PSU banks provide up to Rs 20 lakh insurance cover to employees

Saluting the efforts of bankers to provide services amid coronavirus threat, the Finance Ministry on Monday said public sector banks (PSBs) have provided insurance cover to employees in case of an unfortunate death due to the deadly virus.

Banks have also expressed their commitment to ensuring the well being of their employees by providing protective gear and medical care.

statBanks have appointed dedicated doctors for its employees and also set up helpline to attend to the concerns of staff, sources said.

"Salute to all bankers providing services across India in this critical time. To ensure their safety, PSBs have provided health cover (incl of #Covid-19) to all employees and also lumpsum compensation in case of an unfortunate death due to #Corona," the Finance Ministry said in a tweet.

According to sources, banks have designed their own customised product keeping in mind interest of their employees and up to Rs 20 lakh lumpsum amount will be paid to relative in case of unfortunate event due to COVID-19.

Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have praised bankers for imparting their duty in these challenging times.

Financial services are part of some of the essential services which have been operational during the lockdown that will continue till May 3.

Several banks including SBI, Punjab National Bank, Union Bank of India and Indian Bank have taken various steps to ensure safety of their employees and protect them from coronavirus.

For example, the country's largest lender State Bank of India (SBI) has set up a quick response team to keep the staff motivated amid the coronavirus outbreak,