Indian banks say government interest waiver will add to costs, spark litigation

By Nupur Anand

MUMBAI (Reuters) – Indian bankers fear the government’s decision to waive some interest payments on loans under a COVID-19 support plan will create unnecessary work for lenders and lead to more litigation, without providing much of a boost for the sagging economy.

In an Oct. 2 filing with the Supreme Court, seen by Reuters, the government said it is amending a controversial clause in a relief plan that allowed distressed borrowers to skip repayments for six months but then charged them “interest-on-interest” on the delayed payments, putting them deeper in debt.

The change will waive the compounded interest component on small business loans and some personal debts from March to August.

The government will bear the cost, which could be as high as $1 billion, according to analysts.

But for Indian lenders saddled with over $120 billion of bad loans and a coronavirus-induced collapse in demand, the

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New law paves way for California to make its own insulin, generic drugs in effort to lower costs

California could make its own insulin and other prescription drugs in an effort to lower costs under a bill Gov. Gavin Newsom announced he signed into law Monday.

Newsom first proposed that California create its own prescription drug label in his January budget proposal. The legislation Newsom signed, Senate Bill 852, attempts to implement that plan by directing California’s Health and Human Services Agency to explore partnerships with drug manufacturers that could make drugs more affordable and accessible.

California wouldn’t develop new drugs under the law, but would instead try to make cheaper versions of generic drugs, or drugs that are no longer protected by patents.

The agency will have to explore whether such an arrangement would be legal and cost effective. The law specifies that any arrangements include production of at least one form of insulin, which about 7.4 million Americans with diabetes take to regulate blood sugar.

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Is Our Government To Blame For High Fuel Costs?

Right now’s volatile economic atmosphere and anticipated layoffs signifies that many people can be looking for a new job. It amazes me how every time a new president takes workplace how people speak irrationally about how we will be taken back to the darkish ages and the nation will be run by the army and we shall be put into concentration camps and ninety% of us will likely be eliminated or the economic system is going to collapse and we will have another great melancholy because there will probably be no jobs or how the gov’t is trying to centralize the banking system so the wealthy and powerful can management the circulation of cash.

Take as an illustration that a government doesn’t know find out how to make good plans on stable anti-corruption group that may help in fixing corruption challenge within the country, he’ll proceed in promoting the apply … Read More