Considering the importance of cash in the hands of the citizens at the time of global pandemic caused by the novel coronavirus (COVID-19), Finance Minister Nirmala Sitharaman on Tuesday announced that the government has waived off the cash withdrawal charges from any other bank ATM for debit card holders for the period of three months.

Sitharaman, who made the announcement during a news conference, also announced complete waiver of minimum balance charges in savings bank account.

The relief from the government comes at a time when major part of the country has come to a standstill due to the rising number of Coronavirus cases across the country.

To help small companies facing the heat of the coronavirus-related lockdown, the finance ministry raised the threshold that would lead to Insolvency & Bankruptcy Code default proceeding limit has been increased from Rs 1 lakh to Rs 1 crore.

The minister said this increased threshold will help small and medium enterprise.

Sitharaman also said that the government is planning to suspend Section 7, 9, 10 of the Insolvency and Bankruptcy Code for six months if the current economic situation continues even after April.