RBI governor S Das (file photo)
NEW DELHI: Since the national lockdown was announced in late March, a team of more than 200 personnel from the Reserve Bank of India and services providers are holed up in four locations to ensure that the financial markets and the system across the country works uninterrupted and provides glitch free service to users.
Top RBI officials went into a huddle immediately after the lockdown was announced and a team was set up to ensure that services are provided 24×7 without any interruptions including payments and settlements. A team of officers and technical experts was moved into a hotel in Mumbai and another team was stationed in Khargar on the outskirts of Mumbai to work remotely and ensure that the wheels of the economy keep moving.
“Now we have a team of 200 including service providers from some of the top tech and telecom companies. There are four teams which are responsible for smooth functioning of the financial system including payments. Apart from the teams in Khargar and Mumbai and there are two more in Nagpur and Hyderabad,” said a source.
He said that the team includes some senior officers from RBI and the 200 members of the four teams have been away from their families since the lockdown was announced.”It was voluntary. In fact people were asked whether they want to go home after 25-days and all of them said they would like to continue to ensure that there is no interruption in the function of the financial system. This speaks highly of the commitment of the teams,” the source said, adding that they are working with some of the best technology available to keep the systems on despite the strict lockdown measures.
“They are keeping a close watch and take turns in the 24×7 cycle. This kind of an experience is unprecedented for all of them and they making sure that operations are smooth,” said the source.
RBI governor Shaktikanta Das has spoken twice with the teams and complimented them for their commitment to their jobs and national duty. In the monetary policy statement on Friday he mentioned the contribution of the team which is keeping the nation’s financial system alive. ” A special word of praise for our team of over 200 officers, staff and service providers who are working unstinted 24X7 in isolation in order to keep essential RBI services available to the nation,” said Das in his statement.