by Martin Armstrong
The Reserve Bank of India’s Monetary Policy Committee met today and announced a series of measures to counter the economic slowdown caused by the novel coronavirus pandemic. The repo rate and reverse repo rate have been cut by 74 bps and 90 bps respectively. All commercial banks and lending institutions can allow a three-month moratorium on all loans outstanding on March 1, 2020. RBI Governor Shaktikanta Das predicted a big global recession and said India will not be immune to it.
The total number of coronavirus cases in India surged to 724 on Friday, according to the Ministry of Health data. According to the ministry, 67 people have been recovered or cured, whereas the death toll now stands at 17.