India fights Covid-19: days's biggest stories with Vikram Chandra | Editorji
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India fights Covid-19: day's biggest stories with Vikram Chandra

Mar 27, 2020 20:22 IST

On the third day of lockdown, the RBI’s Monetary Policy Commitee on Friday reduced the policy repo rate by 75 basis points to 4.4 per cent to help arrest the slide in economic growth in the wake of the Covid-19 outbreak. The central bank chief Shaktikanta Das said his address was coming amidst ‘extraordinary circumstances’; this was the first time that the MPC met outside its bi-monthly meeting calendar, the policy was scheduled to be announced on April 3 earlier. The RBI governor announced a moratorium on term loans and indicated that deferment of interest payment will not result in asset classification downgrade, a major worry for small and medium businesses that have downed their shutters. The day also saw media reporting on the crisis of migrant workers with several outlets reporting that some of them walked hundreds of kilometers to reach to their native states. Stepping up to the crisis, the Centre issued an advisory to the states, asking them to ensure well-being of the migrants. Globally, US appears to be the latest Covid-19 hotspot with number of patients surging ahead of China, where the virus was first reported in December last year.