Coronavirus: Central Bank of India issues interest-free loans up to Rs 1 lakh to employees

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Central Bank of India, headquartered in Mumbai, will provide interest-free loans up to Rs 1 lakh to its employees as an emergency measure to aid staff during the lockdown.

The state bank said in an internal statement on Friday, “The loan is used to purchase protection needs and anticipated medical expenses as a humanitarian gesture,” the Economic Times reported.

The loan also extends to employees on probation, the letter said.

According to the letter, employees who are currently on special leave, have overdue loans, or fall under the suspension category will not be able to avail of these benefits.

The letter added that the National Bank has also made home work available to pregnant workers and workers with disabilities.

The decision of the state-owned bank came against the background of the 21-day lockdown announced by PM Modi on March 24th. This has resulted in a complete shutdown of public transport and severe mobility restrictions, causing further pain for bank employees to reach their branches or offices.

Also Read: Coronavirus In India Live Updates: 47 New Cases In Maharashtra; 100 medical workers quarantined at Gangaram Hosp in Delhi

Also read: India levies 11.6% tariffs on medical device imports compared to an average of 4.8%: WTO study

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