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SBI allocates Rs. 70 Crore to combat the 2 nd wave of COVID-19

Posted On: 2021-05-03 12:45:55 (Time Zone: UTC)


True to its vision and mission to support the country in fighting with adverse situations, State Bank of India (SBI) has allocated Rs. 71 Crore, to undertake various support initiatives to help the country combat the second wave of COVID-19. The Bank has dedicated Rs. 30 Crore to setup 1,000 bed makeshift hospitals, 250 bed ICU facilities and 1,000 bed isolation facilities across some of the worst-hit states. These facilities would be set up in collaboration with government hospitals and Municipal Corporations of the respective cities.

SBI is in talks with various designated authorities to explore partnerships for setting up makeshift hospitals. The Bank will also contribute Rs. 10 Crore for genome-sequencing equipment / lab and vaccine research equipment / lab to the Government.

Additionally, SBI has allocated Rs. 21 Crore to all its 17 Local Head Offices to address the urgent medical needs of the citizens including procuring life-saving healthcare equipment and enhancing the oxygen supply to hospitals. Bank will continue to provide PPE kits, masks, rations and cooked meals. The Bank will also spend Rs. 10 Crore in partnering with NGOs to undertake community-based testing, strengthening vaccination drives, creating helpline for COVID-19 related matters, providing oxygen supply and other critical activities.

Shri. Dinesh Khara, Chairman, SBI said, "We are trying our best to make a small contribution to society in the fight against the second wave. We are committed to contribute funds, resources and reach out to the citizens of India and also join in the Government's efforts in fighting the virus. I urge everyone to offer their support in any form to the people in need and contribute towards making the country COVID-19 free."

SBI has tied with various hospitals for the vaccination of its employees. The Bank has also decided to bear the cost of vaccination for its employees and their dependent family members. The Bank has also converted 60 of its training centres across the country into isolation/Quarantine centres for affected employees and their family members.

Last year, SBI had pledged 0.25% of its annual profit to fight the coronavirus outbreak in India and has donated over Rs. 108 Crore to the PM CARES Fund. In addition, SBI has also contributed Rs. 11 Crore toward supporting the vaccination drive of the government.

Shares of STATE BANK OF INDIA was last trading in BSE at Rs.350.45 as compared to the previous close of Rs. 353.45. The total number of shares traded during the day was 2636599 in over 21695 trades.

The stock hit an intraday high of Rs. 352.35 and intraday low of 341.7. The net turnover during the day was Rs. 916119260.


Source: Equity Bulls

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