In an effort to contain the rising positive cases of coronavirus in India, banks will only provide essential services to customers starting Monday, March 23.
A statement by the Indian Banks Association (IBA) on Sunday said banks will ensure to provide at least four essential services - cash deposits and withdrawals, cheque deposition, remittances and government transactions - at branches across the country.
Banks may suspend other services depending on the situation, IBA chief executive Sunil Mehta said.
The lock down clamped across states to contain spread of coronavirus will limit the ability to commute, impacting ability to provide banking services.
IBA, lobby group of Indian banking industry, said bank customers should visit the branch premises only in case of absolute necessity.
Most of the services that banks offer are available online. Customers should use the mobile and online banking channels for non-essential services.
Banks are working round-the-clock to ensure all digital channels are up-to-date and have all the information that people may need during this period.
Mehta said management committee of association has discussed options to support customer's including emergency credit, keeping in mind hardships that many establishments may face due to economic slump and lockdown.
The State Bank of India (SBI) has framed scheme to offer emergency loans to existing borrowers whose operations are impacted by coronavirus. The loans will be granted at 7.25 per cent (per annum) fixed rate of interest. It is aimed at meeting the temporary liquidity mismatch arising out of covid-19 will be in force upto June 30.
The association has advised member banks to explore similar schemes for their customers.
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