Coronavirus Update: Central Bank of India offers interest-free loans to employees

Central Bank of IndiaPublic sector lender Central Bank of India will be providing interest-free loans up to Rs 1 lakh to its employee as an emergency measure in a bid to help them amid the lockdown.

The Mumbai-headquartered 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 by The Economic Times.

The loan has been extended to the employees under probation also, the letter added.

As per the written communiqué, employees who are currently under special leave, have overdue loans, or those who come under suspension category will not be able to avail the benefits of the loan.

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

The decision by the state-owned bank has been announced in the backdrop of the 21-day lockdown announced by Prime Minister Narendra Modi on March 24.

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