Page 28 - Banking Finance June 2020

ARTICLE

essential financial services. The way the digital ecosystem Taking help of digital channels of banking
has evolved in India, many financial transactions can be
Effective March 23, banks have been undertaking only
done online without the need to visit your bank branch, or essential activities. These include cash deposits and
the office of an insurance company or a mutual fund house.
withdrawals, clearing of cheques, remittances and
Online transactions are not only helping people cope with government transactions. Also, banks have been working for
the lockdown, but are also aiding them in maintaining social fewer hours (around four hours) with limited staff. To avoid
distancing and avoiding handling currency notes.
customers crowding at branches and to ensure safety in this
pandemic, banks have requested customers to avail non-
Here's how you can continue to carry out all your financial
essential services through the mobile and online banking
transactions without interruption, across various sectors.
channels. The non-essential banking services that stand
suspended include account opening, passbook printing,
Banking exchange of notes, foreign currency exchange, and so on.
Banking comes under essential services. That's why branches
have been kept open despite the lockdown. Customers do Such limitations pose immense challenge for senior citizens'
have the option of going to the branch for any urgent and those who are not tech-savvy. Many may not be
requirement. But for all practical purposes, customers may comfortable using net or mobile banking services to make
not need to go to their branches. regular payments, including paying credit card dues, utility
bills, investment installments, and checking their bank
If one have never used online banking before, it's possible balance and statements. Dropping Credit card cheques in
to activate it using your registered mobile number and debit drop boxes might not be a good idea as the skeletal staff
card. Most banks now allow customers to activate net strength could result in delayed pick-ups.
banking themselves through the bank's website. A customer
can avail of over 250 features on digital platforms internet In the present situation, senior citizens in the family should
banking and mobile app. Online banking can be accessed take help from a trusted family member or a tech-savvy
either through the bank's website or through the bank's app, friend to activate internet or mobile banking services. They
installed on a Smartphone. can then make timely payments without defaults and any
additional charges.
On a bank's website, customers can practically avail of all
the banking services that are available at the bank branch. To activate internet or mobile banking, one does not need
These include sending and receiving money, Credit card to visit the bank branch with a physical form. Banks allow
payment, Bill payment, Recharge, Stop payment of a activation remotely - that is, from your home, using a debit
Cheque, ordering a new Debit card or cheque book, card. For instance, Bank customers with an active debit card
requesting for statements, blocking cards, and generating can register for net and mobile banking. They need to create
debt and credit card PINs (personal identification number).

Banking through an app may have some restrictions,
depending on the bank. Some banks may not allow blocking
a card, while others may not have the option to request
account statements. However, all the basic services are
available on the apps, too.

Also, some banks may have some restrictions on the value
of funds that can be transferred to prevent frauds. They may
not allow transfers over a specific amount through Real-
Time Gross Settlement (RTGS) for the first 24 hours, or not
allow Immediate Payment Service (IMPS) transfer to new
beneficiaries for a few hours after adding them.

28 | 2020 | JUNE | BANKING FINANCE