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Business News/ Industry / Banking/  Bank of Baroda to pay 10 lakh if a business correspondent succumbs to covid
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Bank of Baroda to pay ₹10 lakh if a business correspondent succumbs to covid

The lender also announced a health insurance cover of ₹60,000
  • It will pay ₹100 per working day to business correspondents towards transportation
  • Bank of Baroda said to ensure maintenance of hygiene and safety, it is providing additional support in tranches to keep BC points sanitized (Reuters)Premium
    Bank of Baroda said to ensure maintenance of hygiene and safety, it is providing additional support in tranches to keep BC points sanitized (Reuters)

    MUMBAI: Public sector lender Bank of Baroda on Saturday said it has extended financial support to business correspondents through ex-gratia of 10 lakh in case of loss of life and health insurance cover of 60,000 in the wake of the covid-19 pandemic.

    "Besides, to ensure maintenance of hygiene and safety, the bank is also providing additional support in tranches to keep the BC points sanitized and clean through sanitizers, disinfectants and use of mask. In the first tranche, 2,000 was provided to each active and functional BC in the month of April 2020. In May, each active and functional BC will be provided 1,000 for hygiene maintenance purposes," the bank said.

    The bank also said it will pay 100 per working day towards transportation as an incentive to the BCs to encourage them to provide services from 10 am to 5 pm till 30 June (except where local level restrictions are imposed) subject to a minimum of 40 transactions.

    “They are our connect to the masses of India and a key part of our bank's efforts to deliver the benefits of the government's financial package under PM Garib Kalyan Yojana (PMGKY), PM Kisan Samman Nidhi Yojana, Pension etc. While we pray for the well-being and safety of the BCs, the bank has taken steps for their financial security, in terms of ex-gratia payment of 10 lakh to the nominee in case of loss of life of BC due to covid-19, and health insurance facility of 60,000 to each active BC," Vikramaditya Singh Khichi, executive director, Bank of Baroda said in a statement,.

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    ABOUT THE AUTHOR
    Shayan Ghosh
    Shayan Ghosh is a national editor at Mint reporting on traditional banks and shadow banks. He has over 12 years of experience in financial journalism. Based in Mint’s Mumbai bureau since 2018, he tracks interest rate movements and its impact on companies and the broader economy. His interests also include the distressed debt market, especially as India’s bankruptcy law attempts recoveries of billions worth of toxic assets.
    Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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    Published: 25 Apr 2020, 12:04 PM IST
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