Banks plan to shut down most branches during coronavirus lockdown: Report

India's central bank and major lenders are considering shutting down most branches across the country to prevent tens of thousands of employees from getting infected with the coronavirus, four sources familiar with the plan told Reuters.

India is still very much a cash society and banks have been exempted from a 21-day lockdown that began this week as they are considered an essential service.

Under the plan, in major cities there would likely be only one bank open every five kilometres, the sources said, declining to be identified as it has not yet been publicly disclosed.

In the countryside, where 70% of people live and often rely only on cash, banks will likely operate on alternate days and redeploy staff to only allow disbursal of welfare cash to the poor, one of the sources said.

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