To tackle the impending lockdown, the Indian Bank’s Association IBA released a statement on the essential and bare minimum services that all banks with offer in this time of crisis.
This measure is actioned in lieu of the possibility of an extended lockdown and to reassure citizens on regular Banking services.
Starting 23rd March 2020 onwards, all banks will undertake the four primary activities. Cash deposits and withdrawals will operate as usual. Cheques can be presented and clearing procedures will function as normal. Remittance with the country will function as normal, there has been no update on the timeframe for overseas transactions. Government transactions such as taxes, customs and excise will function as normal.
Other non-essential services have been suspended across all banks for the period.
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