Will localised lockdowns affect your banking activities? Find out here

Are banking services open during partial and total localised lockdowns? Here is the answer to the question.

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New Delhi: The second wave of COVID-19 is turning out to be much worse than expected. Amid rising Covid cases and talks of partial and total localised lockdowns this time around, several people would be worrying about their essential services.

Night curfews and localised lockdowns allow certain activities while putting restriction on certain others. In such a situation, many of us might be thinking if banking activities are allowed or not. To put reports and rumours to rest, one should not worry about banking activities as they will continue to function as they are.

It may be noted that even during the 21-day nationwide lockdown announced by the Prime Minister Narendra Modi last year, all private and public sector banks in the country remained open. However, almost all the bank branches will be open for limited hours only.

In a related news, Fitch Ratings had recently said that India`s second wave of Covid-19 infections pose an increased risk to the country`s fragile economic recovery and its banks.

Accordingly, Fitch expects a moderately worse environment for the India`s banking sector in 2021, but headwinds would intensify should rising infections and follow-up measures to contain the virus further affect business and economic activity.

Fitch forecasts India`s real GDP growth at 12.8 per cent for the financial year ending March 2022 (FY22).