PSU Bank Employees Will Get Rs 20 Lakh Insurance Against Coronavirus; Is This Enough?

The Finance Ministry on April 20 declared that the Public Sector Banks (PSBs) have provided insurance cover to employees in case of an unfortunate death due to the deadly virus.

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What is the Fuss About?

With the PSB employees providing efficient services to the customers amid the COVID-19 pandemic, the Finance Ministry has taken this step. Financial services are part of some of the essential services which have been operational during the lockdown that will continue till May 3.

The Finance Ministry took to Twitter to say,”Salute to all bankers providing services across India in this critical time. To ensure their safety, PSBs have provided health cover (incl of #Covid-19) to all employees and also lump sum compensation in case of an unfortunate death due to #Corona.”

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have praised bankers for following their duty in these challenging times. 

Just last week, State-owned banks in India had barred employees from posting pictures, video clips or messages on social media on issues such as overcrowding at bank branches during the coronavirus crisis, according to the sources.

Is the Government really doing enough for the employees who are risking their lives to serve the customers?

What Benefits are PSBs Offering Their Employees?

Banks have also expressed their commitment to ensuring the well being of their employees by providing protective gear and medical care. According to sources, the banks have also appointed dedicated doctors for its employees and also set up a helpline to attend to the concerns of staff. 

According to sources, banks have also designed their own customised product keeping in mind interest of their employees and up to Rs 20 lakh lumpsum amount will be paid to relatives  in case of unfortunate event due to COVID-19.

Several banks including SBI, Punjab National Bank, Union Bank of India and Indian Bank have taken various steps to ensure safety of their employees and protect them from coronavirus. 

India’s largest lender State Bank of India (SBI) has set up a quick response team to keep the staff motivated amid the coronavirus outbreak. According to the sources, the bank has set up a helpline number manned by doctors and psychologists to assist its staff and employees to deal with the coronavirus outbreak as well as stress and anxiety related to this.