The Cabinet set a 90-day time limit to provide up to Rs 5 lakh to each account holder of a bank if it fails. USA’s economy is on track, says the Federal reserve.

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US economic recovery on track despite Covid-19 surge: Federal Reserve

The US economic recovery remains on track despite a rise in infections, the Federal Reserve said on Wednesday in a new policy statement that remained upbeat and flagged ongoing talks around the eventual withdrawal of monetary policy support.

In a news conference following the release of the statement, Fed Chair Jerome Powell said the US job market still had “some ground to cover” before it would be time to pull back from the economic support the US central bank put in place in the spring of 2020 to battle the pandemic’s economic shocks. Read…

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