“Forward ever, backward never: onwards with Breaking Through”

Lockdown, Day 59: RBI bats against a yorker

The RBI today cut rates by 40 bps, in a monetary move to contain the continued battering of the Indian economy. Although Governor Shaktikanta Das said that the economy could get a boost from ideal conditions created by fiscal, monetary and administrative actions taken so far, he acknowledged that GDP growth would likely remain in the negative territory in 2020-21.

There's not all bad news though, the RBI announced an extension of the moratorium on payment of installments to all term loans till August 31.

Track this space for latest updates...


    Haryana tally rises to 1,031
    With 76 new cases, Indore's tally reaches 2,850
    Jharkhand reports 5 new cases
    Rajasthan reports 54 new cases
    Andhra Pradesh reports 62 new cases
    278 more test positive in Maharashtra Police
    Delhi reports 660 new cases; 14 deaths
    5 CISF personnel test positive in Jharkhand
    Karnataka reports 105 new cases
    One more case in Manipur; state tally now 26
    5 new cases in Uttarakhand takes state tally to 151



    GDP growth projected to be in negative territory
    Policy repo rate cut by 40 basis points - from 4.4% to 4%
    Moratorium extended for three more months, up to August 31
    GDP growth estimated to be negative in FY21
    Rs 15,000 cr allocated to EXIM banks
    Group exposure limit of banks increased from 25% to 30%
    Special refinancing facility of Rs 15,000 cr to SIDBI extended


    Delhi HC suspends functioning till 31st May
    Tamil Nadu allows autos and cycle rickshaws
    Air India begins booking of domestic flights
    Pending ICSE & ISC exams from July 1 to 14
    Railways opens online bookings
    Some OCI cardholders can now travel to India
    Intra-state train services resume in Karnataka


    Sensex ends 260 pts lower; Nifty ends below 9,050
    Current account may turn surplus in FY21
    Amazon India to add 50,000 temporary roles
    Deposits rise over Rs 2.8 lakh cr amid lockdown
    Covid wipes out yarn and garment exports in April
    I-T dept has issued refunds worth Rs 26,242 cr since April


    No annual growth target for China, a first in years
    Nissan may axe 20,000 jobs
    Bangladesh produces 1st generic version of remdesivir
    Global cases cross 5.12 million; death toll tops 332,500
    Germany's tally rises by 460 to 177,212
    Brazil passes 20,000 virus deaths
    614 new cases takes Singapore's tally over 30,000