The RBI has promised to keep rate cuts as an option, although it has not given any commitment. But, now the calls to cut rates are increasing. Even Aditya Puri, the CEO of HDFC Bank, has called upon the government and the RBI to hasten a rate cut considering the economic slowdown triggered by the COVID-19. India is likely to be under a virtual shutdown till 31st March and that would mean substantial loss of production, demand and income levels. Puri has also sought relaxation in NPA classification of banks, especially in the retail portfolio. The industry is already demanding extending the time limit for NPA classification from 90 days to 180 days. But it is definitely important for the RBI and the government to build confidence by giving a rate cut signal.