Deficit funding to rate cuts are RBI’s Shaktikanta Das options to fight COVID-19
4 years, 8 months ago

Deficit funding to rate cuts are RBI’s Shaktikanta Das options to fight COVID-19

Live Mint  

India’s central bank has a number of policy options to draw upon to cushion the economic blow from the coronavirus pandemic. Rate cuts Das said last week he expects inflation, which spiked above 7% at the end of last year, to ease below a 4% medium-term target in coming months, giving the RBI room to act. The central bank has so far bought 400 billion rupees of bonds, but analysts including Kotak Institutional Equities’ Suvodeep Rakshit are hoping for about 5 trillion rupees of purchases, including state government loans. Alternatively, the central bank could open up repurchase funding against all investment grade corporate bond collateral for a wider group of counter-parties than the usual interbank participants, he said. Economists like Soumya Kanti Ghosh, chief economic adviser at State Bank of India, say the central bank should further ease norms for companies to meet their working capital and other funding requirements.

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History of this topic

Indian Banking Liquidity Deficit Hits Highest in Six Months
3 weeks, 3 days ago

Indian Banking Liquidity Deficit Hits Highest in Six Months

Live Mint  

-- The liquidity deficit in the Indian banking system hit the highest in nearly six months on advance tax payments by companies and likely dollar sales by the central bank to curb rupee volatility. The banking system cash deficit, as measured by banks’ borrowings from the Reserve Bank of India, was at 1.5 trillion rupees as of Monday, the highest …

Shedding more light on the debt dilemma
1 year, 5 months ago

Shedding more light on the debt dilemma

The Hindu  

The elevated levels of India’s fiscal deficit and public debt have been a matter of concern for a long time in India. Financial repression The debt-dynamics equation states that when there is no primary deficit, if the growth rate of GDP exceeds the effective interest rate paid on government bonds, the overall debt will decline. When the interest rate on …

RBI may buy $18 bn of bonds to boost liquidity, says B. Prasanna of ICICI
1 year, 7 months ago

RBI may buy $18 bn of bonds to boost liquidity, says B. Prasanna of ICICI

Live Mint  

The Reserve Bank of India may buy nearly $18 billion of government bonds to replenish banking liquidity that’s expected to tighten later in the year, according to a report by Bloomberg. The central bank may cut the cash reserve ratio by half a point in the second half of the fiscal and start buying bonds in the December quarter to …

DC Edit | Relief from inflation unlikely
2 years, 3 months ago

DC Edit | Relief from inflation unlikely

Deccan Chronicle  

As expected, RBI governor Shaktikanta Das-led Monetary Policy Committee hiked the repo rate by 50 basis points to 5.90 per cent to cool down inflation which remains above the comfort level of the central bank. The four rate hikes cumulatively increased the repo rate — the rate at which RBI lends money to banks — to 5.90 per cent from …

Diminishing options: The Hindu Editorial on RBI’s June 2021 policy statement
3 years, 7 months ago

Diminishing options: The Hindu Editorial on RBI’s June 2021 policy statement

The Hindu  

The RBI’s latest policy statement underscores the diminishing options available to it to address the economic fallout from the COVID-19 pandemic. The bank’s Monetary Policy Committee left benchmark interest rates unchanged for a sixth straight meeting and reiterated that it would keep its policy stance accommodative ‘as long as necessary to revive and sustain growth on a durable basis’. Since …

Supreme Court Bars Compound Interest, Penal Interest During Loan Moratorium
3 years, 9 months ago

Supreme Court Bars Compound Interest, Penal Interest During Loan Moratorium

Live Law  

The Supreme Court on Tuesday directed that there should be no charging of compound interest, interest on interest or penal interest on the installments which were due during the loan moratorium period from March 1 to August 31 last year on any borrower, irrespective of the loan amount. Terming this policy of the Centre to be "arbitrary and discriminatory", the …

Debt recasts under RBI scheme at ₹1 trillion
3 years, 11 months ago

Debt recasts under RBI scheme at ₹1 trillion

Live Mint  

Indian banks agreed to recast loans worth ₹1 trillion under a central bank scheme, significantly lower than what was originally anticipated, signalling an improvement in borrowers’ repayment capability amid a rebound in economic activity. Although many such loan accounts may turn sour, things are likely to be better than the last round of forbearance after the global financial crisis, given …

Loan Moratorium- Resolution Framework For COVID-Related Stress More Restrictive Than Prudential Norms For Normal Times: SC Told
4 years ago

Loan Moratorium- Resolution Framework For COVID-Related Stress More Restrictive Than Prudential Norms For Normal Times: SC Told

Live Law  

Senior Advocate Ravindra Srivastava, for the group, told the bench of Justices Ashok Bhushan, R. Subhash Reddy and M. R. Shah that the banks are "prevailing over" the government and the RBI and "making huge profits". Mr. Srivastava argued that while the Kamath committee had mentioned 26 sectors as having been severely-impacted during the Covid pandemic, the waiver of compound …

Short-term rates crash in India with funds overflowing with cash
4 years, 1 month ago

Short-term rates crash in India with funds overflowing with cash

Live Mint  

A glut of cash chasing assets in India has caused short-term rates to plunge. Key borrowing costs like the weighted interbank call rate and collateralized money-market rates are way below the Reserve Bank of India’s benchmark in recent days, indicating investors such as mutual funds are accepting returns lower than what RBI’s deposit window would offer banks. “The RBI may …

India is vulnerable to a liquidity trap of its own
4 years, 2 months ago

India is vulnerable to a liquidity trap of its own

Live Mint  

Now that most big central banks across the world have exhausted their monetary firepower in response to the covid crisis, dropping their real policy rates of interest—adjusted for inflation—to negligible levels, the global economy is caught in a “liquidity trap”. “For the first time, in 60 per cent of the global economy… central banks have pushed policy interest rates below …

Centre may rethink sovereign overseas borrowing proposal
4 years, 2 months ago

Centre may rethink sovereign overseas borrowing proposal

Live Mint  

A proposal for sovereign foreign borrowing that first found mention in the 2019-20 budget is back on the table at the finance ministry, and could figure in the government’s annual accounts statement next year, two people familiar with the development said. India’s sovereign external debt to gross domestic product is at less than 5%, among the lowest globally, and thus, …

Govt may revisit overseas sovereign borrowing idea in 2021 Budget
4 years, 2 months ago

Govt may revisit overseas sovereign borrowing idea in 2021 Budget

Live Mint  

NEW DELHI: A proposal to go for sovereign borrowing overseas, that first found mention in the 2019 Budget, is back on the table at the finance ministry and could again figure in the government’s annual accounts statement next year, according to two sources familiar with the development. The idea is being revived to lower government’s borrowing costs by tapping cheaper …

Interest rate cuts are dead. Long live rate cuts
4 years, 3 months ago

Interest rate cuts are dead. Long live rate cuts

Live Mint  

Interest rate cuts are becoming passe in important parts of Asia. This next phase of central bank support is about bolstering government finances largely through hoovering up sovereign bonds, either overtly or indirectly. Strong signals from the Federal Reserve that U.S. rates will stay near zero for years, and Chair Jerome Powell’s advocacy of fiscal brawn, might only encourage more …

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told
4 years, 4 months ago

Banks Free to Restructure Loans, but Can't Penalise Borrowers Availing Moratorium Benefit, SC Told

News 18  

Banks are free to restructure loans but they cannot penalise honest borrowers by charging interest on deferred EMI payments under the moratorium scheme during the COVID-19 pandemic, a petitioner opposing the move said in the Supreme Court on Wednesday. A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest …

Centre Writes to States Suggesting Options of Borrowing Money to Make Up for GST Shortfall
4 years, 4 months ago

Centre Writes to States Suggesting Options of Borrowing Money to Make Up for GST Shortfall

News 18  

The central government on Saturday wrote to states suggesting options of borrowing money to make up for the Rs 2.35 lakh crore shortfall in GST revenues expected in the ongoing fiscal. Two days after first suggesting to states to borrow money to make up for the shortfall at the GST Council meeting, the finance ministry wrote to state governments saying …

RBI May Not Extend Moratorium on Repayment of Loans Beyond August 31
4 years, 4 months ago

RBI May Not Extend Moratorium on Repayment of Loans Beyond August 31

News 18  

The Reserve Bank is unlikely to extend the moratorium on repayment of bank loans beyond August 31 as an extension could impact the credit behaviour of borrowers without resolving the issues being faced by them following the outbreak of the COVID-19, sources said. It was only a temporary reprieve to borrowers affected by the pandemic, the sources said, adding that …

Sobering assessment: The Hindu Editorial on RBI’s annual report
4 years, 4 months ago

Sobering assessment: The Hindu Editorial on RBI’s annual report

The Hindu  

Three weeks after its monetary policy committee decided to hold fire on interest rates amid accelerating retail inflation, the Reserve Bank of India has forecast more pain for the economy. Its assessment of the economic landscape and its prognosis for near-term prospects posit a stark picture: of demand hollowed out by the severe shock to private consumption, public finances strained …

India’s lower-rated firms have to repay record rupee bonds this year
4 years, 4 months ago

India’s lower-rated firms have to repay record rupee bonds this year

Live Mint  

India’s weaker borrowers are facing a record amount of local-currency bonds coming due this quarter, but unprecedented stimulus steps may mean they are better equipped to pay back their debt than in the past. “Refinancing of the maturing bonds will happen without any hurdles as the stimulus has unleashed ample liquidity in India’s financial markets,” said Ajay Manglunia, managing director …

'Banks Not Passing Benefits Of Multiple Cuts In Policy Rates To Customers': Plea In SC Seeks Extension Of RBI Loan Moratorium, Fixation Of Lending Rates
4 years, 5 months ago

'Banks Not Passing Benefits Of Multiple Cuts In Policy Rates To Customers': Plea In SC Seeks Extension Of RBI Loan Moratorium, Fixation Of Lending Rates

Live Law  

A writ petition has been filed in the Supreme Court seeking the extension of the loan moratorium announced by the Reserve Bank of India beyond August 31 for a period of 18 months.The petition filed by Coimbatore Jewellery Manufacturers Association A writ petition has been filed in the Supreme Court seeking the extension of the loan moratorium announced by the …

RBI keeps key policy rates unchanged
4 years, 5 months ago

RBI keeps key policy rates unchanged

The Hindu  

The Reserve Bank of India kept its powder dry in the third review of the monetary policy since the COVID-19 pandemic spread in the country, leaving key policy rates unchanged in the face of rising inflation pressures but asserted that propping up economic recovery has assumed “primacy” in the “worst peace-time health and economic crisis of the last 100 years”. …

Stimulus package, Covid fund and more: How govt is planning to boost economy
4 years, 5 months ago

Stimulus package, Covid fund and more: How govt is planning to boost economy

India Today  

The government’s finance ministry has been holding key high-level meetings to determine the next course of action in reviving the economy. According to sources, government officials are holding regular meetings with corporate leaders on what is required for the next phase of economic recovery. The country’s economic growth has been sluggish despite the 20 lakh crore relief package announced earlier …

Govt may need RBI's help to fund budget deficit amid economic crisis: Report
4 years, 6 months ago

Govt may need RBI's help to fund budget deficit amid economic crisis: Report

India Today  

With the fiscal deficit already touching as high as 7 per cent of the GDP, the government has little room increase spending during the economic crisis. According to the report, the central bank may be asked by the administration to buy sovereign bonds directly or boost dividends to help generate additional revenue. The threat of another ratings downgrade looms large …

RBI buys so many US dollars that it ends up supporting debt market
4 years, 6 months ago

RBI buys so many US dollars that it ends up supporting debt market

Live Mint  

The Reserve Bank of India has accumulated so many dollars recently that it’s having a knock-on impact on the nation’s sovereign debt market. “The central bank’s FX policy is achieving multiple objectives of augmenting reserves, creating liquidity that’s helping demand for bonds, and at the same time curbing rupee volatility,” said Naveen Singh, head of fixed-income trading at ICICI Securities …

RBI’s hybrid playbook may keep bond traders guessing
4 years, 6 months ago

RBI’s hybrid playbook may keep bond traders guessing

Live Mint  

India’s central bank may adopt its own version of yield-curve control as it digs deeper into its toolbox to cushion the economy during the coronavirus pandemic, according to a unit of the country’s second-largest private lender. The Reserve Bank of India may buy debt at irregular intervals to tame spikes in yields as it seeks to accelerate transmission of cuts …

Time after time: The Hindu Editorial on RBI repo rate cut
4 years, 7 months ago

Time after time: The Hindu Editorial on RBI repo rate cut

The Hindu  

The RBI has once again stepped up to the plate at the right time with measures that will reduce the cost of capital and ease the financial burden on businesses due to the extended lockdown. With Friday’s repo rate cut of 40 basis points, the RBI has shaved off 1.15 percentage points from the rate chart in the 58 days …

RBI cuts repo rate again, down to 4%
4 years, 7 months ago

RBI cuts repo rate again, down to 4%

The Hindu  

The Reserve Bank of India further reduced the key interest rate or the repo rate by 40 bps on Friday, after a yet another out-of-turn Monetary Policy Committee meeting as the COVID-19 pandemic induced lockdown continues, albeit with calibrated relaxations. The central bank also extended the loan repayment moratorium for another three months till August 31. “The MPC is of …

RBI monetary policy: Central bank extends moratorium on loans for another 3 months till August
4 years, 7 months ago

RBI monetary policy: Central bank extends moratorium on loans for another 3 months till August

Firstpost  

Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis Mumbai: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed …

Bonds to counteract virus fallout
4 years, 7 months ago

Bonds to counteract virus fallout

China Daily  

A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. Details of one-time issuance expected to be released at National People's Congress meeting China is expected to release details of a special issuance of central government bonds during the upcoming annual session of the country's top legislature. It will be China's first offering of special treasuries since the …

India isn’t prepared to meet its defence needs
4 years, 7 months ago

India isn’t prepared to meet its defence needs

Hindustan Times  

Last week, finance minister Nirmala Sitharaman unveiled some major structural reforms in India’s moribund defence sector, as part of a coronavirus disease -related macroeconomic stimulus, and the increase in foreign direct investment in defence manufacturing to 74% is radical. The Handwara terror attack points to the abiding tenacity of the low-intensity war that has been simmering in Kashmir In the …

Coronavirus Lockdown: Rs 6.45 lakh cr worth loans sanctioned by PSBs during 1 March-15 May, says Nirmala Sitharaman
4 years, 7 months ago

Coronavirus Lockdown: Rs 6.45 lakh cr worth loans sanctioned by PSBs during 1 March-15 May, says Nirmala Sitharaman

Firstpost  

State-owned banks have sanctioned about Rs 6.45 lakh crore worth loans to various sectors including MSME, agriculture and retail between 1 March and 15 May when businesses were reeling under the impact of COVID-19 crisis New Delhi: State-owned banks have sanctioned about Rs 6.45 lakh crore worth loans to various sectors including MSME, agriculture and retail between 1 March and …

Coronavirus Lockdown: RBI may extend moratorium on repayment of loans for three more months, says report
4 years, 7 months ago

Coronavirus Lockdown: RBI may extend moratorium on repayment of loans for three more months, says report

Firstpost  

With the government extending the nationwide lockdown up to 31 May, the Reserve Bank of India is likely to extend the moratorium on repayment of loans for three more months, according to an SBI research report Mumbai: With the government extending the nationwide lockdown up to 31 May, the Reserve Bank of India is likely to extend the moratorium on …

Coronavirus package | Centre throws open all sectors to private players
4 years, 7 months ago

Coronavirus package | Centre throws open all sectors to private players

The Hindu  

The Centre has agreed to demands from States to hike their borrowing limits from 3% to 5% of their GDP in light of the COVID-19 crisis, but on the condition that they implement specific reforms. The fifth and final tranche of the Atmanirbhar Bharat Abhiyan stimulus package, announced by Finance Minister Nirmala Sitharaman on Sunday, also included an additional ₹40,000 …

Vijay Mallya asks govt to consider his loan repayment offer, close case against him
4 years, 7 months ago

Vijay Mallya asks govt to consider his loan repayment offer, close case against him

India TV News  

Embattled liquor baron Vijay Mallya, who is fighting against his extradition to India, on Thursday asked the government to accept his offer to repay 100 per cent of his loan dues and the close case against him. Mallya, promoter of the defunct Kingfisher Airlines, who is wanted in India over alleged fraud and money laundering charges amounting to estimated Rs …

COVID-19 and India’s fiscal conundrum
4 years, 8 months ago

COVID-19 and India’s fiscal conundrum

The Hindu  

As the COVID-19 pandemic continues to ravage economies across the world, policymakers are desperately seeking effective ways to mitigate its economic effects. However, with a government debt of around 72% of GDP, which is comparatively higher than all other emerging markets in the region, India’s fiscal room to opt for a massive stimulus appears much more limited. Any aggressive stimulus …

Coronavirus | Supreme Court directive to RBI on loan repayment moratorium
4 years, 8 months ago

Coronavirus | Supreme Court directive to RBI on loan repayment moratorium

The Hindu  

The Supreme Court on Thursday asked Reserve Bank of India to ensure that the central bank’s March 27 circular directing banks and financial institutions to provide borrowers a three-month moratorium on loan repayments is implemented in “letter and spirit” amid the COVID-19 pandemic. “We direct Reserve Bank of India to ensure the implementation of the circular dated March 27, 2020 …

COVID-19 Lockdown: Businesses Seek Govt Intervention to Survive
4 years, 8 months ago

COVID-19 Lockdown: Businesses Seek Govt Intervention to Survive

The Quint  

Breaking down the severity of the crisis that the sector faces, Niranjan Hiranandani, president of The Associated Chambers of Commerce and Industry of India said, “7.5 to 8 percent of the GDP in India is real estate. Instead of that coming to you and me and our companies and real estate and builders and promoters and shopkeepers, the money has …

Coronavirus Outbreak: RBI cuts reverse repo rate by 25 bps; full text of Shaktikanta Das' statement
4 years, 8 months ago

Coronavirus Outbreak: RBI cuts reverse repo rate by 25 bps; full text of Shaktikanta Das' statement

Firstpost  

The Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will ensure adequate liquidity in the system to ease the financial stress caused by the Covid-19 pandemic. In the external sector, the contraction in exports in March 2020 at 34.6 per cent has turned out to be much more severe than during the global financial crisis. …

Coronavirus Outbreak: Finance ministry allows states to borrow Rs 3.20 lakh cr from market
4 years, 9 months ago

Coronavirus Outbreak: Finance ministry allows states to borrow Rs 3.20 lakh cr from market

Firstpost  

The Finance Ministry has allowed all states to borrow a cumulative Rs 3.20 lakh crore from the market between April-December New Delhi: The Finance Ministry has allowed all states to borrow a cumulative Rs 3.20 lakh crore from the market between April-December. In a letter to the RBI, the ministry said that the Centre has decided to permit states to …

Covid-19: Shoring up states financial muscle in times of a crisis
4 years, 9 months ago

Covid-19: Shoring up states financial muscle in times of a crisis

Business Standard  

In view of the ongoing crisis, the government has come up with several measures to aid the economy. Here’s the latest on the coronavirus outbreak and government measures to contain its impact on the economy: Last month, even before the Reserve Bank of India issued the indicative borrowing calendar for the states for April-June and the one for the Centre …

Coronavirus Outbreak: Borrowers unlikely to get significant gains from loan moratorium; banks to charge interest later
4 years, 9 months ago

Coronavirus Outbreak: Borrowers unlikely to get significant gains from loan moratorium; banks to charge interest later

Firstpost  

The three-month suspension of EMI payments may not result in a significant gains for borrowers as they will charge interest for the moratorium period, according to the moratorium scheme announced by state-owned banks New Delhi: The three-month suspension of EMI payments may not result in a significant gains for borrowers as they will charge interest for the moratorium period, according …

RBI announces repo rate cut, liquidity easing measures; economy requires stimuli, say analysts welcoming move
4 years, 9 months ago

RBI announces repo rate cut, liquidity easing measures; economy requires stimuli, say analysts welcoming move

Firstpost  

Reserve Bank of India Governor Shaktikanta Das’s announcement of rate cuts, forbearance on loans and liquidity easing measures were welcomed by analysts who said the economy requires stimuli in the present circumstances Reserve Bank of India Governor Shaktikanta Das’s announcement of rate cuts, forbearance on loans and liquidity easing measures were welcomed by analysts who said the economy requires stimuli …

Opinion | What the RBI’s statement did not say
4 years, 9 months ago

Opinion | What the RBI’s statement did not say

Live Mint  

As the world remains engulfed in an unprecedented crisis, Reserve Bank of India today strode to the front, to stand shoulder-to-shoulder with its global peers, decisively moving towards emergency settings which policy makers all over the world have switched to in the last six weeks. Clearly RBI is in its “battle-ready mode”, as the Governor termed the current situation, and …

RBI cuts repo rate by 75 bps to 4.4%; other key highlights of central bank's monetary policy review
4 years, 9 months ago

RBI cuts repo rate by 75 bps to 4.4%; other key highlights of central bank's monetary policy review

Firstpost  

The RBI on Friday allowed banks to put on hold EMI payments on all term loans for three months as it slashed the cost of fresh borrowing by cutting policy interest rate by steepest in more than 11 years, joining the efforts of the government to counter the economic fallout of the fast-spreading coronavirus pandemic The RBI on Friday allowed …

Reactions to RBI policy announcement
4 years, 9 months ago

Reactions to RBI policy announcement

The Hindu  

In view of the COVID-19 pandemic, the Reserve Bank of India has reduced the repo rate by 75 bps to 4.4% on Friday. The large rate cut, the adjustment in capital conservation buffer, the moratorium on repayments and the bazooka of conventional CRR cut and unconventional liquidity measure of incentivising banks to support CP market all will help financial markets …

Coronavirus lockdown: RBI cuts repo rate, announces 3-month moratorium on loans, read details
4 years, 9 months ago

Coronavirus lockdown: RBI cuts repo rate, announces 3-month moratorium on loans, read details

Op India  

Speaking to the media on the unprecedented situation across the country due to the Chinese epidemic, RBI Governor Shaktikanta Das on Friday announced a massive 75 basis points cut in repo rates to 4.4 per cent as a measure to counter the economic slowdown caused by the COVID-19 pandemic. Addressing the effect of the coronavirus on markets, the RBI Governor …

Repo rate slashed, RBI also announces 3-month loan moratorium | HIGHLIGHTS
4 years, 9 months ago

Repo rate slashed, RBI also announces 3-month loan moratorium | HIGHLIGHTS

India TV News  

Shaktikanta Das, the governor of Reserve Bank of India, addressed a press conference on Friday at 10 am. Here are the HIGHLIGHTS: 10:40 am: Banking system in India safe; deposits safe in private bank; public should not resort to panic withdrawal, says RBI Governor​ 10:38 am: Rs 3.74 lakh crore liquidity to be injected into system through measures announced today​, …

EMIs put on hold, interest rate cut: RBI injects virus-fighting stimulus to tackle Covid-19 crisis
4 years, 9 months ago

EMIs put on hold, interest rate cut: RBI injects virus-fighting stimulus to tackle Covid-19 crisis

India Today  

The Reserve Bank of India on Friday introduced a barrage of relief measures to alleviate financial difficulties arising due to Covid-19 restrictions. RBI Governor Das said, "All commercial banks, co-operative banks, all-India Financial Institutions, and NBFCs are being permitted to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March …

Coronavirus Outbreak: India needs stimulus plan or it risks crippling small businesses, say industry bodies
4 years, 9 months ago

Coronavirus Outbreak: India needs stimulus plan or it risks crippling small businesses, say industry bodies

Firstpost  

India’s small and mid-sized enterprises will struggle for survival if the government does not follow international counterparts in offering financial support to those acutely impacted by the coronavirus outbreak, industry bodies said Mumbai: India’s small and mid-sized enterprises will struggle for survival if the government does not follow international counterparts in offering financial support to those acutely impacted by the …

Coronavirus: US Fed cuts interest rates to 0, all eyes now on RBI in India
4 years, 9 months ago

Coronavirus: US Fed cuts interest rates to 0, all eyes now on RBI in India

Live Mint  

The US Federal Reserve on Sunday cut interest rates to zero. This is the second time in as many weeks the US Fed has cut interest rates as the deadly virus threatens to cause massive disruption to the world economy. In India, after this rare action by the Fed to move interest rates to zero, all eyes will be on …

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