The operations of all banks have started to normal since Monday amid a lockdown across the country to prevent the growing coronavirus infection across the country since Monday. The last week of March is underway and it is time for most people to get salary and pension. As the pressure on banks’ branches was likely to increase, the government has issued an advisory to normalize the functioning of banks.
Finance Minister Smt @nsitharaman today made one-to-one calls with CMDs of all public sector banks. @TheOfficialSBI @pnbindia @MyIndianBank @canarabank @UnionBankTweets @IOBIndia @AllBank1865 @bank_andhra @BankofIndia_IN @bankofbaroda @mahabank @centralbank_in @CorporationBan2
— NSitharamanOffice (@nsitharamanoffc) March 28, 2020
The Department of Financial Services has asked banks to keep all the medium of their operations running and make regular functioning arrangements in all branches even during the lockdown. This bank opening directive will no longer make people cope with any problems in their financial transactions. During the lockdown, the banks’ branch will open from 10 am to 2 pm.
The Department of Financial Services in its advisory has also taken special care that rural customers can also get the full benefit of banking services. The Government of India had announced a relief package of Rs 1.7 lakh crore to help low-income groups to meet the challenges arising out of the coronavirus.
This amount of government help will soon come to the bank accounts of these people. By opening the bank, these people will be able to use their money at the right time. The advisory directs all banks in the country to call limited staff in their branch for work during the lockdown. At the same time, banks have been asked to arrange the minimum necessary service required for their staff in these circumstances.
The essential banking services such as cash depositing and removal, cheque clearing, government transactions, and ATM services will continue. Banks had limited their operations during lockdowns that began last week across the country. In urban and semi-urban places, banks were opening one of their branches within a radius of 5 kms, while in rural areas they were leaving one day to open branches.
Afroz is a business reporter at GetIgnite with a focus on regulators, lawmakers, and institutions. He was previously a news, science, technology and community reporter and editor with The Daily Targum. His work has been featured in The Nation and referenced by The Washington Post, ZDNet, Gizmodo, NJ Advance Media, and The Philadelphia Inquirer.