IDFC Very first Bank has announced the launch of ‘GharGhar Ration’ Program, an employee-funded system for its low-revenue prospects whose livelihoods are impacted by COVID-19. The bank has also announced a complete system for the households of staff who sadly lost their lives due to COVID-19, and a quantity of other social response initiatives aimed at controlling the spread of the virus.
1. Employee-Funded Customer assistance, ‘GharGhar Ration’ Program
a) “GharGhar Ration” is a system exactly where staff have contributed from their individual revenue to set up a Customer COVID Care Fund to provide relief to 50,000 COVID-impacted low-revenue IDFC Very first Bank prospects. Employees of the bank contributed one day to one month’s salary for the goal.
b) The system requires provide of ration kits to such 50,000 low-revenue prospects whose livelihood have been impacted by the pandemic.
c) Employees are procuring ration kits comprising 10 kg rice/ flour, 2 kg dal (lentils), 1 kg sugar and salt, 1 kg cooking oil, 5 packets of assorted spices, tea and biscuits and other essentials required to assistance a tiny family for about a month.
d) These ration kits are straight delivered in-particular person at customers’ properties with a individual touch from the bank. In rural places, the ration kits are delivered physically by staff and in urban places, staff provide pre-paid cards worth Rs. 1800 to impacted prospects, which can be used to get such necessary supplies.
e) Impacted prospects can straight get in touch with the nearby branch to seek assistance below this system. Even overdue prospects are eligible to get advantage below the system.
f) Under the pilot system, staff have currently distributed 1000 ration kits in Maharashtra, Rajasthan and Haryana effectively.
Commenting on the very same, V Vaidyanathan, MD & CEO, IDFC Very first Bank, stated, “While we cannot solve all problems considering the magnitude of the crisis, we want to support our customers to the extent we can, and hence our “GharGhar Ration” system. Under this system, our staff contributed varying amounts from a day’s salary to a month’s salary to develop a COVID Customer Care Fund. We then decided to use this Fund for straight supporting our prospects whose livelihood is impacted due to COVID-19. Our staff will personally provide necessary ration to our impacted prospects. We have been driving the philosophy of “Customer First” at our bank and we felt that there is no superior way to instil this philosophy in our staff than by staff straight contributing for the welfare of our impacted prospects.”
2. Employee COVID Care scheme 2021: The bank has also launched a complete Employee COVID Care Scheme 2021 to assistance the households of staff who have lost their lives due to COVID-19, with retrospective impact from the commence of the pandemic. The Scheme comprises the following:
a. Group Term Life of 4 occasions Total Fixed Pay or Rs 30 lakh, whichever is larger
b. Salary credits to continue for nominee for 2 years
c. Waiver of all Employee Loans availed by employee for incidents till June 30, 2021
d. Home loan waiver limit at Rs. 25 lakh for any casualty prior to June 30, 2021. Beyond this date, staff are anticipated to get their loans insured.
e. Extension of Mediclaim insurance coverage of employee’s family for 24 months
f. Scholarship up to Rs 10,000 month-to-month to 2 children till graduation
g. Employment to Spouse on merit, amongst other people.
Apart from these, the bank has also come out with Jankari-mein-Samajdhari Program, Oxygen Concentrator Donation Program, Gaon-Gaon Mask Program, Mask Distribution Program, and Cash Relief Support.