State Bank of India has announced on Monday to commit 0.25% of its annual profit (FY 2020-21) to fight COVID-19 outbreak situation in India.
The fund used to fight the deadly virus will be spent from the Corporate Social Responsibility (CSR) funds. This is in line with Ministry of Corporate Affairs’ notification of spending CSR funds for COVID-19 as an eligible CSR activity.
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 centre around promotion of healthcare, including preventive health care and sanitation and disaster management.
Rajnish Kumar, Chairman, SBI 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."
He added,"I also urge all the responsible corporate citizens to come forward and not only take all precautionary preventive measures for entire staff, their families and people around but also contribute generously to support fellow countrymen who need financial help in these unprecedented difficult times.”
India has now neared 500 cases after seeing a steady increase in the number of cases in the past three days. So far nine people who tested positive succumbed to the virus.
On the brighter side, 35 people have recovered after undergoing medical treatment and are currently being closely observed.