Monetary Fund
07:27 PM

Latest News LIVE: All cooperative banks to come

under RBI supervision
The government on Wednesday said that all urban cooperative banks and multi-state cooperative
banks will come under the supervision of the Reserve Bank of India, a development aimed at
providing comfort to depositors and prevent repeat of PMC Bank like scams.
 
The President of India will promulgate an ordinance to this effect, Information and Broadcasting
Minister Prakash Javadekar told reporters after the meeting of the Union Cabinet. Terming it a
landmark decision, the minister said 1,540 urban cooperative banks and multi-state cooperative
banks will be brought under the RBI supervisory process as is applicable in case of scheduled
commercial banks.
 
"...depositors (of cooperative banks) will get protection and benefit from this decision,"
Javadekar said.
 
There are 1,482 urban cooperative banks and 58 multi-state cooperative banks having about 8.6
crore depositors with total savings deposit of about Rs 4.85 trillion. The decision assumes
significance in the wake of a scam in the Punjab and Maharashtra Cooperative (PMC) Bank and
some other cooperative banks affecting lakhs of customers who are facing difficulty in
withdrawing their money due to restrictions imposed by the Reserve Bank of India.