Abstract
At present time, the existence of Coronavirus in the environment continues to bother the globe. As an aftermath effect, the entire economies are at a standstill. Reduced economic activities, mass unemployment, and financial crunch have emerged as the most realistic prospects and so, people are struggling for their livelihoods. Whether it’s developed, developing, or underdeveloped economies, no country could save them from its tragic consequences. The economy of India has also been severely affected due to this pandemic. Amid this situation, the role of banks has become more evident in the public eyes in recent times. The banking sector is the spine of the country’s economy. As a result, common people started expecting banks to step forward as financial succor for them in these difficult times. The current paper tries to put the spotlight on the significant roles of the banks in supporting the people, the lives, and the economies in this unpredicted state of affairs. The study offers an analysis of secondary data which is gathered from different research articles published on the Covid-19 outbreak. Further, this paper offers suggestions to Indian banks on the adoption of innovative strategies for the improvisation of financial lives and the economy.
Highlights
The existence of deadly coronavirus was first time identified in Wuhan, the sprawling capital of China’s Hubei province, in December 2019
We manifest the significance of the banking sector in the Indian economy, especially in the Covid-19 pandemic
The economy of India has severely been affected due to the Covid-19 pandemic as it encountered a continuous slowdown and the people are suffering from unstable financial lives and stress
Summary
The existence of deadly coronavirus was first time identified in Wuhan, the sprawling capital of China’s Hubei province, in December 2019. The government of India and RBI has taken many initiatives to reduce the effect of the Covid pandemic on the economy and financial lives of the people. Implementation of these initiatives calls for strong and resilient banking organizations to protect the country’s economy from long-term damage. The study reveals that to avoid the spread of the virus, the government announced a countrywide lockdown Because of this shutdown, economic activities were almost stopped and so the sources of revenue got decreased. To lessen the financial stress and to maintain sufficient liquidity in Indian banks, RBI has started taking initiatives to face the present Covid situation. The banking sector is expected to produce a new working model and to take innovative initiatives to help the people and the society achieve secured financial lives and a stable economy
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
