India coronavirus lockdown | Finance Ministry pulls up banks on shut branches

The Union Finance Ministry has asked banks to explain why several branches are closed.

“In view of the novel coronavirus lockdown, the government is monitoring the functioning of bank branches across the country. Accordingly, the daily data on the number of bank branches (of all scheduled commercial banks in the country), which are open and functioning is being collected by Indian Banks Association (IBA), and monitored by Department of Financial Services,” the Ministry said in the communication to banks.

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The Ministry cited the data and asked public sector banks to submit reasons on “why large number of branches are not functioning across the country”. On private banks, it has asked the IBA to compile reasons.

The bank unions, however, cited the problems the staff faced in reaching the branches.

According data submitted by banks to the Ministry, 1775 of the State Bank