Following are the highlights of the seventh bi-monthly monetary policy statement for 2019-20 by the RBI amid the covid-19 pandemic:

• Monetary Policy Committee (MPC) advances meeting scheduled for Apr 1-3
• Repo rate slashed by 75 basis points to 4.4%
• Reverse repo rate cut sharply by 90 basis points to 4% making unattractive for banks to deposit funds
• MPC votes unanimously for a reduction in the policy repo rate
• MPC decides to continue with the accommodative stance as long as it is necessary
• Committee votes 4:2 in favour of rate cut; unanimous on change in stance
• 2 MPC members Chetan Ghate and Pami Dua voted for a 50 bps rate cut
• Several measures taken to infuse liquidity of about Rs 3.74 lakh crore into the financial system
• RBI to undertake repo operation to infuse Rs 1 lakh crore
• Cash Reserve Ratio (CRR) cut sharply by 100 bps to 3  per cent releasing Rs 1.37 lakh cr into the system
• RBI assures to work in mission mode, monitoring the evolving financial market and macroeconomic conditions
• MPC for the first time advances meeting date and refrains from giving next meeting date in the wake of evolving situation
• GDP growth rate of 5% for 2019-20 at risk from the impact of pandemic
• Global slowdown to deepen with adverse implication for India; crude oil slump upside for country
• Upside growth impulses to emanate from monetary, fiscal measures and the early containment of covid-19
• Food prices to soften further on back of record foodgrain production
• MPC refrains from giving out growth, inflation outlook for coming fiscal on uncertain outlook
• RBI permits all lending institutions to allow 3-month moratorium on payment of installments on term loans
• Moratorium on term loan, deferring of interest on working capital will not classify as default
• RBI urges banks and other financial institutions to do all they can to keep credit flowing
• All instruments -- conventional and unconventional -- on table to support financial stability and revive growth
• RBI assures that banking system in India safe; deposits safe in private bank; public should not resort to panic withdrawal
• RBI says macroeconomic fundamental stronger than that in aftermath of 2008 financial market crisis
• Last tranche of the capital conservation buffer (CCB) for banks deferred for 6 months to September
• The minutes of the MPC to be published by April 13