While the RBI has only announced a dollar liquidity program for the markets, it is expected to announce liquidity-boosting measures to help stabilise financial markets. There has been a virtual carnage in the equity, bond and currency markets. The central bank has a crisis on hand with markets plunging to 3 year lows after the Coronavirus outbreak was termed a pandemic and the United States suspended travel from Europe. On the same lines as the US Fed cut rates by 50 bps earlier this month, the bond markets and equity markets are expecting an ad-hoc interest rate cut by the RBI. However, the central bank is yet to take a final call on this subject. RBI will look to infuse more liquidity in the market and ease repayment issues to industry groups like electronics and auto where the supply chains have been badly disrupted. India's monetary policy committee (MPC) is scheduled to meet on March 31, and it will culminate in the Credit policy on April 02. It remains to be seen if the RBI waits till the policy date or chooses to front-end the rate cut in the light of the 100 basis points fall in inflation.