COVID-19 now a pandemic, says WHO; India confirms 60 cases
- The World Health Organization (WHO) on Wednesday said that according to its assessment, COVID-19 “can be characterised as a pandemic”.
- According to the WHO, a pandemic is declared when a new disease for which people do not have immunity spreads around the world beyond expectations. It noted with concern that 1,18,000 positive cases had been reported in 114 countries, and more than 90% of cases were in just four.
SBI cuts fixed deposit, lending rates
- The State Bank of India on Wednesday reduced its lending rate by 10-15 bps, and lowered fixed deposit and savings account interest rates. It also waived the minimum balance requirement for savings accounts.
- SBI has reduced the one year marginal cost of fund based lending rate by 10 basis points to 7.75% with effect from March 10.