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

As per the letter, employees who are currently on special leave, have overdue loans, or those who come under suspension category will not be able to avail such benefits.

twitter-logo BusinessToday.In        Last Updated: April 4, 2020  | 17:11 IST
Coronavirus: Central Bank of India extends interest-free loans up to Rs 1 lakh to employees
The loan also extends to the employees under probation, the letter added.

Mumbai-headquartered Central Bank of India will provide its employee interest-free loans up to Rs 1 lakh as an emergency measure to help the employees amid the lockdown.

The state-owned bank said in an internal communication on Friday, said, "The loan is for purchase of protective necessities and anticipated medical expenses as a humanitarian gesture," as reported in Economic Times.

The loan also extends to the employees under probation, the letter added.

As per the letter, employees who are currently on special leave, have overdue loans, or those who come under suspension category will not be able to avail such benefits.

The letter added that the national bank has also provided work from home facility to pregnant staff and employees who are differently-abled.

The decision by the state-owned bank was in the backdrop of the 21-day lockdown announced by PM Modi on March 24. This has led to a total shutdown of public transport and strict restrictions over mobility, causing further pain for the bank employees to reach their branches or offices.

Also read: Coronavirus in India Live Updates: 47 new cases in Maharashtra; 100 med workers quarantined at Delhi's Gangaram hosp

Also read: India levies 11.6% tariff on medical product imports against average of 4.8%: WTO study

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