Investment Plans 333 views April 29, 2020

Covid-19: Bank of Baroda Announces Ex-Gratia, Health Cover for Biz Correspondents

State-owned Bank of Baroda announced that it will provide an ex-gratia payment of Rs 10 Lakh to the next of kin of business correspondents in case of loss of life due to COVID-19.

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Bank of Baroda will also provide a health insurance cover of Rs. 60000 to the Business Correspondents(BCs).

To ensure the financial security of the BCs, the Bank has taken this step, in terms of ex-gratia payment of Rs. 10 Lakh to the nominee of BC in case of loss of life due to COVID-19, and also a health insurance facility of Rs. 60000 to each active BC.

Business Correspondents are an extended family for the bank and are performing a very important role in the fight against COVID -19 on the economic front.

Bank of Baroda also said to ensure the maintenance of hygiene and safety, hence providing additional support in tranches to keep the BCs satisfied, safe and clean through sanitisers, disinfectants, use of masks and other requisite safety measures.

In the first tranche, it will provide Rs.2000 to each active and functional BC in the month of April 2020.

In May, each active and functional BC will get Rs.1000 for the maintenance of hygiene and safety.

Further, the bank will provide Rs 100 per working day towards transportation as an incentive to the BCs to encourage them to extend their services from10 am to 5 pm till June 30, 2020 (except where local level restrictions are imposed), subject to minimum40 transactions.

Business Correspondents are the connect to the masses of India and also a key part of 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 amid COVID-19 Pandemic outbreak, BCs have been working very hard and putting their efforts in ensuring the fund reaches to the beneficiaries in time. In recognition of their commitment and services as ‘Corona Warriors’ on the frontlines, Bank of Baroda has taken these safety measures to safeguard their interests and for their welfare.

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