Bank of Baroda announces Rs 50 lakh Covid ex gratia cover for employees

State-run Bank of Baroda (BOB) has announced an ex gratia cover of Rs 50 lakh for its employees in the event of death due to Coronavirus disease, the bank has said in a tweet. While the PSU bank offers Rs 20 lakh Group Life Insurance cover to its employees, it has added additional Rs 30 lakh that will go to the dependents of the employee in the event of a death.

“While no amount of compensation will ever be adequate to recompense for any loss of life… Bank of Baroda announces an ex gratia cover of Rs 30 lacs in addition to the existing Rs 20 lacs Group Life Insurance -  a total of Rs 50 lacs to the dependent of the employee in case of any sad eventuality of loss of life,” the tweet said.

Banking services have been categorised as essential services and the banks have been functioning since the nationwide lockdown was put in place from 25 March 2020.

The bank has been encouraging its customers to use digital modes for the day-to-day banking needs.

“#BankofBaroda extends its heartfelt gratitude to all its employees for being committed to serve the Nation during this pandemic. Compassionate Employer & Committed Employees - a beautiful relationship to cherish & progress. We promise to stand by you always,” BOB said in its twee thanking the employees.

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The coronavirus pandemic has forced a nationwide lockdown. The government on 17 may 2020 extended the lockdown period for another two weeks till 31 May. Over 1 lakh cases of coronavirus infected people have been reported till now, out of which 61149 people are active cases while 42297 people have recovered as per the information on the Ministry of Health and Family Welfare. Over 3300 people have succumbed to the disease.