Coronavirus impact: IBA to seek relief package for financial institutions

One of the possibilities that banks would explore is to split duties and responsibilities, apart from working in different shifts and geographies

The Indian Banks’ Association (IBA) is preparing a set of recommendations to be sent to the Reserve Bank of India (RBI) and the government, seeking a relief package for financial institutions and businesses being affected by the spread of coronavirus across the country.

Separately, the IBA will issue advisories for staff and customers of banks in a bid to minimise the impact of the virus on the financial sector. These include mandating cashiers at the branch level to wear gloves while counting cash and requesting customers to go for digital transactions. 

“The IBA is closely working on a plan to meet the