State Bank of India (SBI) has issued a circular to its staff informing them that a day’s salary and encashment of a day’s privilege leave (PL) will be deducted from their April salaries, as contribution to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund, to be used to battle the coronavirus outbreak. The Bank hopes to contribute Rs 100 crore to the Fund if its 2,56,000 strong workforce contributes as per the circular..
Those members of the staff who wish to opt out of this initiative will have to inform their managers before April 7. The names of these employees will be forwarded to the human resources management service by April 8.
Recently, the Bank also committed to spending 0.25 per cent of its 2019-20 annual profit as part of its CSR initiative in the ongoing battle against COVID-19.
Many other banks and corporate houses have contributed to the PM CARES Fund, which was set up by the Centre for facilitating relief work during the Covid-19 outbreak.
Kotak Mahindra Bank will also be donating Rs 60-crore to the PM CARES fund. Other sate-run banks, such as the Oriental Bank of Commerce, are deducting the salaries of only the employees who are willing to contribute to the relief fund. Employees of Indian Bank and Allahabad Bank have been requested to give a day’s salary to the fund.