People affected by natural calamities will have continued banking services, following guidelines issued by the Reserve Bank of India to all scheduled banks who have been given various options.
The RBI instructions include facilitating opening of new accounts by persons affected by natural calamities, especially for availing relief given by government/other agencies and cheque clearing services and supply of cash.
The guidelines were issued as a follow-up of the recommendations made by an internal working group set by the Reserve Bank to look
into the whole gamut of issues involved in restoration of banking services in areas affected by natural calamities, in addition to the existing standing instructions providing relief to such persons. In areas where the bank branches are affected by a natural calamity and are unable to function normally, banks may operate satellite offices, extension counters or mobile banking facilities.
Further, to satisfy customer’s immediate cash requirements, banks could consider waiving the penalties for accessing accounts, such as, fixed deposits and restore the functioning of ATMs at the earliest or make alternate arrangements for providing such facilities.
The banks could also arrange for allowing their customers to access other ATM networks, mobile ATMs, etc. They have been allowed to open cash repositories for temporary period reckoned as part of the currency chest balances for meeting cash requirements in the areas where currency chest services are dislocated.
The RBI instructions include facilitating opening of new accounts by persons affected by natural calamities, especially for availing relief given by government/other agencies and cheque clearing services and supply of cash.
The guidelines were issued as a follow-up of the recommendations made by an internal working group set by the Reserve Bank to look
into the whole gamut of issues involved in restoration of banking services in areas affected by natural calamities, in addition to the existing standing instructions providing relief to such persons. In areas where the bank branches are affected by a natural calamity and are unable to function normally, banks may operate satellite offices, extension counters or mobile banking facilities.
Further, to satisfy customer’s immediate cash requirements, banks could consider waiving the penalties for accessing accounts, such as, fixed deposits and restore the functioning of ATMs at the earliest or make alternate arrangements for providing such facilities.
The banks could also arrange for allowing their customers to access other ATM networks, mobile ATMs, etc. They have been allowed to open cash repositories for temporary period reckoned as part of the currency chest balances for meeting cash requirements in the areas where currency chest services are dislocated.