How banks, apps are running operations amid lockdown
By Tinesh Bhasin
Tinesh Bhasin reached out to experts to know the measures banks have taken at the branches and ATMs in the wake of the Covid-19 pandemic and asked them which banking services will be available during the lockdown, and how payments platforms are ensuring business continuity
Banking is classified as an essential service. Banks, therefore, have to keep their branches open during the lockdown. Although branches are functioning, most banking transactions have moved digital. Tinesh Bhasin reached out to experts to know the measures banks have taken at the branches and ATMs in the wake of the Covid-19 pandemic and asked them which banking services will be available during the lockdown, and how payments platforms are ensuring business continuity and resolving customer queries and grievances when most employees are not available in office
Situation being monitored, precautionary steps taken
Axis Bank is constantly monitoring the evolving situation around Covid-19 and taking proactive steps, in line with the protocols issued by the World Health Organization (WHO) and government agencies, to safeguard all employees and customers visiting our offices, branches and ATMs. The bank has waived off charges for savings account, current account and prepaid card customers (wherever applicable) towards online IMPS and ATM financial and non-financial transactions.
Axis Bank has revised the operational working hours of branches from 24 March. The revised banking hours will be from Monday to Saturday between 10am and 2pm.
In terms of encouraging social distancing, we have reduced the staff to 50% of the original strength. Also, the staff in the branch is working on a rotational basis. Additionally, we have now kept the queue manager in place to maintain a safe distance between the customer and the staff. The bank’s ATMs are currently loaded with sufficient cash and will also be monitoring cash dispensation very closely.
Most banking transactions available on digital medium
We have skeletal staff at branches. Sales and relationship managers have been asked to work from home and service the customers. We are encouraging customers to visit branches for urgent matters only. Before they enter the branch, guards first check the purpose of their visit. A very high percentage of our transactions and interactions are happening on digital channels like MoBank, netbanking and RBL Cares, our chatbot, and also through phone banking. Therefore, our customers have access to all our products and services. We are also encouraging all our customers to interact on digital channels.
Our branches are sanitized, and we are practising social distancing at branches. No banking service has stopped. Banks continue to offer all services such as fund transfers, cheque clearance and remittances. Earlier, we also offered cheque pick-up service from customer’s home or office, which is not possible at present. During the regular course, we fill cash at the ATMs based on transactions. But now we are filling up ATMs to its 100% capacity.
Customer footfall at branches has declined
To ensure delivery of banking services while also promoting safety of our customers and staff, we are encouraging our customers to use ATMs and cash deposit machines (CDS) for their cash transactions, and mobile banking and internet banking facilities for their other banking needs. Our branches are operating with around 50% of the staff for providing essential banking services in strict compliance with the instructions received from the central, state and local administrations and guidelines of the Reserve Bank of India, Indian Banks’ Association and others.
We have seen a decline in transactions and customer footfall at branches over the last week. We are limiting the number of customers inside the branch premises at a time. Our employees have been provided sanitizers, face masks and gloves for protection. To ease customers, we have temporarily hiked the daily ATM withdrawal limits on our debit cards. We are also considering the roll-out of pre-approved lines of credit to existing eligible micro and small enterprise borrowers for business exigencies.
Payments apps making life easier for customers
Our customer support team has been working mandatorily from home since 21 March in the wake of the Covid-19 pandemic. But we are working round the clock to ensure that all our services, including customer support and merchant support, continue to run seamlessly. We are requesting customers to send their questions and concerns via the PhonePe app, as there might be a delay in responding to call-based enquiries. We are also constantly in touch with customers and merchant partners through text messages (SMS), assuring them of our availability. Our “Switch" section within the app includes many partner apps who are delivering essential goods such as groceries, food and medicines, and customers can directly place orders.
In times like this, when the government has asked citizens to stay at home, digital payment platforms make life easier. Digital payment modes, like UPI, are not only safe, secure and convenient, but also easy to adopt. Customers can, for example, start using our app after verification of their mobile number using an OTP.