RBI has, with a view to counter the impact of the pandemic caused by the recent outbreak of COVID-19, issued a Circular dated March 16, 2020, providing an indicative list of steps to be taken by banks/financial institutions as part of their existing operational and business continuity plans to prevent and control the local transmission of the disease, which include: (a) devising a strategy and monitoring mechanism concerning the spread of the disease within the organization; (b) taking stock of critical processes and revisiting business continuity plan in the emerging situation with the aim of continuity in critical interfaces; (c) taking steps to share important instructions/ strategy with the staff members at all levels; and (d) encouraging their customers to use digital banking facilities as far as possible. Further, the entities should also assess the impact on their balance sheet, asset quality, liquidity, etc. arising out of potential scenarios such as further spread of COVID-19 in India and its effect on the economy, contagion from wider disruption in the global economy and the global financial system, etc., based on which banks / financial institutions should take immediate contingency measures to manage the risks after intimating the same to RBI.