With the lockdown clamped across states to contain the spread of coronavirus, banks have assured to provide at least four essential services — cash deposits and withdrawals, cheque deposition, remittances and government transactions — from March 23, 2020.
However, they may suspend other non essential services, due to limited number of staff.
Indian Banks’ Association, the lobby group of the banking industry, said bank customers should visit the branch premises only in case of absolute necessity, it said, as most of the services that banks offer are available online.
Customers should use the mobile and online banking channels for non-essential services.
Banks are also working to facilitate emergency credit, keeping in mind hardships due to economic slump and lockdown.
For instance, the State Bank of India has framed a scheme to offer emergency loans to existing borrowers whose operations are impacted by coronavirus at 7.25 per cent (per annum) fixed rate of interest. It is aimed at meeting the temporary liquidity mismatch arising out of the situation to be in force till June 30.
While private lenders such as HDFC, ICICI and Kotak Mahindra Bank have sent out advisories to customers, encouraging them to use mobile or internet banking as its offices, there is still no clear internal communication from the public sector banks. In fact, many branches, even MSME clusters, were operating in full capacity.