No minimum balance, use any ATM⁠— all the changes for bank customers in India amidst Coronavirus-related lockdown

• There has been a growing clamour for respite both financial as well as regulatory (like taxation and other compliances).
  
• Over 500 people have been infected by the virus while nine of them have died as of March 23.
  
• Follow the comprehensive coverage of the coronavirus pandemic and its impact, and other useful resources that can help you in the fight on Business Insider India.
  

Indian Finance Minister Sitharaman announced a series of measures to deal with the economic crash as India, along with the rest of the world, battles the Coronavirus pandemic.

The complete lockdown of 30 states and union territories (UTs) has forced essential services like banking shutting down doors and limiting their operational hours, while only emergency services like hospitals remain open.

“You will now be allowed, without additional charges, to be able to draw cash from other bank’s ATM as well,” Nirmala Sitharaman announced during a media conference on March 24.

This move will also help people travel less and practice social isolation effectively. “To avoid rush at banks, perform online transactions as much as possible. Also use UPI,” said Minister of State for Finance Anurag Thakur.

Bank account holders also need not maintain any minimum balance, as per the new rules.

“We shall reduce bank charges for digital trade transactions for all trade finance consumers,”’ Sitharaman said.

She also said that her announcements will help reduce the burden of compliance on the minds of people. “An economic package will also be announced soon,” she promised.

See also:
The big announcements from India's Finance Minister Nirmala Sitharaman

Follow the comprehensive coverage of the coronavirus pandemic and its impact, and other useful resources that can help you in the fight on Business Insider India.