In order to promote digital payments, Reserve Bank of India’s (RBI) endeavour has been to establish the state of the art payment systems that are efficient, convenient, safe, secure and affordable.
RBI wishes to bring to the notice of the general public that non-cash digital payment options (like NEFT, IMPS, UPI and BBPS) are available round the clock to facilitate fund transfers, purchase of goods/services, payment of bills, etc.
In the context of the efforts to limit the fallout of the coronavirus pandemic by avoiding social contact and visit public places, the public can use these modes of digital payment from the convenience of their homes through online channels like mobile banking, internet banking, cards, etc. and avoid using cash which may require going to crowded places for sending money or paying bills.
Private sector lender ICICI Bank has launched ICICIStack, a digital banking offering for more than 500 services. From current and savings account opening to payments and even lending, all can be done digitally.
While many banks have asked their employees to work from home giving them remote access to servers in order to maintain business continuity, branches are mostly being operated at reduced strength. Bankers pointed out that branches, mainly for public sector banks usually see large footfall which can be a point of spread of the virus.