Mumbai, March 24, 2020: State Bank of India has announced to commit 0.25 per cent of its annual profit (FY 2019-20) to fight the COVID-19 outbreak situation in India. The funds used to fight COVID-19 pandemic will be spent from CSR funds. This is in line with the 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 healthcare for underprivileged people in cooperation with healthcare professionals and industry. Some of the initiatives will centre on 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. 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.”