Corona Effect: The Reserve Bank's special plan to keep the money system in critical condition

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Mumbai, Ta. March 21, 2020, Saturday

When the entire world, including India, is in the grip of coronavirus today, the Reserve Bank has taken steps to ensure that the country's financial system is not lost, according to which a crack team of 150 bank officials has been formed.

The 150-member team is operating from an unknown location. The team, which is comprised of officials from various departments of the Reserve Bank, will carry forward the RBI's business continuity plan in any serious situation and ensure that there is no disruption to the country's financial system, the source said.

The team will have the responsibility of keeping the Reserve Bank's IT infrastructure in place so that payment and settlement arrangements will continue for 24 hours. An estimated 14,000 RBI employees are doing work-home work, excluding senior officials.

The Reserve Bank's IT system not only keeps the banking system afloat but also carries out business and retail payments without interruption. In such a situation, it is necessary to continue without disturbance, ”the source added.

A special hotel has been booked for this team and the hotel staff has also been left out for their service, he added.

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