The Reserve Bank of India's monetary policy committee will decide if a rate cut is needed to help the economy facing the coronavirus outbreak, said governor Shaktikanta Das on Monday.

Das announced two policy measures to stabilise financial markets: a US dollar sell/buy swap on March 23 worth $2 billion and a Long Term Repo Operation in multiple tranches of up to Rs 1 trillion.

"The RBI will make efforts to see policy announcements have optimum impact and desired outcome," said Das at a press conference in Mumbai.

Das also said that private lender YES Bank will come out of moratorium on March 18. "I would like to convey to the depositors of YES Bank, through you, that their money is completely safe and there is nothing to worry.

There is no reason for any undue worry," he said.

Indian stocks plunged on Monday, closing nearly 8 per cent lower, as moves by central banks across the globe to cut interest rates failed to calm nerves about the impact of the coronavirus pandemic on the global economy.

India has reported 114 coronavirus cases till Monday as it stepped up scrutiny and preventive measures.