Business

SBI, Axis Bank commit funds to fight virus

State Bank of India has decided to commit 0.25% of its annual profit of FY20 to fight the COVID-19 outbreak 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,” SBI said.

Axis Bank has set aside ₹100 crore to support customers, employees, vendors, government agencies and the community at large towards curbing the spread of COVID-19, the bank said. Axis Bank has also has decided to waive off charges for Savings Account, Current Account and Prepaid Card customers (wherever applicable) towards online IMPS and ATM financial and non-financial transactions, for the period March 23–31.

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Printable version | May 27, 2020 2:37:54 AM | https://www.thehindu.com/business/sbi-axis-bank-commit-funds-to-fight-virus/article31145190.ece

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