India's tally of COVID-19 cases crosses 11,000 mark; 38 new deaths reported

Mumbai, Mar 27: The RBI on Friday put on hold EMI payments on all term loans for three months and cut interest rate by steepest in more than 11 years as it joined the government effort to rescue a slowing economy that has now got caught in coronavirus whirlwind.

The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.

The reverse repo rate was cut by 90 bps to 4 per cent, creating an asymmetrical corridor.

RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune.

It all depends how India responds to the situation, he said.

Global slowdown could make things difficult for India too, despite some help from falling crude prices, Das said, adding food prices may soften even further on record crop production.

Aggregate demand may weaken and ease core inflation further, he noted.

The liquidity measures announced include auction of targeted long-term repo operation of 3 year tenor for total amount of Rs 1 lakh crore at floating rate and accommodation under Marginal Standing Facility to be increased from 2 per cent to 3 per cent of Statutory Liquidity Ratio (SLR) with immediate effect till June 30.

Combined, these three measures will make available a total Rs 3,74,000 crore to the country's financial system.

After cutting policy rates five times in 2019, the RBI had been on a pause since December in view of high inflation.

The measures announced come a day after the government unveiled a Rs 1.7 lakh crore package of free foodgrains and cash doles to the poor to deal with the economic impact of the unprecedented 21-day nationwide lockdown.

While the Monetary Policy Committee (MPC) of the RBI originally was slated to meet in the first week of April, it was advanced by a week to meet the challenge of coronavirus.

New Delhi, May 12: With 3,604 more COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases reached 70,756, said the Union Ministry of Health and Family Welfare on Tuesday. 87 deaths were reported during the period.

As per the tally, 46,008 patients are active coronavirus cases while 22,454 patients have been cured/discharged and one patient has migrated.

With 87 deaths due to COVID-19 reported in the last 24 hours, the number of deaths has risen to 2,293.

As per the ministry, Maharashtra has the most number of coronavirus cases with 23,401 cases with 4,786 patients being cured/discharged while 868 deaths have been reported in the state.

Gujarat is second on the list with 8,541 cases that include 2,780 patients recovering from the disease and 513 fatalities.

Tamil Nadu's tally reached 8,002 cases, including 2,051 recoveries and 53 deaths.

While Delhi's tally stands at 7,233 cases with 2,129 patients recovered and 73 deaths.

Meanwhile; Mizoram (one case reported--now recovered), Goa (seven cases reported and all seven recovered), Manipur (Two cases reported and both patients recovered) and Arunachal Pradesh (one case reported--now recovered) have reported no new cases in the last 24 hours.