Banks make it easier for seniors to access funds
To better meet local seniors' pent-up cash demand following two months of bank closures due to the lockdown, the People's Bank of China's Shanghai headquarters implemented a series of targeted measures and marshalled banks to strengthen their services.
Acknowledging problems like long queues and the length of time required to withdraw cash at some bank branches, the top banking regulator strengthened its guidance by urging all local lenders to improve their cash withdrawal and pension payment services for the elderly.
At the same time, cash allocation has increased, with nearly four times the total cash supply from June 1 to June 15 than the same period last year, ensuring sufficient cash inventory for banks, according to the central bank's Shanghai office.
The measures also require banks to create comprehensive plans for pandemic prevention and offer better financial services by extending their business hours and ensuring uninterrupted service of cash self-help devices like ATM machines.
Moreover, banks have been asked to open "green channels" offering easier services for special groups and the elderly, and designate staff to address the business needs of senior customers and assist them in making self-service cash deposits and withdrawals.
The measures also encourage customers to make telephone appointments and banks to formulate targeted emergency service plans for peak pension-payment periods.
Shanghai Pudong Development Bank, a national joint-stock commercial bank, has introduced 15 specific measures to address customer's cash-transaction needs. The frequency of self-service equipment maintenance is 1.5 times higher than usual, and ATMs are stocked with three times more cash. The bank has also designated personnel to strengthen self-service equipment monitoring and respond to cash demand surges.