Page 5 - Banking Finance June 2021

BANK UPDATE

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IDFC FIRST Bank offers forward (after June)," he said. Under this facility, up to 90 per cent of
According to the IDFC First CEO, the FD value can be availed as OD. The
compensation to families around 20 employees of the bank have special pricing will be available to its

of employees who died of lost their lives to Covid. existing customers till 31st December
Covid Further, the bank has also made 2021 and the customers are requested
provision of scholarship of Rs. 10,000 to apply before 30th June 2021 for the
IDFC FIRST Bank has decided to offer same.
monthly to two children up to
compensation equivalent to four times
of the CTC as well as the continuation graduation, funeral expenses up to Rs. Customers can avail this facility instead
30,000, relocation assistance of Rs. of liquidating the FD to meet their
of salary for two years to the families
of the employees who lost their lives 50,000, as well as pro-rata bonus liquidity requirements. The Bank
due to the coronavirus. payout for the period, served this year emphasized that customers will
by the deceased employee under its continue to earn applicable rates of
Besides, the bank has also announced 'Employee Covid Care Scheme 2021'. interest on their FDs. Customers can
a loan waiver of such employees to make the payment for the OD facility
alleviate economic pressure on the Recently, the bank also announced the according to their choice, i.e., either
launch of the "GharGhar Ration"
families. in a lump sum or in instalments. Jana
programme for its low-income
"If an employee has taken a personal customers whose livelihoods are Small Finance Bank will not be charging
loan, car loan, two-wheeler loan or affected by the Covid-19 pandemic. any processing fee for the same.
education loan, etc, that is 100% To avail of this facility, the minimum
waived by the bank. Housing loan OD FD facility amount with the bank
waiver is up to Rs. 25 lakh (before June Overdraft facility extended should be Rs. 10,000 and FD tenure of
30, 2021)," V Vaidyanathan, against fixed deposit by 180 days or more. The customer can
Managing Director, and CEO, IDFC Jana Small Finance Bank withdraw the money through any
FIRST Bank said. available channel of Jana Small Finance
To offer financial support to many
Suppose, if an employee had taken a affected by Covid-19, Jana Small Bank Ltd i.e., online, cheque, etc.
Rs. 30 lakh loan, IDFC FIRST will waive Finance Bank Ltd has extended its
Rs. 25 lakh and the residual loan will Overdraft (OD) facility against fixed Bank of Maharashtra
become 5 lakh, Vaidyanathan deposit (FD) at a nominal interest rate
explained. to all its customers across India. The looks into raising Rs 2,000
"The family can pay the reduced EMI interest rate on this facility is 0.25 crore through QIP
from the salary credits we will make percentage points over and above the BOM is looking to raise up to Rs 2,000
to them for 2 years. We are asking FD rate with a utilisation of 50% or crore through qualified institutional
employees to insure their loans going more. placement (QIP) route before July-end,

BANKING FINANCE | JUNE | 2021 | 5