Govt takes steps to keep banks running

 

public finances

Govt takes steps to keep banks running

The Govt is making sure that banking services are up while the country goes into a lockdown to combat the spread of coronavirus. The Department of Financial Services has told the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to ensure that all electronic and digital payment modes and channels function unhindered.

It has directed the Indian Banks’ Association (IBA) to coordinate with banks to ensure cash availability in ATMs. The department has also written to every state to ensure the mobility of bank employees to overcome the difficulties they face in reaching the branches. Several bank employees could not make it to offices as public transport came to a halt.

Several banks are keeping bank branches open cluster-wise and rotating staff to keep the risk of spreading the virus under check. It has requested to permit bank staff, RBI staff, NPCI staff and cash logistics companies to travel during the lockdown.

The most affected sectors are aviation, tourism, shipping, hotels, MSME, manufacturing, transport, commercial vehicle and real estate. The outbreak of COVID-19 could bring the already struggling banking sector to its knees as India enters a 21-day national lockdown. Govt takes steps to keep banks running

Read Other Related News

RBI To Auction G-Securities Worth Rs 30,000 Crore On May 29 Global Economy To Shrink By 5.2%, Worst Since WW-II
Goldman cuts earnings outlook for Indian banks
Muthoot Finance Gold Loan: Get a Gold loan without stepping out of your home Fiscal Deficit Increases to 7.9%: Reports
FSDC meeting concerning Relief measures and COVID induced challenges to happen Finance Ministry Asks Banks To Cut Costs

NEED A LOAN?

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.


Menu