COVID-19 FightBack: SBI commits 0.25% of 2019-20 profit

24 Mar '20

2 min read

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The State Bank of India will offer 0.25 per cent of its annual profit for 2019-20 to fight COVID-19 by supporting health care for the underprivileged in cooperation with the industry. The announcement came hours after the government notified spending by firms to deal with the outbreak as corporate social responsibility (CSR) activity under the Companies Law.

Some of the initiatives will centre around promotion of healthcare, including preventive health care, sanitation and disaster management, the bank 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," SBI chairman Rajnish Kumar was quoted as saying by media reports.

"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," he added.

Under the Companies Law, certain classes of profitable entities have to shell out at least 2 per cent of their three-year annual net profit towards CSR activities in a particular financial year.

CSR funds could be utilised for various activities related to coronavirus, including those related to preventive healthcare and sanitation, as per the circular.

Fibre2Fashion News Desk (DS)

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