State Bank of India has announced its decision to commit 0.25% of its annual profit (FY 2019-20) to fight the COVID-19 pandemic in India.

SBI said in a statement that the funds 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 said that it will use this fund 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.

“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,” Rajnish Kumar, Chairman, SBI said in a statement.

We stand together with our nation in the fight against the Pandemic. As a part of our efforts to curb the spread of COVID-19, we have set aside Rs. 100 Cr to support our customers, employees, vendors and govt agencies.

— Axis Bank (@AxisBank) March 23, 2020

Meanwhile, Axis Bank too has set Rs 100 crore aside to support employees, vendors, government agencies and customers and even the community to help curb the spread of coronavirus. Axis Bank also said that it will be waiving off charges for savings account, current account and prepaid card customers towards online IMPS and ATM financial and non-financial transactions till March 31.