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COVID-19 | Banks to provide only essential services

With several States announcing complete lockdown to fight the spread of COVID-19, the financial sector is also responding with reduced timings in branches and providing only essential services.

The Indian Banks’ Association (IBA) has said banks will only provide essential services from Monday.

“With the impact of coronavirus being felt across the country, the aim of IBA and its member banks is to ensure that you are still provided with uninterrupted banking services. So be rest assured that we are doing our best and extending all the support you need,” IBA said in a statement.

Banks will provide only services such as cash deposit and withdrawal, clearing of cheques, remittances and government transactions. IBA said that since most of the services were available online, customers could avail them though mobile and Internet banking channels. Customers can call branches or customer care for any assistance. Certain services like updating of passbook may not be provided but a customer can use digital platforms for services like balance enquiry.

Some of the large private banks like ICICI Bank and HDFC Bank have decided to reduce branch timings. Branches of these banks will open only from 10 a.m. to 2 p.m. from Monday.

LIC’s decision

The Life Insurance Corporation of India has said that in view of the prevailing situation due to COVID-19, it will give relaxation to policyholders to pay premium due up to April 15 wherever they are unable to deposit online or otherwise.


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Printable version | Oct 22, 2021 3:25:35 AM | https://www.thehindu.com/news/national/banks-to-provide-only-essential-services/article31136316.ece

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