India's banks plan to close most branches during lockdown

Jewel SAMAD / AFP

Banks in India will soon operate only very few branches to limit the exposure of its staff to the coronavirus.

Banks were initially exempt from the 21-day lockdown, as India is still very much a cash society.

A Reuters report, however, said the Indian central bank was looking at revising that decision. 

It said only one bank branch will be open every 5 km in major cities, while in rural areas, banks will likely operate on alternate days.

Some banks have reportedly begun testing the new model, but there's no word on when it will be rolled out.

So far, the country has reported 649 coronavirus cases and 13 deaths.

On Thursday, Prime Minister Narendra Modi unveiled an economic stimulus package of 1.7 trillion Indian rupees ($22.6 billion).

More from International

Coming Up on Dubai Eye

  • The Reboot

    10:00am - Noon

  • The Best of Dubai Eye 103.8

    Noon - 7:00pm

    Hear the highlights from the week gone by on Dubai Eye 103.8. Listen again to the best interviews, advice and the top stories that has gripped our conversation this week.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Is There Sufficient House Supply In UAE

    Dubai’s current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?

  • Noon's First Female Delivery Driver

    Glory Ehirim Nkiruka is Noon’s first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!