On Day 3, RBI brings out the heavy artillery
Following in Modi govt's footsteps, the Reserve Bank of India today mounted a monetary rescue of its own with a host of measures aimed at minimising the economic damage from Covid-19.
With its latest round of announcements, the RBI will be injecting Rs 3.74 lakh crore into the country's financial system. These measures come just hours after Moody's cut India's growth forecasts for 2020 calendar year to 2.5% from 5.3%.
Addressing the press over video conference, RBI Governor Shaktikanta Das assuaged the fears of citizens, saying India's financial system was sound and money in private banks were also safe, saying there was no need for panic withdrawal of funds.
India's case count has been steadily rising for the past couple of days, with fears ripe about community transmission. The virus has also moved into the slums of Mumbai, with at least four people having tested positive since yesterday.
Take a look at everything that happened today...
RBI BOOSTER DOSE
 | Repo rate cut by 75 bps to 4.4% |
| Reverse repo rate cut by 90 bps to 4% |
| Moratorium of 3 months of EMIs on all outstanding term loans |
THREE-WAY LIQUIDITY INJECTION
| Auction of targeted long term repo operations of 3-year tenor for total amount Rs 1,00,000 crore at floating rate. |
| Reduction of CRR for all banks by 100 basis points. Will release Rs 1,37,000 crore across banking system. |
| Accommodation under Marginal Standing Facility to be increased from 2% from SLR to 3% with immediate effect till June 30. It will release Rs 1.37 lakh crore into the system. |
BUSINESS AND ECONOMY
| Sensex gives in to growth worries, ends 131 pts lower after 1,000-point surge |
| Moody's cuts India's economic growth in 2020 calendar year to 2.5% from 5.3% earlier |
| ITC announces a Rs 150 crore COVID-19 contingency fund |
| Cognizant to give two-thirds of employees 25% more in base pay |
| Hydroxychloroquine becomes a Schedule H1 drug as hoarding leads to shortage |
| DGCA extends validity of pilots' licences that were up for renewal for 90 days |
| PwC freezes hiring, defers hikes and bonuses but won't cut jobs |
| DLF to pay salaries to daily wage workers during lockdown |
| SC eases sales of 10% of unsold BSIV stock |
THE COUNT SO FAR
| 2 new cases, onw dead in Bhilwara; total cases rise to 45 in Rajasthan |
| Second positive case reported in Andamans |
| 3 patients from Pune test negative |
| 5 new positive cases reported in Bhopal |
| One more test positive in Telangana |
| Pimpri Chinchwad: 3 COVID-19 patients test negative,to go home |
| Maharashtracase count climbs to 147 |
| Ward boy of private hospital in Patna tests positive; Bihar case count now 9 |
| Cases in AP rises to 12; one more tests positive |
| Six more people test poisitve in Tamil Nadu |
| 3 people test positive in Noida; Case count in UP's Gautam Buddha Nagar alone rises to 17 |
| 1 more tests positive in Haryana |
| World | India | Total Deaths |
| 529,614 | 724 | 23,714 |
HEALTH UPDATES
| India to begin antibody tests to confirm Covid-19 exposure |
| Goa asks Centre for additional COVID-19 testing kits |
| Satluj Jal Vidyut Nigam Limited provides Rs 1 Cr for buying ventilators |
| GoAir offers aircraft, crew for emergency services, repatriation of citizens |
| State-run BEL asked to manufacture 30,000 ventilators |
LIFE UNDER LOCKDOWN
| Domestic flights to remain suspended till April 14 |
| Shiv Sena MPs and MLAs to contribute one month's salary to CM's Relief Fund |
| Uttarakhand to distribute food packets among senior citizens, pregnant women, daily wage labourers |
| Star Indian sprinter Hima Das donates one month's salary to Assam |
| Sachin Tendulkar donates Rs 50 lakh |
| Saurashtra Cricket Association donates Rs 21 lakhs to PM Relief fund and Rs 21 lakhs to CM Relief Fund |
| 24 hour control room established at UP Bhawan in Delhi-- 011-26110151 to 26110155, and 9313434088 |
| Delhi govt to serve food to four lakh needy people daily from Saturday |
| Delhi night shelters to provide food and accommodation to stranded workers |
| Allu Arjun donates Rs 1.25 crore to Andhra Pradesh, Telangana & Kerala |
| Shri Saibaba Sansthan Trust, Shirdi donates Rs 51 cr to Maharashtra CM's Relief Fund |
| Labour Minister Santosh Gangwar donates one month's salary |
| Ready to fly migrant workers from Delhi, Mumbai to Patna during lockdown: SpiceJet |
| Odisha Assembly staff asked to go on home quarantine |
| Centre to give 3 months' pension in advance to senior citizens, differently-abled, widows |
MEANWHILE AROUND THE WORLD
| G20 announces $5 trillion booster for global economy |
| Britain PM Boris Johnson tests positive |
| United States now leads the world in confirmed cases, with almost 85,000 cases so far |
| India proposes online platform for SAARC to jointly combat coronavirus |
| Airports in Asia-pacific region stare at $5.6 bn loss in Q1 |
| Singapore Airlines obtains $13 billion rescue package |
| Japan's Suzuki Motors suspending vehicle production in home country from April 1 till April 3 |
| Mexico coronavirus case tally rises to 585, reports 2 more deaths |
| China reports one local case, 54 imported, cuts international flights |
| South Africa begins three-week lockdown |
| South Africa records first two coronavirus deaths as infections top 1,000 |
| Pakistan opens borders with China to receive medical equipmen |
