The outbreak of the pandemic towards the end of 2019 pushed the entire world into a tizzy. It was indeed unprecedented both in terms of the extent of impact and the breadth of impact. No country was left unscathed and it literally brought the world to a standstill, halting all economic and social activity. In the backdrop of such a landscape, Central banks world over worked in coordination to ensure that fragile growth was not compromised. While governments doled out grants and schemes to help individuals and businesses, central banks worldwide reduced interest rates in no time. The US Federal Reserve set the tone when they reduced the rates in the US to a range of 0-0.25% in March 2020.