COVID-19 OUTBREAK: HOW TO MANAGE FINANCIAL SERVICES DURING THIS CRISIS

Introduction As coronavirus has hit hard the entire nation, Prime Minister Shri. Narendra Modi has imposed a nationwide lockdown in an attempt to slow the spread of the coronavirus.

- Amit Roy

With the nationwide lockdown imposed across the country to curb the spread of the coronavirus or COVID-19, banks have taken steps of their own to ensure the safety of their staff and customers. Banks have changed timings of their branches, reduced staff, and are pushing people to use digital channels instead of visiting the branch.

Lack of physical access to Banks, Insurance Companies, Mutual fund branches means one will have to use digital modes to complete their routine transactions. Moreover to encourage the use of Digital Channels, here are some Bank relaxations which are provided in this Crisis situation:

On 24 March, finance minister Nirmala Sitharaman provided some relief to individuals for banking services. Banks will not levy any charges or penalties if customers are unable to maintain the average monthly balance or average quarterly balance in their bank accounts. Also, there will be no charges for cash withdrawals from ATMs. The waivers are valid until the end of June.

Although some relaxations are announced, but India, at the moment, is under complete lockdown. Severe Travel restrictions have been imposed on all states, and public places have been shut. Rail, Bus services, Taxi services, Auto services have been suspended throughout the country. The question still remains unanswered, How to manage financial services during this Crisis?

Managing financial services during Crisis