Vol. 10, Issue 4, Part C (2024)

Abstract
The economic impact of COVID-19
pandemic in India has become mostly disrupting. It has also become one of the
biggest threats to the Indian economy and financial markets have become
volatile like any other industry. India like any other country across globe is
taking a lot of measures like nationwide lockdown, restrictive association of
community, closure of public and crowded places and transport. Peoples are
staying at home, maintaining social distancing and working from home. The
economy is worst affected by this lockdown. Business has faced a lot due to the
volatile Indian financial market from the beginning of the lockdown. Increasing
concerns on the insecurity of potential cash flows and income were also
witnessed during this lockdown time. To encourage touch less banking due to COVID-19,
the usage of cash as means of exchange has reduced a lot. The fear of spread of
corona virus through physical exchange of rupees and coins, less operating
hours of banks, and inability to go out for cash transactions are some of the
reasons for increment of digital cash less banking. Hence it is predicted that
cashless payments would become an enduring fixture in the economic swap over
network in future. For this reason physical exchange of currency is discouraged
and digital payments are encouraged. Banks are envisaging new techniques to
help customers by temporarily waiving of fund transfer charges by digital
payment platforms like NEFT, RTGS, and IMPS etc. The support given by service
providers during this time of crisis will everlastingly be bear in mind by the
customers.