Coronavirus Alert! SBI employees pledge Rs 100 crore to PM CARES Fund

Coronavirus India Alert! In the fight against COVID-19 virus spread, around 2,56,000 employees of the country’s largest lender, State Bank of India (SBI) have decided to contribute two days’ salary to the Prime Minister’s National Relief Fund. With this collective effort and commitment of SBI employees, Rs 100 crore will be donated to the PM CARES Fund, which has been created to fight the coronavirus pandemic.

Last Week, SBI had committed 0.25 per cent of annual profit for FY2019-20 as a part of its CSR activities to fight COVID-19.

Speaking on the SBI employees' big decision Rajnish Kumar, Chairman, SBI said “It is a matter of pride for State Bank of India that all our employees voluntarily came forward to pledge their two days’ salary to the PM CARES Fund. This is the time where we all need to combat this battle of COVID-19 outbreak with united efforts. We at SBI would keep continuing our support the government in all its endeavours to address the challenges of this pandemic.”

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At this time of crisis, SBI is committed to providing the best possible banking services to its customers in the country and simultaneously striving to help citizens of India in fighting with the spread of COVID-19.

Amid businesses getting affected due to the novel coronavirus pandemic, the country's largest lender State Bank of India (SBI) has already opened an emergency credit line to meet any liquidity mismatch for its borrowers. The ad-hoc SBI COVID credit line called ' COVID 19' is already available for the taking. The SBI COVID loan is available up to 30 June 2020. SBI will charge 7.25 per cent interest rate on the SBI COVID 19 loan. All standard accounts as on March 16, 2020, and till the date of sanction are eligible for the SBI COVID 19 loan. However, standard accounts classified as Special Mention Accounts - SMA 1 (overdue between 30-60 days) and SMA2 (overdue between 61-90 days) are not eligible for availing credit facility. The maximum loan that that could be availed under this SBI's emergency credit scheme is capped at Rs 200 crore. This special loan facility shall be made available as Fund Based Limits only, SBI said. The maximum brunt of COVID19 fallout is being faced by business establishments.