COVID-19: BoB announces ex-gratia, health cover for business correspondents

By: |
Updated: Apr 25, 2020 2:08 PM

The bank has taken steps for BCs' financial security, in terms of ex-gratia payment of Rs 10 lakh to the nominee in case of loss of life due to COVID-19, and health insurance facility of Rs 60,000 to each active BC, it said in a statement.

In the first tranche, Rs 2,000 was provided to each active and functional BC in the month of April 2020.

State-owned Bank of Baroda on Saturday said it will provide an ex-gratia payment of Rs 10 lakh to the next of kin of business correspondents (BCs) in case of loss of life due to COVID-19. It will also provide health insurance cover of Rs 60,000 to the BCs.

The bank has taken steps for BCs’ financial security, in terms of ex-gratia payment of Rs 10 lakh to the nominee in case of loss of life due to COVID-19, and health insurance facility of Rs 60,000 to each active BC, it said in a statement.

Bank of Baroda said to ensure maintenance of hygiene and safety, it is also providing additional support in tranches to keep the BC points sanitised and clean through sanitisers, disinfectants, use of masks and other measures.  In the first tranche, Rs 2,000 was provided to each active and functional BC in the month of April 2020.

In May, each functional BC will be provided Rs 1,000 for hygiene maintenance, the bank said.  Further, the bank will pay an amount of Rs 100 per working day towards transportation as an incentive to the BCs to encourage them to extend their services from 10 am to 5 pm till June 30, 2020, (except where local level restrictions are imposed), subject to minimum 40 transactions.

The lender’s Executive Director Vikramaditya Singh Khichi said, “The Business Correspondents are an extended family for us and are performing a very important role in our fight against COVID-19 on the economic front.
“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.”

During these challenging times, they have been working very hard and putting in every effort to ensure that funds reach the beneficiaries in time. In recognition of their commitment and services as ‘Corona Warriors’ in the field, Bank of Baroda has taken these measures to safeguard their interests and for their welfare, Khichi said.

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Fixed Deposit with medical services at no extra cost! Check features of DCB Health Plus FD
2Bharti AXA Life reports 10 pc rise in renewal premium at Rs 594 cr in April-September
3Fasal Bima profits of private insurers jump, as state govts, state-run firms falter