Coronavirus disease, or COVID-19, is another contagious respiratory illness that began in 2019. The infection has now spread all over the world. All the nations are combating this infection and attempting their best to check its spread as much as they can. The World Health Organization (WHO) has proclaimed it a pandemic and is investigating every possibility to control the pandemic, including vaccination and increasing immunity to fix it. There are very few scholarly investigations that can allow analysts to contemplate the effect this pandemic has on the psychological well-being of individuals and, furthermore, on the economies of nations around the world.
By the main seven-day stretch of March 2020, nations like China, Italy, Spain, and Australia were battling with the pandemic by taking several measures, like a country-wide lockdown or cordoning off the territories that were associated with the danger of network spread. Submitting general direction to the outside partners, the administration of India attempted a significant choice of nationwide lockdown in five different phases:
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Phase 1: 25 March 2020–14 April 2020 (21 days) Phase 2: 15 April 2020–3 May 2020 (19 days) Phase 3: 4 May 2020–17 May 2020 (14 days) Phase 4: 18 May 2020–31 May 2020 (14 days) Phase 5 (only for containment zones): 1 June 2020 (5 days)
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The lockdown was scheduled to end on June 30, 2020, by adopting the process of unlocking. With a population of 1.3 billion individuals, we were in high danger of experiencing irreversible harm, and severe measures were relied upon to "smooth the bend." The Prime Minister of India declared the lockdown; however, it didn't come as an amazement since Indians were really given a vibe of what it had in store through a one-day check-in time named as "Janata Curfew” on March 22nd from 7 A.M. to 9 P.M. Along these lines, Indians were somewhat presented with a lockdown circumstance, and this aided in getting intellectually ready for the across-country lockdown, and the declaration didn't come as a stunner to them. Taking a gander at the insights of COVID-19-contaminated, recuperated, and passing instances in Italy and different nations, Indians realized that extreme measures were required in India to prevent the numbers from rising exponentially.
In such circumstances, the banking operation in India played a very dynamic and progressive role in maintaining the economy of the country. Here we discuss some of the prominent actions taken by the banking sector to execute banking operations during the period of the pandemic (lockdown).
ESSENTIAL MEASURES
Bank branches offered only a few vital financial services, such as cash deposits and withdrawals, during the first phase of lockdown to combat the spread of the coronavirus. With the lockdown forced to contain the spread of the coronavirus, banks took security measures to protect their staff and clients. Banks have changed the timings of their branches, decreased staff, and are likewise motivating individuals to utilize advanced channels of cashless transactions like net banking, checks, phone banking, UPI, etc. rather than physically visiting the branch.
The Indian Banks' Association (IBA) issued a press release in which it stated that only essential services, that is, cash deposit and withdrawal, check clearing, remittances and government transactions, will be rendered by the bank branches with effect from March 23, 2020.
"A large portion of the services that the bank offers are accessible on the web. IBA demanded clients execute unimportant administrations through portable and web-based financial channels. IBA was working nonstop to guarantee that every single advanced channel was state-of-the-art and had all the data that clients might require during this period.
On the off chance that any client needs further help, they can call their bank offices or utilize the IVR office through their call places," the IBA discharge expressed.
SBI, in accordance with the quick appropriation of innovation in light of COVID-19, has changed its work-from-home arrangement to that of work-from-anyplace. In the moneylenders' yearly report, it said that it has just positioned its profitability apparatuses and innovation to complete regulatory work proficiently. Whatever the circumstances may have been during the lockdown, in India, banks contributed to maintaining the Indian economy.
Blog Author
Dr. Pradeep Kumar Sharma
(Head, Dept. of Commerce)
Sobhasaria College
Sobhasaria Group of Institutions, Sikar
Address: NH-52, Gokulpura, Sikar, Rajasthan, 332001
Contact No-01572-222650-51-52-53
Mobile No.: +91-800-3595091/93
Email-info@secs.ac.in, admissions@secs.ac.in
Blog Editor
Dr. Rajesh Kumar Gaur
(Dept. of English)
Sobhasaria Group of Institutions, Sikar
Address: NH-52, Gokulpura, Sikar, Rajasthan, 332001
Contact No-01572-222650-51-52-53
Mobile No.: +91-800-3595091/93
Email-info@secs.ac.in, admissions@secs.ac.in