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Bank of Baroda announces special COVID-19 package for Active Business Correspondents

April 25, 2020
Bank of Baroda announces special COVID-19 package for Active Business Correspondents
  • Ex-gratia welfare support of Rs.10 lakh in case of unfortunate death of BC due to COVID-19
  • Health Insurance of Rs. 60,000/- in case of hospitalization
  • Additional Rs.1000/- for purchasing Hand Sanitizer, Mask, etc.
  • Extension of incentive towards transportation of Rs. 100/- per day beyond April 14, who undertake minimum 40 financial transactions in a day

Mumbai, 25 April, 2020: Bank of Baroda has extended financial support to Business Correspondents (BCs) by way of ex-gratia of Rs.10 lakh and health insurance of Rs.60000/- in the wake of 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, use of mask etc. In the first tranche, Rs. 2000/- was provided to each active and functional BC in the month of April 2020. In May, each active and functional BC will be provided Rs. 1000/- for hygiene maintenance.

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 10.00 AM to 5.00 PM till 30 June 2020, (except where local level restrictions are imposed) subject to minimum 40 transactions.

Speaking about this initiative, Shri Vikramaditya Singh Khichi, Executive Director 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 the 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. 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 Rs. 10.00 Lakh to the nominee in case of loss of life of BC due to COVID-19, and Health Insurance facility of Rs. 60,000/- to each active BC, apart from the incentive of Rs.100 per working day and the additional amount for hygiene."

About Bank of Baroda:

Bank of Baroda (“The Bank”) established on July 20, 1908 is a State-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda) in Gujarat, India.

Bank of Baroda is India’s leading public sector bank with a strong domestic presence supported by self- service channels. The Bank’s distribution network includes 9,500+ branches, 13,400+ ATMs, 1,200+, self-service e-lobbies and 18,000 Business Correspondents. The Bank has a significant international presence with a network of 100 branches/offices of subsidiaries, spanning 21 countries. The Bank has wholly owned subsidiaries including BOB Financial Solutions Limited (erstwhile BOB Cards Ltd.), BOB Capital Markets and Baroda Asset Management India Ltd. Bank of Baroda also has joint ventures for life insurance viz. India First Life Insurance and India Infradebt Ltd., engaged in infrastructure financing. The Bank owns 98.57% in The Nainital Bank. The Bank has also sponsored three Regional Rural Banks namely Baroda Uttar Pradesh Gramin Bank, Baroda Rajasthan Gramin Bank and Baroda Gujarat Gramin Bank.

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