Coronavirus impact: RBI comes out with operational and business continuity measures

Ahead of its scheduled press briefing, the Reserve Bank of India on March 16 issued an advisory for banks as the central bank looks to stem the deadly impact of the coronavirus.

RBI said it is devising strategy and monitoring mechanism concerning the spread of the disease within organisation, making timely interventions for preventing further spread in case of detection of infected employees including travel plans and quarantine requirements as well to avoid panic.

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In the wake of the coronavirus outbreak, the RBI said it wants banks and financial institutions to "take stock of critical processes and revisiting Business Continuity Plan (BCP) in emerging situations with aim of continuity in critical interfaces and preventing any disruption of services, due to absenteeism either driven by individual cases of infections/preventive measures.

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"Encourage their customers to use digital banking facilities as far as possible. As the situation requires to be monitored closely, both from business and social perspective, a Quick Response Team may be constituted for the purpose, which shall provide regular updates to the top management on significant developments and act as a single point of contact with regulators/outside institutions/agencies."