172@29@17@107!~!172@29@0@53!~!|news|economy|policy|coronavirus-impact-rbi-comes-out-with-operational-and-business-continuity-measures-5038391.html!~!|controller|infinite_scroll_article.php

Network18 Presents

partnered by

  • Galaxy Note20 | 20 Ultra
Moneycontrol
Financial Freedom Offer: Subscribe to Moneycontrol Pro and grab benefits worth ₹15,000/-

Network18 Presents

  • partnered by
  • Galaxy Note20 | 20 Ultra
you are here: HomeNewsEconomyPolicy
Last Updated : Mar 16, 2020 04:45 PM IST | Source: Moneycontrol.com

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

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.

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.

RBI Press Conference: Track all the updates here

Close

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.

Also Read | Will RBI cut rates? Five questions answered on the central bank’s likely action

"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."
First Published on Mar 16, 2020 04:16 pm

tags #policy #RBI

Sections