Bharat Financial Inclusion Limited To Cover COVID-19 Vaccination Cost For Employees

* Over 28000 employees to benefit from this exercise

Bharat Financial Inclusion Ltd. (BFIL), a 100% subsidiary of IndusInd Bank, today announced that it will bear the costs of COVID-19 vaccinations to inoculate over 28000 employees of the company to protect them against the coronavirus. As part of the initiative, the company will fully reimburse the vaccination costs to the employees as and when they receive the two mandated doses.

Speaking on the initiative, Shalabh Saxena, Managing Director and Chief Executive Officer, BFIL, said, “At BFIL, the welfare of our employees has always been our top priority. Through the COVID-19 outbreak, we devised comprehensive business protocols that ensured the health and safety of our entire employee ecosystem. Microfinance being a high-contact business, it was the courage and perseverance shown by our employees that helped us serve our customers without any major disruption. Covering the vaccine costs is just a small way of expressing our gratitude to them and as the government expands the vaccination drive, we encourage our employees to get themselves vaccinated for the well-being and protection of themselves and their family members.”

BFIL had taken several initiatives through the COVID-induced lockdown to support its employees and the local communities that it closely interacts with on a regular basis. During the lockdown, apart from maintaining stringent safety protocols at branches and offices, it also reached out to local government hospitals and provided free medicines while training and equipping frontline health-workers with protective equipment. The company also contributed a sum of INR 1 Crore Rupees to the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) to help fight the unprecedented crisis.

About IndusInd Bank Limited:

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2020, IndusInd Bank has 1911 branches/ banking outlets and 2760 ATMs spread across 751 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

Ratings:

Domestic Ratings

●       CRISIL AA + for Infra Bonds program

●       CRISIL AA for Additional Tier I Bonds program

●       CRISIL A1+ for certificate of deposit program

●       IND AA+ for Senior bonds program by India Ratings and Research

●       IND AA for Additional Tier I Bonds program by India Ratings and Research

●       IND A1+ for Short Term Debt Instruments by India Ratings and Research

International Ratings

●       Baa3 as Issuer, Bank Deposits and Senior Unsecured MTN ratings by Moody’s Investors Service

●       P3 as Short Term Issuer Rating by Moody’s Investors Service

About Bharat Financial Inclusion Limited:

Bharat Financial Inclusion Limited is a 100% subsidiary of IndusInd Bank Limited with presence across 23 states covering 1.33 lakh villages. The states include: Karnataka, Maharashtra, Odisha, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Haryana, West Bengal, Jharkhand, Chhattisgarh, Kerala, Punjab, Himachal Pradesh, Delhi, Assam, Tripura, Gujarat, Goa, Andhra Pradesh, Telangana and Tamil Nadu.