Industry News

SBI Commits to Contribute ₹100 crores to PM CARES Fund

Nikita Arya
Nikita Arya

Amid the uncontrollable spread of coronavirus across India, the government is seeking financial aid from big organizations. Many organizations have come forward with a remarkable amount of contribution and many organizations are committing to contributing as much as they can. One of India’s largest banks, State Bank of India (SBI) is yet another name in the list of those companies coming forward to give their share in the moment of need.

Recently, the employees and representative unions of State Bank of India have pledged to contribute ₹100 crores to the PM CARES Fund to help combat the COVID-19 impact. Looking at how urgent the requirement is, the company has assured that the encashment will be effected immediately to the PM CARES Fund.

In an internal note, it has been announced that an amount equal to encashment of one day’s privilege leave and deduction of a day’s salary payable in April to 2.56 lakh employees of the bank, will be collected by the human resource management system (HRMS) department.

However, there could be some employees who may not approve of the deduction of one day’s salary. In such a case, such employees will inform their Controller and give an opt-out decision. The Controller will collate the opt-out requests up to April 7 and then will forward them to the HRMS department on April 8.

“The whole country is making efforts to contain the fast-spreading virus. In this hour of calamity, organizations are contributing in various ways to the nation’s efforts at providing basic commodities and medical facilities to the needy masses. The Prime Minister has appealed to all individuals and organizations to contribute wholeheartedly to support the government in its fight against the impact of COVID-19. SBI and its employees have always been at the forefront of such initiatives to help the society and the country in critical times,” as mentioned in the company’s note.

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