OPINION, P6 ECONOMY, P2 K SRINATH REDDY PHE study shows need for shortening vax-dosing intervals INTERNATIONAL, P8 EDITORIAL VACCINE SCENE PRIME TIME Medical education need more govt funding, not stricter regulation of feesetting by pvt colleges Govt eyes 51 cr doses by July as production being ramped up: VK Paul Jeff Bezos says will pass baton to new Amazon CEO on July 5 NEW DELHI, FRIDAY, MAY 28, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 75, 20 PAGES, `6.00 (PATNA `6.00, RAIPUR `7.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 51,115.22 ▲ 97.70 NIFTY: 15,337.85 ▲ 36.40 NIKKEI 225: 28,549.01 ▼ 93.18 HANG SENG: 29,113.20 ▼ 52.81 `/$: 72.59 ▲ 0.19 `/€: 88.50 ▲ 0.70 BRENT: $68.84 ▼ $0.03 GOLD: `48,690 ▼ `361 IN THE NEWS Covid blues: Ford to halt operations at Chennai plant AFTER HYUNDAI AND Renault-Nissan, Ford India will halt production at its Chennai plant on Friday and Saturday as cases rise in the state, reports Sajan C Kumar in Chennai. This comes after the union at the factory held a food boycott protest at the plant on Thursday. Subrahmanyam to be next commerce secretary JAMMU & KASHMIR chief secretary BVR Subrahmanyam will take over as the next Union commerce secretary from July 1 upon the superannuation ofAnup Wadhwan, according to an official order released on Thursday, reports fe Bureau in New Delhi. ‘Discoms paying big sum for power they don’t use’ DISCOMS IN 12 states are paying a hefty `17,500 crore a year for power they don't use, according to a report by Forum of Regulators, reports fe Bureau in New Delhi. The amount is paid as fixed costs to recover the costs of building plants which now lie under-utilised due to less-thananticipated demand growth. RBI REPORT ● MARKET DEBUT ‘Banks’capital base unimpaired,loan growth promising’ Central bank expects fuel tax cut, accounting tweak inflates its forex gains and allows higher surplus transfer FE BUREAUS New Delhi/Mumbai, May 27 THE RESERVE BANK of India (RBI) on Thursday said the second Covid wave's macro-economic cost to the country could hopefully be limited to the June quarter with a possible spillover to July, even as it chose not to alter its GDP growth outlook for FY22 from 10.5%. This turns out to be marginally higher than the recently revised estimates by Moody’s (9.3%) and S&P (9.8%). Seeking to paint a somewhat rosy picture of credit demand and supply, the central bank observed that banks would have sufficient capital at the aggregate level even in a severe stress scenario. From the three-year low of 5.1% till October 2020,loan growth of banks rose to 5.6% on year till March 2021 and seems to be aided further by liquiditysupport,lowinterest rates and the government’s ‘growth-enhancing’ steps,the RBI noted. It, however, added that with the lift- LOOKING AHEAD ■ FY22 GDP growth to touch 10.5%, CPI inflation to hit 5% Banks’ asset quality needs to be closely monitored after SC's lifting of stay on classification standstill IT RULES Paytm plans to raise `21,800 crore in largest India IPO yet Users can now sue social media firms for offensive content SARITHA RAI Bengaluru, May 27 KIRAN RATHEE & RISHI RAJ New Delhi, May 27 PAYTM, THE COUNTRY’S leading digital paymentsprovider,isaimingtoraiseabout`21,800 crore in an initial public offering (IPO) late this year,accordingtoapersonfamiliarwiththedeal, inwhatcouldbethecountry’slargestdebutever. The start-up, backed by investors, including Berkshire Hathaway, SoftBank Group and Ant Group, plans to list around November and its offering could coincide with the Diwali festival season,said the person,asking not to be named because the details are private.Paytm,formally called One97 Communications, is targeting a valuation ofaround$25 billion to $30 billion. WITH THE NEW rules for intermediaries that came into force on Wednesday, social media firms now run the risk of facing increased litigation from various parties, particularly users’ and social activist groupsonanycontentwhich is perceived as offensive. Majorityoftheplayershave not met compliance with the new rules so far and further delays can make their senior management vulnerable to facing criminal charges in Detailed report on Page 4 The new rules have provision for initiating criminal charges, whichwas not there earlier Iffound guilty, senior management can face imprisonment also cases of alleged violation of rules. An imprisonment of up to seven years as part of penal provisionscannot beruledout. This is because non-compliance with the rules would result in these social media companies losing their intermediarystatus,whichprovides Growth-supportive bias to be retained in monetary policy ■ Compound interestwaiver may impact lenders' finances ■ Will ensure comfortable system-level liquidity in FY22 ing of the interim stay on asset classification standstill by the Supreme Court on March 23,banks’asset qualitywould needtobecloselymonitoredinthecoming quarters, with preparedness for higher provisioning. Continued on Page 2 New Delhi Respite from courts can come only ifthe law is stayed them exemptions and certain immunity from liabilities for any third-party content and data hosted bythem.Once this happens, they could be liable for criminal action, in case of complaints. Continued on Page 2
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