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Coronavirus Lockdown: Some Bank Branches May Be Closed, Only Essential Banking Services Available

By Staff

The Indian Banks' Association (IBA) has asked banks to open only selective branches to carry out basic essential transactions in areas that have been placed under lockdown across the country in view of the coronavirus pandemic.

Earlier, the IBA has informed that with effect from 23 March, banks will undertake only essential services like cash deposit and withdrawal, cheque clearances, remittances and government transactions to limit the interaction of bank employees with customers to protect them from Covid-19.

New loans, project appraisals, negotiations for fresh terms for existing loans will have to wait.

Some Bank Branches May Be Closed, Only Essential Banking Services Available

"Other non-essential services during this period may be suspended," the IBA said in a statement.

"We appeal to everyone, to visit branch premises only in case of absolute necessity," it said.

On Sunday, IBA wrote to the heads of banks, requesting state-level SLBC convenor banks and lead district managers to proactively consult the state administration to chalk out a feasible Business Continuity Plan (BCP).

As the number of confirmed cases have significantly risen in the last couple of days in India, more state governments have announced complete lockdown of districts where these cases were reported.

"Keeping this in view, after due deliberation, it is suggested that member banks may selectively keep their branches open at such locations after due consultation with the local state government/authorities to carry out the basic essential transactions," the IBA said.

Read more about: coronavirus banking
Story first published: Monday, March 23, 2020, 16:06 [IST]
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