Finance Minister Nirmala Sitharaman on Tuesday announced that for the next three months there would be no debit card cash withdrawal fee when using any bank's ATM.
The Finance Minister added that there would be no minimum balance requirement fee for bank accounts at this time.
Bank charges have been reduced for digital trade transactions for all trade finance consumers, Sitharaman announced.
Speaking at a video-based press conference, Sitharaman also announced that the last date for filing income tax returns for FY19 had been extended from March 31 to the last date of June. Additionally, the last date for filing GST and Composition returns for March, April and May 2020 has also been extended till June 30th.
The announcements come even as India grapples to contain the novel coronavirus. Nearly 500 positive cases have so far been recorded in the country and 10 people who had earlier tested positive have passed away.
Several parts of the country have been put under lockdown and the transport system has also been put on a partial hiatus. While most trains have stopped running, domestic flights too shall cease from Wednesday at midnight.
Sitharaman dismissed rumours regarding the possible declaration of an economic emergency in India. On the subject of the recent volatility seen in the stock markets, the Finance Minister also announced that regulators, the Reserve Bank and the Finance Ministry were all collectively monitoring the situation and together to monitor the situation.
"SEBI has come up with some set of guidelines and also stated its position," the Finance Minister said.
(with inputs from agencies)