The lockdown made it difficult for the general public to meet their daily cash needs and restricted access to their own money in their salary and pension accounts. “People are queuing to withdraw money from their accounts, which defeats the purpose of social distancing. Our initiative will address this,” said Anush Raghvan, senior vice president of CMS Infosystem. “To begin with, our service will be amount independent. This service will be extremely helpful at such critical times and will also help people withdraw their DBT benefits.” CMS plans to deploy its 20,000 field agents across the country to provide this service.
The company is already in advanced stages of discussions with ICICI Bank, IDFC Bank, Yes Bank, Utkarsh Small Finance Bank, as well as public sector leaders like State Bank of India, Bank of Baroda, according to Raghvan. “Many have expressed intent and are working on internal approvals,” he said.
The Reserve Bank of India has been pushing for home banking services to be offered to seniors and senior citizens. “Banks must offer home banking services on an all-India basis,” the Reserve Bank had said in a circular on March 31, after a nationwide lockdown was announced to deal with the Corona virus disease. . “Banks should develop a Board-approved framework to determine the nature of the branches/centres where these services will be provided mandatorily and those where they will be provided where possible and make the policy public. The list of branches offering such services home banking services will be displayed/updated regularly on the bank’s website”.