Corona effect on banking sector, normal functioning will be only 4 hours

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New Delhi. In view of the infection of the deadly disease Corona, it has been advised to cut down on the working time of the banks. The Indian Banks Association (IBA) has advised all banks to reduce their working hours. Banks have been asked to complete their work between 10 am and 2 pm.

According to the advice, now the banks will open only 4 hours for the working of the general public. In this regard, the IBA has sent guidelines to all the State Level Banking Committee (SLBC) to follow the same. It states that this system will remain in force until the situation in Corona returns to normal.

The IBA said in a letter to SLBC convenors that we are going through a challenging period of mutant virus outbreaks, with new cases of infections being reported everyday in many states. This has also raised serious concerns about economic activities. Due to this, concerns have arisen about the health of the bank’s customers as well as the bank employees.

According to the guideline sent by IBA, all banks should be opened from 10 am to 2 pm. Only four types of services should be provided during this four-hour banking tenure. This will include deposit of rupees-money, withdrawals, clearing of checks, remittances and government transactions. It has also been said in the guideline that all banks should be closed by 4 pm in every situation. During this time, the Corona Protocol should be followed.

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In addition, it has been emphasized that only 50 per cent of the employees be called to the bank during the Corona transition period. In addition, the remaining 50 percent of the employees should be made work from home. These arrangements can be made on the basis of rotation.

The IBA guideline also states that all state-level banking committees (SLBCs) will monitor the situation and decide on additional services depending on the circumstances. Apart from this, if the district administration takes any decision regarding banking services, then it will be acceptable.

The IBA guidelines will be effective on all government and private banks in the country as well as small finance banks, foreign banks, development financial institutions and banks in the co-operative sector. All these banks will have to change their banking hours by following the IBA guidelines.

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