Monday, March 30, 2020

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
WorldIndiaTotal Deaths
529,61472423,714
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