Page 27 - Banking Finance June 2020

COVER STORY

COVID-19

OUTBREAK: HOW

TO MANAGE

FINANCIAL

SERVICES DURING

THIS CRISIS

Introduction modes to complete their routine transactions. Moreover to
encourage the use of Digital Channels, here are some Bank
As corona virus has hit hard the entire nation, Prime
Minister Shri. Narendra Modi has imposed a nationwide relaxations which are provided in this Crisis situation:
lockdown in an attempt to slow the spread of the
On 24 March, finance minister Nirmala Sitharaman provided
coronavirus.
some relief to individuals for banking services. Banks will not
levy any charges or penalties if customers are unable to
With the nationwide lock down imposed across the country
to curb the spread of the coronavirus or COVID-19, banks maintain the average monthly balance or average quarterly
have taken steps of their own to ensure safety of their staff balance in their bank accounts. Also, there will be no charges
for cash withdrawals from ATMs. The waivers are valid until
and customers. Banks have changed timings of their
branches, reduced staff, and are pushing people to use digital the end of June.
channels instead of visiting the branch.
Although some relaxations are announced, but India, at the
moment, is under complete lockdown. Severe Travel
Lack of physical access to Banks, Insurance Companies,
restrictions have been imposed on all states, and public
Mutual fund branches means one will have to use digital
places have been shut. Rail, Bus services, Taxi services, Auto
About the author services have been suspended throughout the country. The
question still remains unanswered, "How to manage
Amit Roy financial services during this Crisis"?
Senior Manager (Faculty)
Union Bank of India Managing financial services during Crisis
Staff Training Centre, Kolkata
India's digital ecosystem is coming to the aid in providing

BANKING FINANCE | JUNE | 2020 | 27