Nirmala Sitharaman
Nirmala Sitharaman

The Ministry of Finance has asked the Reserve Bank of India to consider implementing a series of emergency measures that are aimed towards aiding borrowers cope with the economic disaster that has been created by the novel coronavirus, COVID-19, the Economic Times reported.

The letter highlighted the need for relief measures as both individuals and businesses face losses from arising from the pandemic.

Earlier, Finance Minister Nirmala Sitharaman announced relief package worth Rs 1.7 lakh crore.

The Finance Minister while addressing press conference said the government has finalised an economic stimulus package to deal with the impact of 21-day countrywide lockdown to prevent spread of the virus. She further said, "A package is ready for the poor who need immediate help like migrant workers and urban and rural poor. No one will go hungry."

During the press conference, FM Sitharaman announced a Rs 50 lakh insurance cover for healthcare workers who are at the forefront of dealing with coronavirus pandemic.

FM Nirmala Sitharaman also announced that under Pradhan Mantri Gareeb Kalyan Ann Yojna, 80 crore poor people will get 5 Kg of rice and wheat per person,an additional 5kg will be free for the next three months. Also additional 1 kg pulse to regional preference will be given.

Nirmala Sitharaman also announced a multi-layered direct cash transfer scheme for affected people. "8.69 crore farmers to be immediately benefited through Direct cash transfers. Instalment of Rs 2000 in the first week of April will be transferred," Sitharaman said.

Wages under MNREGA will also be increased by Rs 2000 per worker on an average as additional income to help daily wage labourers.

The finance minister also announced that three crore senior citizens and women will be covered under the Divyang scheme, under which an one-time additional amount of Rs 1,000 in two instalments will be given through DBT over a period of three months.

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