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Banking ops normal, no downtime in internet and mobile banking: RBI governor
In his address to the media on Friday, RBI governor Shaktikanta Das said, the central bank has taken a number of steps to ensure normal business functioning across the banking sector.
Banking operations have been normal as have internet and mobile banking during the lockdown to stop the spread of the coronavirus infections in the country, Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday.
In his media address, the second during the Covid-19 lockdown, the RBI governor said that banks and financial institutions have risen to occasion to ensure normal functioning during the outbreak of coronavirus pandemic.
“Since March 27, the macroeconomic and financial landscape has deteriorated precipitously in some areas but light still shines through bravely in some others,” Shaktikanta Das said in his video address.
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The RBI, Das said, has taken a number of steps to ensure normal business functioning across the banking sector.
“As a result payment infrastructure is running seamlessly, Banks have been required to put in business continuity plans to operate from their disaster recovery sites… so that there is no disruption in customer service,” he said.
He pointed out that ATM operation stood at 91% on average of the full capacity.
He also quoted Mahatma Gandhi during his statement from the Father of the Nation’s speech in October 1931 in London’s Kingsley Hall to focus on what the central bank is doing in its fight against the coronavirus disease.
“…in the midst of death life persists, in the midst of untruth truth persists, in the midst of darkness light persists,” he said.
Shaktikanta Das also thanked the RBI staff and others who have been on the frontline of India’s fight against the coronavirus infection.
He also said the central bank has been very proactive and has been monitoring the situation very closely.
“Human spirit is ignited by the resolve to curb the pandemic. It is during our darkest moments that we must focus on the light,” he said.
Das had announced a rate cut of 75 basis points in his previous address on March 27.
The RBI governor had also announced a three-month moratorium on term loans whose instalments are due between March 1 and May 31.
