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India’s banking system to be among last to recover

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India’s banking system to be among last to recover

India’s banking system will be among the last in the world to recover from disruptions caused by the covid-19 pandemic, a report by rating agency S&P has pointed out.

“For India, Mexico and South Africa, a recovery to pre-covid-19 levels may not arrive until after 2023,” the report said on 23 September. “We have taken negative rating actions on Indian banks and non-banking financial institutions (NBFIs) as operating conditions have deteriorated through the crisis. The country entered the pandemic with an overhang of high nonperforming assets.”

Private sector and state-run banks had an aggregate bad loan burden of ₹8.42 trillion as on 30 June, showed data from Capitaline.

According to the report titled “Global banking: recovery will stretch to 2023 and beyond”, recovery of banking jurisdictions will be slow, uncertain, and highly variable across sectors and geographies. Many prominent banking systems may not recover until 2023, including the US, UK, France, Germany, Spain, Italy, Japan, Australia, Brazil, Indonesia, and Russia.

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The impact of the pandemic and an ensuing lockdown in March, left millions without jobs in India as the economy came to a near-grinding halt. However, the growth of infections continues unabated even as the economy is gradually reopening. S&P said as on 21 September, covid-19 infections in China were under 100,000 and was much lower than Brazil (4.5 million), India (5.4 million), and Russia (1.1 million), citing Johns Hopkins Coronavirus Research Center.

Tap To Explore More : Business Standard

Also Read : India Ratings Maintains Negative Outlook On NBFCs, Housing Finance Companies For Second Half Of FY21

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The Madras High Court has granted early screenings of Vijay’s Leo movie from 7 AM, requesting the TN government to resolve any issues.

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The Madras High Court has granted early screenings of Vijay’s Leo movie from 7 AM, requesting the TN government to resolve any issues.

Madras High Court Grants Early Screenings of Vijay’s “Leo” Movie at 7 AM, Urges TN Government to Address Concerns

The Madras High Court has made a landmark decision in favor of the much-anticipated Tamil film “Leo,” starring actor Vijay. In a significant move, the court has granted permission for early screenings of the movie from 7 AM, urging the Tamil Nadu government to swiftly address any issues and facilitate the smooth release of the film. This decision marks a pivotal moment in the realm of Tamil cinema and the entertainment industry at large.

Historical Context:

The Indian film industry, particularly the Tamil film industry, has seen its share of controversies and challenges related to film releases. Issues such as censorship, political disputes, and public sentiment have often played a significant role in shaping the release schedules and screening times for films. Vijay, one of Tamil cinema’s most prominent actors, has been at the center of such controversies in the past. This decision by the Madras High Court is, therefore, particularly noteworthy.

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The Ruling:

The Madras High Court’s decision to permit early screenings of “Leo” comes as a response to a plea filed by the film’s producers. The court, while considering the plea, took into account various factors, including the film’s anticipated popularity and the prevailing circumstances. The court emphasized the importance of accommodating the audience’s interests and allowing them to enjoy the film without disruptions.

A Step Towards Normalization:

The court’s decision signifies a positive shift in the film industry, where release dates and screening times are often mired in controversy. By allowing screenings to commence at 7 AM, the court aims to reduce the chances of public unrest and congestion near theaters, especially in the wake of high-profile film releases.

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The Role of the Tamil Nadu Government:

The Madras High Court, in its ruling, also called upon the Tamil Nadu government to cooperate in ensuring a seamless release for the film. This cooperation extends to providing necessary security measures to maintain law and order around theaters during the early screenings.

Implications for the Entertainment Industry:

The decision is expected to set a precedent for the release of other highly anticipated films, not just in Tamil cinema but also in the broader Indian film industry. The court’s emphasis on the importance of accommodating the audience’s interests could lead to more flexible screening times for movies in the future.

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The Audience’s Perspective:

For moviegoers and fans of Vijay, this decision comes as a welcome relief. They can now look forward to enjoying the film without any undue delays or disruptions, ensuring a memorable cinematic experience.

In conclusion, the Madras High Court’s ruling to allow early screenings of Vijay’s “Leo” at 7 AM while urging the Tamil Nadu government to resolve any issues paves the way for a more audience-centric approach in the film industry. It is a landmark decision that highlights the importance of balancing the interests of filmmakers and the movie-loving public. This judgment is poised to make a positive impact on the release of future films, ushering in a new era of flexibility and convenience for cinema enthusiasts.

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