Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

SBI commits 0.25% of annual profit to fight COVID-19 pandemic

Rajnish Kumar, chairman, SBI

India’s largest public-sector lender the State Bank of India (SBI) has committed 0.25% of its annual profit (FY 2019-20) to fight the COVID-19 outbreak situation in India. The fund used to fight COVID-19 pandemic will be spent from CSR (corporate social responsibility) funds. It is the first among the banking industry to announce measures to fight the deadly disease.

The lender plans to 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, it said in a statement.

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. 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.”

SBI’s announcement came in after the Central Government declared contributions by companies towards fighting the Covid-19 pandemic as a CSR activity.

“In view of the spread of novel #coronavirus in India, its declaration as a pandemic by the WHO, and the decision of the government of India to treat this as a notified disaster, is hereby clarified that spending of CSR funds for Covid-19 is eligible CSR activity,” Finance Minister Nirmala Sitharaman’s office tweeted.

Now companies along with banks would be able to spend CSR funds through items listed under schedule VII related to promoting health care, preventive health care, sanitation, and disaster management.  Schedule VII includes funds such as the Prime Minister’s National Relief Fund and Swachh Bharat Kosh.

The Covid-19 virus that emanated in China last year has been declared a pandemic by the WHO earlier this month. It has so claimed over 14,150 people so far globally. With flu-like symptoms, the cases of Covid19 is increasing in India every day and has crossed the 500-mark.

Related IBS Intelligence Research

Related Posts


NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »