Money & Banking

Banks, financial institutions roll out measures following Covid-19 lockdown

G Balachandar Chennai | Updated on March 23, 2020 Published on March 23, 2020

Banks and financial institutions have announced various contingency plans and initiatives in the wake of the outbreak of Coronavirus.   -  PTI

Banks and financial institutions have announced various contingency plans and initiatives in the wake of the outbreak of coronavirus as pandemic and consequent to the announcement of lockdown by the governments.

Indian Bank has rolled out ‘Pay Safe – Stay Safe’ campaign for its customers and medical support for its staff. “About 50 per cent of the employees would be present in each branch on any given day. Non-critical roles would be identified to enable implementation of the work-from-home policy,” said Padmaja Chunduru, MD & CEO of Indian Bank.

The Bank has requested its customers to opt for the Banks’ seamless Digital Banking Services. “Since Bank branches and ATMs are frequented by the public in large numbers, this human contact might prove to be a hindrance in arresting the rapid spread of this virus as feared by the medical fraternity,” she explained.

All branch managers have been advised to keep in contact with customers over phone and get their suggestions and feedback on further measures the bank can take for their convenience. Also, all branches and offices were advised to down shutters by 7 pm and ensure that adequate sanitisation measures of the premises are carried out.

Sundaram Finance’s Head office in Chennai and all the branches of the leading NBFC in virus-hit districts would remain closed till March 31, 2020. Cholamandalam Investment & Finance Co Ltd has also announced that its Registered Office at Chennai and all its branches in virus-hit 75 districts, would remain closed effective Monday, March 23, 2020.

As per its Business Continuity Plan, the employees operating out of these offices/ branches in respective districts will continue to work from home. Continuous processes and essential customer services will be run with suitable arrangements. Cholamandalam is carefully monitoring the developments and will continue to take necessary action in other districts should the situation change, according to a statement.

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Published on March 23, 2020
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