New Lockdown rules: How will Banks, ATMs be affected? What account holders should know

Lockdown 2.0: The new guidelines from the Ministry of Home Affairs (MHA) were issued on Wednesday (April 15) after prime minister Narendra Modi announced the second stage of lockdown in the country. The new guidelines are directives for different sectors, including banking and finance. As per the order, vital components of financial sector -- Reserve Bank of India (RBI), banks, ATMs, capital and debt markets as notified by SEBI and insurance companies -- will also remain functional.

Here is everything that will remain operational despite the lockdown –

- Bank branches and ATMs, IT vendors for banking operations. Banking Correspondents (BCs), ATM operations and cash management agencies.

- Bank branches will be allowed to work as per normal working hours till disbursal of cash through Direct Benefit Transfer is complete.

- Reserve Bank of India (RBI) and financial markets and organisations regulated by the central bank such as NPCI, CCIL, payment system operators and standalone primary dealers will remain open.

- SEBI and capital and debt market services as notified by the Securities and Exchange Board of India (SEBI)

- Irdai and insurance companies.

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The order asks local authorities to ensure that there is enough workforce in bank branches and ATMs to ensure that social distancing is maintained. The MHA has also clarified that the revised guidelines will not apply in containment zones, as demarcated by states, UTs and district administration.

"If any new area is included in the category of containment zone, the activities allowed in that area till the time of its categorization as a containment zone, will be suspended except for those activities as are specifically permitted under the guidelines of Ministry of Health and Family Welfare (MoHFW),” the order states.