Use digital media for financial transactions, Suggests Banks

Use digital media for financial transactions, Suggests Banks

The whole nation and the world is dealing with the Coronavirus outbreak. Not only the economy and the businesses but also the life of the citizens is deeply impacted. This disturbance of routine has also caused an upsurge in the need of banking transactions especially with the closing of the financial year 2019-2020 on March 31, 2020.


Banks are suggesting their customers for the use of digital media for financial transactions, said Sunil Mehta, CEO of Indian Bank Association (IBA) in a meeting between senior lenders on Monday, March 23. IBA also instructed banks to continue providing the four essential services viz. Cash deposit and withdrawal, clearing of cheques, Government transactions, and remittances.


With the onset of lockdowns in around 75 Coronavirus-hit districts of the country, some of the major Indian banks have curbed down their non-essential services like cheque collection at their counters, passbook updates to ensure that customers restrain from visiting the branch till March 31, 2020. The cheques are being collected through drop boxes. Passbook update is available on digital sources. Further, one can easily avail NEFT, RTGS, IMPS and UPI services in digital transaction modes.


The banks are operational with half the staff members and will remain open from 10 am to 2 pm excluding Saturdays till March 31. The staff reduction is also applicable to their contact centers. These preventive measures are suggested in the public interest and to restrict the spread of the novel coronavirus.


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