SBI Allocates Rs 71 Cr To Fight Coronavirus; Sets Up 1000 Bed Hospital With Oxygen, ICU

India’s largest commercial bank, State Bank of India (SBI) has come forward in providing aid, by allocating over Rs 70 crore towards India’s fight against the deadly second wave of the Covid-19 pandemic.

SBI will put up 1000 beds with 50 ICU facilities in the worst COVID-hit states, while simultaneously working with hospitals and NGOs to provide oxygen concentrators for the ones affected.

The bank also informed in a release yesterday that while it will keep the interest rate regime as soft as possible, it is too early to comment on the impact of the current scenario on the economy or the non performing assets of the bank.

SBI Allocates Rs 71 Crore Towards COVID Aid

The country’s largest lender SBI has announced to provide about Rs 71 crore towards the country’s fight against coronavirus, on Monday.

In its release, the bank has informed to undertake various support initiatives to combat the second wave of the deadly pandemic.

“We have put in place an action plan. We have earmarked Rs 70 crore plus out of which we are giving Rs 21 crore to 17 circles for Covid-19 related initiatives”, said SBI Chairman Dinesh Kumar Khara.

Of the designated Rs 71 crore, SBI has allocated:

• Rs 30 crore for makeshift hospitals with ICU facilities,
• Rs 21 crore for medical support initiatives, like procuring healthcare equipment, availing oxygen supply to hospitals, Covid-care centres, ambulances, PPE kits, masks and aid for food relief.
• Rs 10 crore to be used to supplement the government’s efforts in genome sequencing, and
• Rs 10 crore to collaborate with on-ground NGOs and hospitals management, to set up medical facilities on an urgent basis.

SBI On Pandemic’s Impact on NPAs

When asked about the impact of the ongoing wave of the COVID-19 pandemic on the economy and the NPAs of the bank, Khara responded that it was too early to comment on the same.

He also assured that the bank will try to keep the interest rates as soft as possible< in order to support the economic growth of the country.

He added that since the lockdown was not implemented across the country, along with the impact being disproportionate in different states, “we can wait and watch for some more time before making any comment on impact on economy and NPA situation”.