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

Central Bank of India

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.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.