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What Are Uninterrupted Banking Services During Covid-19?

Updated on April 9, 2020
PrateekJain24 profile image

Preteek Jain is a banking professional who has practical knowledge about the overall currency handling process.

Introduction

During the COVID-19 pandemic, the Government of various countries has directed all the organisations to carry out their work from home at their convenience. They notified corporates to manage their various business activities through online channels. But there are still some essential services that are allowed to carry their operations during this pandemic period. Among those essential services, banking operations are still functioning to serve their customers. Below is some operation list that is active in banks during the pandemic lockdown period

What is a Bank Account?

A bank account is one where we can keep our savings to use as and when required. A bank account is maintained with 'Bank' classified under Reserve Bank of India Act, 1934 and Banking Regulations Act, 1949. Any person who opens an account in any authorized bank can access their account for various services such as withdrawal, deposit, funds transfer etc. You can easily avail these services offered by banks through various means that are specified below:-

Carrying Withdrawal Function

  • Withdrawal of funds can be done by filing a manual slip and presenting it on the bank counter.

  • Withdrawal by presenting cheque written 'Self' on payee name and signature of the account holder is a must.

  • Withdrawal using your ATM card. Nowadays, Automated Teller Machines (ATM) are commonly used to withdraw cash rather than visiting the bank branch personally and withdrawing.

Carrying Deposits Function

  • Deposits can be carried out by filing manual deposition slip and presents it on the counter with the equal amount mentioned on the slip and with the correct denomination.

  • Nowadays with updated functions and modernised technology, Automated Teller Machines are capable of depositing cash into our bank accounts by using an ATM card to perform the task.

  • Transfer of funds by using internet banking or mobile banking from one account to another.

Green Channel Or Tablet (TAB)

The green channel counter has many innovative features -

  • It was first introduced by some proactive leading banks as an innovative initiative to discover paperless banking for people.

  • Customers can carry out their withdrawal, deposit as well as transfer their funds without using manual slips, cheque book and remittance form.

  • While processing transaction through TAB, the customer has to carry their identity proof with them such as Aadhaar card. Then customer should apply his thumb impression in tablet machine to give their approval to successfully complete their transaction.
  • The limit on transactions through the Green channel is up to 40,000/- per customer per day.

Internet Banking

Internet banking is also known as virtual banking and e-banking. It is an electronic financial payment system which enables the customers to carry out their transactions online. There are numerous services which are provided by banks via digital modes and those are mentioned below:-

National Electronic Fund Transfer (NEFT)

National Electronic Funds Transfer (NEFT) is a national payment system of electronic transfer of money from one bank or bank branch to another.

Money gets transferred usually on the same day from the customer remitting it to the beneficiary account. Settlement or clearance of funds takes place in batches as specified by the guidelines issued by RBI. Any amount of money can be transferred using this facility, thus making it the best and easy method for retail remittances. Customers with Internet banking accounts can transfer funds nationwide on their own by using NEFT facility. Funds can also be easily transferred via NEFT by customers by walking into any NEFT-enabled bank branch and leaving relevant instructions for such transfer - either from their bank accounts or by payment of cash.

The customer initiating the transfer needs to have the IFSC (Indian Financial System Code) of the bank branch where the beneficiary account is located. IFSC is an alphanumeric 11-digit code that functions as a unique address for a particular branch. Customers will also need to input all the necessary details such as the beneficiary account number and name as well as the name of the bank is transferred to.

Real-Time Gross Settlement (RTGS)

The RTGS can also be termed as the continual settlement of funds. In this funds are transferred on an immediate basis. "Real-time" means the processing of requests as soon as they are received and not at any other time. Whereas, "Gross settlement" means that the settlement of a request to transfer funds takes place individually means a single request at a time. Under this system, the funds are settled on the books of NPCI as final payment that is non-refundable.

The RTGS system is mainly carried out for the huge volume of transactions. The minimum amount that can be transferred via RTGS is Rs. 2 lakh whereas there is no upper limit for RTGS transactions.

Immediate Payment System (IMPS)

IMPS is an instant electronic fund transfer facility which is provided to customers. This is available for 24*7, for interbank transfer of funds via our smartphones, internet and ATM. This system is safe as well as economical both in terms of financial as well as non-financial aspects.

Conclusion

Internet banking facilities have enabled bank customers to conduct many different types of transactions through internet connection and smartphones, laptops, tabs etc. from the comfort of their homes. It has simplified the way to carry out ample banking transactions using digital modes such as net banking, mobile banking and UPI (Unified Payment Interface).

Overall, banking services have been very much developed over the years by the introduction of new as well as updated technology and inventions. Hence it is requested from all the citizens of the country to carry out their financial transactions via online modes. So in order to stay safe and stay protected against the pandemic virus.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Prateek Jain

Comments

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    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Thank you Suchi mam for sharing your valuable feedback. By knowing what all services are in process during this pandemic time we will be able to plan our work accordingly and all the financial transaction will not be happen due to the social distancing and confused because we have an option of online payments. Thank you you for acknowledging the same man.

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Thank you Simran for wonderful feedback. I really appreciate that you have taken some time to read and comment on my article. You noticed the right observation in this article that in this period of lockdown people can easily used to recharge their phone or pay their electricity bills by using the online payment modes that is net banking mobile banking or UPI.

    • Suchismita pradhan profile image

      Suchismita Pradhan 

      12 months ago from India

      Thank you so much Prateek for sharing such informative article.We all should know what are the accessible services available during the lockdown so that we can use it properly without contaminating ourselves from the deadly beast.

    • Simran Malhotra29 profile image

      Simran Malhotra 

      12 months ago from India

      Hey, this article is very relevant for current situation. You have made aware us about all relevant banking services which we can avail during lockdown period.Thanks for sharing various online mode through which we can easily withdraw or transfer funds without visiting bank branch. It is very informative article for both entrepreneurs and professionals who are working from home so that they can carry out banking transaction uninterruptedly.

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Thank you Murli sir for such a wonderful feedback. You have rightly observed that i presented this article to motivate people's to use digital mode of payments such as RTGS, NEFT, IMPS etc. In this way people don't have to leave their places to carry out various financial transactions. Keep reading and exploring sir.

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Thanknyou Akash for your lovely comment brother. I believe that everyone should know about the primary services that banks are rendering at this pandemic time. Also, share this information with your friends to aware them about these things. Everyone should be very cautious and take necessary precautions while going out. Even if you visit your nearest banks you must ensure to have a mask and sanitizer with you and follow social distancing rules.

    • hmkrishna profile image

      Halemane Muralikrishna 

      12 months ago from South India

      Very good article on banking with a perspective on Internet banking. Thank you for such an informative article, Mr Prateek.

    • AndazeAkash profile image

      AndazeAkash 

      12 months ago

      According to me, banking is as important as police services, medical services and any other services. As this time, we are going in a very heartbreaking phase of our life, banking is also become hectic. After reading your article, I got such a informative information that how banking services are working now a days.

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Thank you for your valuable comment Prachi. It means a lot. You can understand this concept very well because you also have a member in your family who is a banker. I can proudly say that bankers family are their major support. Always use due precautions and only access the payment gateway systems in safe and secure channel.

    • profile image

      Prachi jain 

      12 months ago

      This article is really very informational as I longly wanted to know all facilities the banks must be providing during the covid-19 mishep , the green channel subpoints , internet banking is enabled the users or account holders to smoothly continue with money transactions . Banks are also facing staff absence but still the user is not aufferiing ,kudos , that's really appreacable.

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Thank you Nikhil for your wonderful feedback. I am glad that you liked the article. Be cautious while using UPI payment platform and only use a reputed brokers and agents services. Also, don't open your credentials into any other devices from untrusted source.

      I agree that bankers are are giving their immense efforts to provide their services to the customers.

    • sachnikh profile image

      Nikhil Sharma 

      12 months ago from India

      During these hard times, many people may though that the functioning of banks may be limited. But due to the continuous efforts and hard work by our talented bankers and banking regularities, we can still manage all the financial transactions through internet banking.

      You've really explained all the things related to banking, including the fund transfer types in simple languages. I personally use UPI extensively these days because it's pretty quick and easy. Thank you for writing such a wonderful piece of article.

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Glad to know that you liked the article Swati mam. Surely, internet banking is really a great service and also it is very safe and secure mode for any financial transactions such as mobile recharge, electricity bill payment, or fund transfer. It only require some unique credentials. I should advice you to keep a strong password for your internet banking and only log in with your personal laptop or mobile phone. Never use any public internet to access your account and change your password at some intervals. Thank you for reading and sharing your valuable feedback.

    • Kh swati profile image

      Swati Khandelwal 

      12 months ago from Nainital

      Wonderful article..i am also using Internet banking as i think that it is the most important and popular banking service provided by the bank

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Thank you Natasha that you liked the article. Also, share these information with everybody around you so that they wil become aware of functioning banking services. Glad to know that this article helped you and gave you insight knowledge about the current scenario. Thank you for reading and giving your feedback.

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      I completely agree with you Liz Westwood, that bankers are completely devoted towards their customers service. However it is also important that bankers should take proper precautions while working in banks so that they will not get infected by this disease.

    • PrateekJain24 profile imageAUTHOR

      Prateek Jain 

      12 months ago from Madhya Pradesh, India

      Thank you Prantika mam for your genuine feedback. I hope people will get benefit from this article. Like I tried to convey this message through my article that what all services are available during quarantine period. Thank you for appreciating this article and sharing it with others.

    • Natasha Tungare profile image

      Natasha Tungare 

      12 months ago from India

      One of the most vital articles I came across! Thank you for sharing it. Yesterday my mother was explaining me all the services currently their bank is providing. I could resonate with the same

    • Eurofile profile image

      Liz Westwood 

      12 months ago from UK

      Banks have been affected by absences of staff, but they are still trying to continue to maintain a normal service in the UK.

    • Prantika Samanta profile image

      Prantika Samanta 

      12 months ago from Kolkata, India

      Thank you for sharing such an important and informative article. During the lockdown period, it is essential to know what are the banking services that we can avail.

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