Covid19 Impact: Banks Change Timing, Offer Waiver On Digital Transactions

Under virtual lockdown situation to combat the deadly Covid 19 infection, banking industry has urged customers to go digital and will offer just essential banking services from bank premises. Thus keeping the safety of its employees and customers at first place, banks across the country has reduced its workforce and also changed timings.

Covid19 Impact: Banks Change Timing, Offer Waiver On Digital Transactions

Here's a quick look at what banks are doing in the wake of Coronavirus pandemic:

1. Bank of Baroda:

For its customers, the state-run bank has notified waiver on digital transactions for the next three months. This is in a bid to provide enhanced and uninterrupted banking services to its customers. Also, similar to other banks, Bank of Baroda has asked customers to avoid cash as of now.

2. Axis Bank:

As per an ET report, Axis Bank will not charge fees for online payments and ATM transaction in respect of its savings account, current account as well as prepaid cards. The waiver has been extended till March 31.

3. Kotak Mahindra Bank:

The bank has informed its customers about less of workforce at its bank branches. In an SMS the bank said, "We encourage you to use Mobile/Net Banking for 24x& access to accounts".It is to be noted that there is no revision in bank timings as such during the pandemic.

4. Yes Bank:

Yes Bank during the lockdown will operate from 10 am to 2pm until March 31, 2020.

5. HSBC Bank:

From March 23, the bank will remain functional between 10 am and 2pm.SMS from the bank says the revised timings will continue till further notice.

6. ICICI Bank:

In its SMS to its customers, the private sector bank has informed that its bank branches will remain open but with reduced staff strength. Also the bank has notified that there shall be a delay in delivery of cheque books, cards etc. "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", the bank said.

7. HDFC Bank:

As per a PTI release, HDFC Bank will operate from 10 am to 2pm till March 31, 2020, except on Saturday. Also, as per the news the bank for the time being has suspended passbook updation facility as also foreign currency purchase.

In the wake of current coronavirus fallout, as per a press release from IBA only essential services that include cash deposit and withdrawal, cheque clearing, remittances and government transactions will only be available at bank branches with effect from March 23, 2020.

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