A Major victory for home buyers:
In a major relief for homebuyers, the Supreme Court has upheld the validity of consumer forums.
The builders had argued that since the implementation of RERA in 2016,
the buyers cannot be allowed to approach the consumer commission.
The Supreme court has, however, upheld the validity of consumer forums.
The SC clarified that the RERA does not statutorily force a person to withdraw any such complaint. We believe this is a major victory for home buyers as such forums have played a crucial part for homebuyers in the redressal of their property-related disputes with builders.
ICICI Bank: presenting a strong case for itself
ICICI Bank reported steady revenue growth and further pick up in the business sentiments during the September quarter. Bank’s pre-provisioning operating profit was strong while retail disbursements grew during the quarter. The bank is also seeing its business volumes growing from Covid lows and it is looking to increase disbursement in the coming quarters.
ICICI Bank maintained the single focus approach of strengthening its balance sheet during the crisis. The bank's provision coverage ratio has gone up to 81.7% in Q2 while it also raised Rs 15,000 crore as fresh capital.
We believe that the ICICI bank is better prepared with access provisioning and adequate capital buffer to meet the covid related stress. Having undertaken the adequate risk deferment measures, it appears poised to accelerate growth in the coming quarters.
Governments need to do more to support recovery: IMF
Gita Gopinath, Chief Economist of the International Monetary Fund (IMF), has urged policymakers to provide more fiscal stimulus to boost their economies.
She stated that in ~60% of global economies, central banks have pushed policy interest rates below 1%. This has left little room for central banks to further cut the interest rates.
What Geeta Gopinath has tried to highlight here is that globally, central banks are left with limited policy options. Hence, governments will need to step up and support growth. The government needs to invest in creating jobs, encourage private investments and put more money in the hands of consumers to support demand.