Biz EOD: RBI backs away from forex; India worst hit in G-20; Delhi Police summons Gurinder Singh Dhillon

Reserve Bank of India is seemingly pulling away from the forex market due to various reasons. Gita Gopinath, Chief Economist at the International Monetary Fund, has confirmed that Indian economy may have contracted the most among the G-20 nations. Economic Offences Wing (EOW) of the Delhi Police has summoned head of Radha Soami Satsang Beas Gurinder Singh Dhillon and his family members in a case related to alleged siphoning off proceeds from the sale of Ranbaxy Laboratories.

Read for more headlines:

1. 5 reasons behind RBI's sudden 'hands-off' policy in forex market

The RBI's earning from Rs 35.40 lakh crore of forex reserves is just 2.65 per cent as revealed in the annual report 2019-20.

2. Banks shouldn't declare accounts as NPAs till further order: Supreme Court

Supreme Court on Thursday passed an interim order saying that the accounts not declared as non-performing asset (NPA) as on 31 August should not be declared as NPAs till further notice.

3. India's GDP contraction worst among G-20 countries, IMF's Gita Gopinath confirms

Gita Gopinath, Chief Economist of the International Monetary Fund has confirmed that the Indian economy may have contracted the most among the G-20 peers in the April-June quarter of FY21.

4. Delhi Police summons Radha Soami Satsang chief Gurinder Singh Dhillon

Gurinder Singh Dhillon is among 55 individuals and entities ordered by the Delhi High Court to pay up Rs 6,373 crore worth of dues to Singh brothers so that they can honour the $500 million order to pay Daiichi.5. FM Sitharaman asks banks to roll out resolution schemes by September 15

The Finance Minister, in her review meeting with the heads of scheduled commercial banks and NBFCs, said that COVID-19 related distress must not impact the lenders' assessment of their creditworthiness.