That is why market interest rates have been remarkably sticky despite the recent reduction in policy interest rates. Banks have been happy to park excess funds with the Indian central bank rather than buy government bonds.

The Reserve Bank of India (RBI) will have to step in to support fiscal expansion in these times. It needs to buy government bonds by creating new money.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

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