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    Coronavirus impact: Banks revise branch timings, push use of digital transactions

    Synopsis

    Indian banking services, apart from basic payment and transfer operations, are likely to come to a halt as lenders impose restrictions on the movement of employees and their interaction with customers to protect them from Coronavirus.

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    With the lockdown imposed to contain the spread of the coronavirus, banks are taking safety measures to safeguard their staff and customers. Banks across the country have changed timings of their branches, reduced staff. Banks are also pushing people to use digital channels instead of visiting the branch.

    Read on to find out the branch timings of various banks.

    What banks are doing
    • HDFC Bank: The bank has changed its working hours and will function from 10 am to 2 pm. The bank has temporarily suspended passbook updates and foreign currency purchase services.
    • ICICI Bank: ICICI Bank, via SMS, has informed its customers that its branches will remain open albeit with reduced staff. "For same reason, our contact centre will also function with reduced staff. We urge you to stay safe and bank from home using iMobile/Internet Banking for all essential banking services." Further, ICICI Bank has informed its customers that there might be delay in delivery of cards, cheque books etc.
    • Yes Bank: The bank via SMS has said that its branches will operate from 10 AM to 2 PM. It has also asked its customers to use digital banking services.
    • HSBC: This is another bank that revised its branch timings due to COVID-19. Its bank branches will operate from 10 AM to 2 PM. The revised timings will continue till further notice, an SMS from the bank stated.
    • Axis Bank: According to an Economic Times news report, Axis Bank will be waiving off charges for savings account, current account and prepaid card customers towards online payments and ATM transactions.
    • Bank of Baroda: The bank via newspaper advertisements has announced that will be no charges on digital transactions. Bank of Baroda, like a lot of other banks, is encouraging it customers to avoid the use of cash or visiting branches in the wake of the pandemic.
    • Kotak Mahindra Bank: The bank has revised its branch timings; branches will now be open from 10 AM to 2 PM. It has also informed customers about the reduction in staff at its branches. "We encourage you to use Mobile/Net Banking for 24x& access to accounts," said an SMS from the bank.

    How banks will function
    The finance ministry has asked banks to keep all banking channels open and ensure branches and business correspondents function throughout the lockdown.

    The Indian Banks' Association (IBA) issued a press release in which it stated that only essential services, that is, cash deposit and withdrawal, cheque clearing, remittances and government transactions will be rendered by the bank branches with effect from March 23, 2020.

    "Most of the services that the bank offers are available online. IBA requests customers to avail non-essential services through the mobile and online banking channels. IBA is working round-the-clock to ensure all digital channels are up-to-date and have all the information that customers may be need during this period. In case any customer needs further assistance, they can call their bank branches or use the IVR facility through their call centres," the IBA release stated.

    Along with the IBA, the Reserve Bank of India, the government, and various banks have been urging customers to use digital channels as much as possible to carry out their banking transactions. Click here to read.
    ( Originally published on Mar 23, 2020 )

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