New Delhi: The Indian population has withdrawn a significant amount of money from the banks given the current threat of the Novel Coronavirus. The Reserve Bank of India (RBI) has informed that the citizens have withdrawn a whooping ₹53,000 crore from the banks as of 13th of March.
The number of Coronavirus cases in the country began to rise. Also, forecasts were made of a lockdown in the country just as in other countries across the globe. Thereby people withdrew large sums of money from the banks as they feared a lockdown would pose challenges in withdrawal. By 13th of March, the figure had reached ₹53,000 crore. Such exorbitant amount of withdrawal is generally seen during the festive seasons or elections. Also, it is claimed to be the highest withdrawn the country has seen in the last 16 months.
Meanwhile, RBI has assured that people do not need to panic and the money in the nationalised and private banks was secured. Moreover, the RBI has also issued instructions to the bank customers to use digital modes for transactions due to the current COVID-19 crisis.