#Lockdown: All Bank Branches Will Be Opened; Salary, Pension Won’t Be Disrupted?

#Lockdown: All Bank Branches Will Be Opened; Salary, Pension Won’t Be Disrupted?
Lockdown: All Bank Branches Will Be Opened; Salary, Pension Won’t Be Disrupted?

Govt of India has advised every bank to keep open their branches, starting Monday.

Since salary of millions of employees, and pension transfer for senior citizens is due on March 31st, this decision was taken.

Govt To Banks: Open All Bank Branches 

Department of Financial Services (DFS) under Finance Ministry has asked all banks to open all their branches, across India, starting Monday onwards.

This important and crucial advisory was given to the banks since this is month end, and salaries of employees along with pension funds needs to be distributed this week.

Normally, salaries are credits between 30th to 7th of every month, depending on the organization’s financial structure.

In order to ensure that everyone receives their salaries on time, and pension funds are distributed for all senior citizens, this decision was taken.

The advisory was also issued for helping out rural customers, since Govt has annonced an economic stimulus of Rs 1.7 lakh crore, and the transfer of funds can be made possible only via banks.

Bank Branches Will Be Open: Timing, Services And More

After the advisory was issued, it seems that banks will open their branches between morning 10 to afternoon 2, every day.

Banks have recognized clusters, and the arrangements has been made so as to keep one branch open within 5 kms radius.

Only essential banking services will be offered, since banks are asking minimum staff to come to the branch. 

Since banks are operating with skeleton staff strength, essential banking services such as Cash deposit and withdrawal, clearing of cheques, remittance services, government transactions and ATM services will be offered as of now.

Besides, since March 31st is the year ending as well, banks have been told to execute all Govt related transactions before March 31st, and maybe open their branches for few extra hours as well, so that all Govt. related transactions are successfully carried out, before March 31st.

We will keep you updated, as more details come in. 

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