Rumours of branch closure false; customer services points open: DFS Secretary

Rubbishing rumours of branch closure, Financial Services Secretary Debasish Panda on Friday said customer service branches are committed for necessary services during the lockdown and there is no shortage of cash.

The Department of Financial Services requested people not to believe rumours of the closure of customer service bank branches.

"Customer service bank branches are operational & will continue to provide services. Sufficient cash across branches & ATMs! Don't trust rumours of branch closures! Customers requested to stagger arrival at Branches etc," Panda said in a tweet.

For smooth functioning of branches operation, many banks are undertaking branch rationalisation of branch functioning.

The country's largest lender State Bank of India with over 23,000 branches has put out a schedule for its branches, which are functioning on Friday.

Finance Minister Nirmala Sitharaman on Thursday assured that money under Pradhan Mantri Garib Kalyan Yojana will reach beneficiaries through direct benefit transfer in their bank account to mitigate hardships faced by poor unleashed by the outbreak of coronavirus.

As far as fund transfers etc are concerned, necessary arrangements will be made, Panda had said.

To ensure the safety of employees, Indian Banks' Association (IBA) had asked heads of banks to selectively keep their branches open at locations after due consultation with the local state government/authorities to carry out the basic essential transactions.

The association asked the CEO of banks to empower their regional or zonal or circle heads to take appropriate decision in the matter.