SBI commits 0.25% of annual profit to help fight Covid-19
State Bank of India has announced to commit 0.25% of its annual profit (FY 2020-21) to fight Covid-19 outbreak situation in India. The fund used to fight Covid-19 pandemic will be spent from CSR funds. This is in line with 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 health care for underprivileged people in cooperation with health care professionals and industry. Some of the initiatives will centre around 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 entire staff, their families and people around but also contribute generously to support fellow countrymen who need financial help in these unprecedented difficult times.”
About State Bank of India:
State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on December 31, 2019, the bank has a deposit base of over Rs. 31 lakh crore with CASA ratio of little more than 44% and advances of nearly Rs. 23 lakh crore. SBI commands 34% market share home loans and 34.86% in auto loans segment. The Bank has the largest network of 21,959 branches in India with an ATM / CDM network of over 58,500. The number of customers using internet banking facility are 70 million and mobile banking services stand more than 16 million. Downloads for YONO - an integrated digital and lifestyle platform by SBI - is over 41 million with 4.5 million logins per day. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
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