Page 7 - Banking Finance June 2021

BANK UPDATE

A.K. Pathak, head of HR at Bank of have already distributed 1000 ration For super savings plus accounts, the
India, said that the staff has been kits in Maharashtra, Rajasthan and free transactions in semi-urban and
instrumental in ensuring uninterrupted Haryana successfully. Employees of the rural areas will be 8 each as against 10
banking experiences for its customers Bank contributed one day to one and 12, respectively as of now.
and the bank is delighted to be able to month's salary for the purpose.
Among others, the JubileePlus senior
offer protection to them and their
The Bank has also launched a citizen account holders will get no
family against the pandemic.
comprehensive Employee COVID Care discount on locker rent if the monthly
Scheme 2021 to support the families of average balance (MAB) is less than Rs
'GharGhar Ration' employees who have lost their lives 10,000.
program launched by IDFC due to COVID-19, with retrospective Customers will get 10 per cent discount
effect from the start of the pandemic. on Rs 10,000-24,999 balance for all 12
First Bank
months and 15 per cent for Rs 25,000
IDFC First Bank has announced the Only 20 free cheque leaves and above MAB.
launch of the "GharGhar Ration"
Program, an Employee-funded per year for IDBI Bank Currently, the bank offers 25 per cent
program for its low-income customers account holders discount on locker rent if Rs 5,000 is
whose livelihoods are affected by the IDBI Bank customers will have to pay maintained as AQB (average quarterly
Covid-19 pandemic. balance) in all four quarters.
Rs 5 per cheque leaf beyond 20 free
"GharGhar Ration is a unique leaves per year, under the revised The same revised charges will be
employee-led initiative by IDFC FIRST charges from next month. Currently, applicable on Supershakti women's
Bank where employees have customers can access as many as 60 account for locker rent. The discount
contributed their personal income to cheque leaves without any charges in will be offered only on A and B size
lockers, the bank said.
help those in need in these testing a year in the first year of account
times. We are proud to be a customer- opening and 50 leaves in all the Besides, the lender has also cut down
FIRST bank and be of assistance to subsequent years. Beyond these, one the number of free transactions from
them in every way possible," the bank has to pay Rs 5 per leaf. other bank ATM per month (both
tweeted. financial and non financial) for
Introducing the revision of services in JubileePlus and Supershakti accounts
The program involves the supply of savings bank accounts, the lender in a by half to 5 transactions.
ration kits to 50,000 low-income notice said the free transaction limits
customers whose livelihood have been (for select facilities) and lock discounts YES Bank board approves
impacted by the novel coronavirus offered to individual savings bank
pandemic. customers are being revised from July fundraising via debt
Employees are procuring ration kits 1, 2021. securitiesup to Rs 10000
comprising 10 kg rice/flour, 2 kg dal Customers holding the 'Sabka Saving crore
(lentils), 1 kg sugar and salt, 1 kg Account' will not come under this and
cooking oil, 5 packets of assorted will be able to get unlimited free The board of directors of private
spices, tea and biscuits and other cheque leaves in a year. This is an sector lender YES Bank have approved
essentials needed to support a small seeking shareholders' approval for
elementary zero balance account raising up to Rs 10,000 crore in Indian
family for about a month.
aimed to further inclusive banking in or foreign currency by issuing debt
In rural locations, the ration kits are the country. securities, including but not limited to
delivered physically by employees and For depositing cash (home and non non-convertible debentures, bonds and
in urban locations, employees provide home), it has downsized the number medium-term notes.
pre-paid cards worth Rs. 1800 to for free facilities per month for semi- At the end of March quarter, the
affected customers, which can be used
urban and rural branches to 5 each lender had a capital adequacy ratio of
to buy such essential supplies.
from the existing 7 and 10, respectively 17.5 per cent compared to 19.6 per
Under the pilot program, employees for various savings accounts. cent as of December 31, with common

BANKING FINANCE | JUNE | 2021 | 7