SBI Alert: State Bank of India joins coronavirus fight, commits 0.25% of annual profit to help fight Covid 19

SBI Alert: The State Bank of India (SBI) has announced it will commit 0.25 per cent of its annual profit (FY 2019-20) to fight COVID-19 outbreak in India. The funds used to fight COVID-19 pandemic will be spent from CSR funds. This is in line with the Ministry of Corporate Affairs’ notification of spending CSR funds for COVID-19 as an eligible CSR activity.

Speaking on the SBI COVID-19 related decision, SBI Chairman, Rajnish Kumar said, “This is a time for the nation to be united. We at SBI will continue our support towards the people and communities of India amidst this critical period in the best possible way. I also urge all the responsible corporate citizens to come forward and not only take all precautionary preventive measures for the entire staff, their families and people around but also contribute generously to support fellow countrymen who need financial help in these unprecedented difficult times.”

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The bank will use this fund for various activities related to COVID-19 mainly to support health care for underprivileged people in cooperation with health care professionals and industry. Some of the initiatives will center around the promotion of healthcare, including preventive health care and sanitation and disaster management.

On Saturday, the SBI had announced emergency credit line SBI Covid 19 loan to help borrowers fight against CVoronavirus. The SBI COVID 19 loan will be available till 30th June 2020 and the interest rate levied by the SBI on COVID 19 loan is 7.25 per annum.

It should be noted that the total number of Coronavirus infected people in India has risen over 400 and the Indian government has to announce the stringent lockdown decision. The Indian Railways decided to shut down operations of all passenger trains till the 31st of March while all domestic flight operations have been cancelled too. In fact, there is no international flight being allowed to board in India as well.