COVID-19: UBS Group commits Rs 8 cr for India

Switzerland based UBS Group on Friday committed over Rs 227 crore for battling COVID-19 globally, of which about Rs 8 crore is earmarked for India.

Additionally, the Group's executive board as a whole will donate an equivalent of 50 per cent of their salary of next six months to COVID-19 aid projects, the company said in a statement.

The fund will be utilised to support heavily impacted communities around the world, it said.

Of the sum allocated for Asia Pacific region's community affairs, the largest donation is being made to India.

"UBS Group, along with UBS Optimus Foundation, has earmarked over Rs 8 crore for the Give India Foundation," the Group said.

The donation will help provide over 65,000 people, including daily wage earners and waste pickers, with dry rations, and healthcare staff and the sick with personal protective and medical equipment, it said.

Optimus Foundation is also partnering with clients in the region to identify causes it can support and help manage their funds, it added.

Speaking on the initiative, UBS India Head Harald Egger said, "The COVID-19 pandemic has thrown an unforeseen challenge globally, and we're taking collective action to make a transformative difference.