Public-sector lender, State Bank of India, has set up a quick response team (QRT) to ensure the safety of its employees, amid the coronavirus outbreak. The Bank has reportedly also provided sanitisers and soaps across the branches with thermal scanners at its bigger offices.
As per sources, the HR department has set up a helpline number operated by doctors and psychologists to assist its staff and employees to deal with anxiety and stress related to the COVID-19 and its impact. Staff from across the country can use this helpline number to get their queries resolved.
The Bank is also ensuring the well-being of its employees by distributing protective gear, such as masks and hand sanitisers.
With the closing of the financial year around the corner, SBI is all set to meet the challenges from tax collection to fund transfer, amid the chaotic conditions.
The Bank also has a contingency plan in place to deal with any emergency, the sources added.
With a staff strength of about 3 lakh and over 23,000 branches, SBI has also disabled the biometric attendance system till further order.
The Bank is encouraging its customers to use the digital banking platform of the Bank rather than branch banking in order to help check the spread of the disease.
In a bid to mitigate the economic fallout of the coronavirus pandemic, SBI has opened a COVID-19 Emergency Credit Line (CECL) for its business customers to meet any liquidity mismatch.
In a circular issued on March 20, the Bank stated that the additional liquidity facility will provide funds up to Rs 200 crore and will be available till June 30. Loan will be offered at an interest rate of 7. 25 per cent with a tenure of 12 months.
With a view to providing some degree of relief to the borrowers, whose operations are impacted by the coronavirus outbreak, it has been decided to make available additional liquidity credit facilities to the eligible borrowers by way of ad-hoc facilities — CECL — to tide over the current crisis situation.
All standard accounts that have not been classified as SMA-1 or -2 as on March 16 are eligible to avail this credit line.
Nearly 80 per cent businesses have already witnessed a sharp decline in cash flows due to the global pandemic.