Sohrabuddin accused under threat: Intelligence Bureau

Mumbai, Mar 27: The Reserve Bank of India (RBI) on Friday lowered the key repo rate by 75 basis points to 4.4 per cent in a bid to arrest the economic slowdown amid coronavirus (COVID-19) outbreak.
The reverse repo rate now stands at 4 per cent, down by 90 basis points, said RBI Governor Shaktikanta Das adding this has been done to make it unattractive for banks to passively deposit funds with the central bank and instead lend it to the productive sectors.
The six-member monetary policy committee (MPC) met on March 24, 25 and 27 and voted 4:2 in favour of the repo rate reduction. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target.
"The need of the hour is to shield the economy from the pandemic," said Das. "We need to mitigate the impact of coronavirus, revive economic growth and provide financial stability."
Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.
The RBI Governor further said that the economic growth and inflation projection will be highly contingent depending on the duration, spread and intensity of the pandemic.
"Global economic activity has come to a near standstill as COVID-19 related lockdowns and social distancing are imposed across a widening swathe of affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," said Das.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession," he said.
However, the RBI has injected liquidity of Rs 2.8 lakh crore via various instruments equal to 1.4 per cent of GDP. "Along with today's measures, liquidity measures equal to 3.2 per cent of GDP. The RBI will take continuous measures to ensure liquidity in the system."
The RBI governor has said that all banking institutions can offer a three-month moratorium on all loans for a period of three months. The RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as a non-performing asset (NPA).
The three-month moratorium will permit banks to avoid a large onset of NPAs during the 21-day lockdown and keep their books healthy.
Das said banks and other financial institutions should do all they can to keep credit flowing to economic agents facing financial stress on account of the isolation that the virus has imposed.
"Market participants should work with regulators like the RBI and the Securities and Exchange Board of India (SEBI) to ensure the orderly functioning of markets in their role of price discovery and financial intermediation," he said.

Warangal, Jul 22: Amid the COVID-19 pandemic, an outlet in Telangana's Warangal has started selling 'anti-corona' tea. The tea has become an instant hit with the locals as the beverage is laced with natural immunity-boosting ingredients.

"We sell tea named 'anti-corona'. It has natural immunity-boosting ingredients such as ginger, black pepper, cinnamon powder, among other things. A mixture of these ingredients boosts our immunity," Shiva, the owner of the tea shop said.

"Better immunity is needed to fight the coronavirus infection in the body. So we have started preparing this tea and selling it during the coronavirus pandemic," he added.

Prabhakar, a customer at the tea stall said, the tea was a "corona special tea," and it has Ayurvedic mixtures which help to boost the immunity of the human body.

"The tea is prepared after adding the Ayurveda mixtures to milk. This is good for your health. I, along with my family members and friends, come here every day. We drink this tea thrice a day," Prabhakar added.

According to the Union Health Ministry, there are 46,274 COVID-19 cases in Telangana. Meanwhile, India's coronavirus count stood at 11,92,915 on Wednesday morning.