India’s RBI opts $/₹ swap while global banks cut rates to ensure liquidity during Covid19

IBS Intelligence
The Reserve Bank of India (RBI) called an urgent press conference amidst the Coronavirus (COVID19) scare and ahead of the Monetary Policy Committee (MPC) meeting scheduled on April 1. Industry watchers hoped the Indian banking regulator to follow steps taken by the developed economies and announce a rate cut to improve liquidity and boost consumption during the time of a global economic…