As healthcare workers battle the coronavirus pandemic, banks are also working alongside to deliver financial services and ensure there is no fund crunch across the country.
Cash withdrawals, cheque clearing, remittances and government transactions have become the priorities of the banks.
Banks are also ensuring that all ATMs are full of cash.
Also, the banking correspondents are on duty on all working days for the last-mile delivery.
Streamlining operations Banks are keeping all branches across urban, semi-urban, metros and rural areas open on all working days from 10 am to 2 pm and asking more staff to resume duties.
They have split staff into two groups across branches and are asking them to come on alternate days, a practice which is being followed in other countries.
To maintain proper social distancing, they are not allowing more than four to five customers at a time inside the branch.
Mergers ad DBTThe merger of 10 public sector banks into four and the implementation of the Reserve Bank of India’s (RBI) directions on the moratorium on repayments is also keeping their hands full.
With a large number of customers likely to seek deferment on loans, they are working out the modalities for catering to the demands.
They also have to figure out how to reach the intended beneficiaries of the
(DBT) announced by the government.
The finance ministry in a letter on March 27 had asked banks to make necessary arrangements, ensuring that people are able to use services without any hassle during the
What the Finance Minister says Finance Minister Nirmala Sitharaman assured citizens that banking services will continue unhindered during the lockdown.
In a series of one-on-one calls with the heads of all major public sector banks (PSBs) and representatives of private banks, Sithraman said the banks were doing their best to ensure customer service without disruption, through social media.
“Had a detailed conversation with chiefs of Banks-public & private. Encouraging to know that they are doing their best, even during the lockdown. They are certain that they’ll ensure customer service without disruption. Social distancing is being adhered to as well,” the minister said.
During the calls, the finance minister instructed the heads of all PSBs to ensure all ATMs and branches remained open and to implement social distancing norms at all points. She also asked them to ensure adequate liquidity at these levels to cater to customers’ needs.
Acknowledging their efforts the minister said, “Bank officials and staff have consistently been on the frontline in providing services to customers during this time of adversity, whether it is physically providing cash where it is needed or keeping branches open no matter what.”
Follow and connect with us on