Indian Banks’ Association introduces new norms till May 11 to withdraw money from banks amid coronavirus COVID-19 lockdown

The Indian Banks’ Association on Saturday introduced new norms to withdraw money from banks amid coronavirus COVID-19 lockdown. The IBA has asked customers not to rush into banks as it wants customers to reduce their bank visits and do more work through electronic transactions.

In order to avoid crowds and follow social distancing, banks have assigned specific dates to withdraw money. This arrangement has been made based on the last number of the account numbers of bank customers.

As per this new norm, those bank customers having 0 and 1 as the last digits of their bank account numbers will be allowed to withdraw money on May 4. Similarly, those bank customers who have 2 and 3 as the last digits of their bank account numbers will be allowed to withdraw money on May 5; those with 4 and 5 can withdraw on May 6.

Bank customers having 6 and 7 as the last digits of their bank account numbers can withdraw on May 8; those with 8 and 9 can withdraw the amount on May 11.

However, this arrangement is applicable till May 11 after which the restrictions of account numbers and dates will get lifted and anyone can withdraw money on any day. 

This has been done because in April, a large number of people formed a queue in front of the banks to withdraw money and social distancing could not be followed. The Indian Bank Association has also asked customers to withdraw money from any ATM as there will be no charge for it.

Apart from this, under the Pradhan Mantri Garib Kalyan Yojana, Rs 500 is being deposited in the accounts of women. The banks have advised that the money is safe in the accounts urging customers not to make a rush to withdraw. The installment for April has been added to the women’s account and the installment for May is under process.