Covid-19 outbreak: How will the lockdown impact our banking?

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​1. Suspended services
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​1. Suspended services

To carry out basic essential transactions, the Indian Banks' Association (IBA) has asked banks to open only selective branches in areas that have been placed under lockdown across the country in view of the coronavirus pandemic.

In light of the spreading disease - COVID-19 - and government orders, banks across the country are working at reduced capacities, providing only essential services.

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​2. Essential services
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​2. Essential services

Essential banking services are available to the public - deposits, withdrawals, clearing of cheques, remittance facilities and government transactions.

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​3. Non-essential services
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​3. Non-essential services

However, it will not be possible to take new loans, get project appraisals or rework existing loan terms; everything that does not fall under the gamut of essential services will be suspended until this pandemic dies down.

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​4. Can you go to the bank?
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​4. Can you go to the bank?

Yes, but it is inadvisable unless it is an emergency; banks are recommending customers to use mobile and net banking services and only go out if cash is needed.

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​5. What if you work at a bank?
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​5. What if you work at a bank?

Most banks are working with key staff only, as they are allowed to attend work during state-imposed curbs.

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