Bank of Baroda’s Initiatives Offer Reprieve in Times of COVID-19 Crisis

In the wake of the global pandemic and as the nation is in a lockdown, the onus falls on the various financial and lending institutions to come forward and help people tread these uncharted waters. Financial institutions should continue to play a larger role in creating a cohesive environment in this “New Normal” at a time when partnerships will be steered by new ethics, challenges and responses and in recognition of this responsibility and as a caring institution, Bank of Baroda, which is a very large and leading public sector lender, has made sure that the credit process keeps functioning.

Given the evolving situation and anticipating the customer’s requirement, the Bank has announced series of facilities and initiatives that addresses the needs of every section of society. The Bank’s branches, Business Correspondents and ATMs are working at any given point of time, with constant replenishment of cash to meet requirements for all.

The Bank’s Initiatives

While Bank of Baroda has more than 9,000 branches, it also has 18,000 plus Banking Correspondents (BC) who have extended constant support to customers across the country. The Bank has also announced an extension of financial support to the BCs towards the maintenance of hygiene and safety at BC touch points. A first-time initiative among public sector banks, the effort is meant to ensure protection by the Bank from COVID-19, towards its customers and members of the public and the business correspondents themselves. A financial support of INR 2000 has been given to each active and functional BC agent towards the maintenance of hygiene at their outlets for the purchase of sanitizers, disinfectants, masks, gloves etc. An additional INR 100 per working day is being given to every active BC agents towards transportation.

For the women beneficiaries under the Pradhan Mantri Jan Dhan Yojana (PMJDY) the Bank has arranged that all account holders receive an amount of INR 500 each for each of the next three months, as an ex gratia payment under the Pradhan Mantri Garib Kalyan Package announced by the government. The money is be credited to the individual bank account holders and an SMS is also sent to the account holders informing them on the date when they should withdraw from the nearby branch or the BC touch points.

The Bank’s Marginal Cost of Funds Based Lending Rate (MCLR) has been reduced by 15 basis points to 8.00% w.e.f. 12th April 2020.  For its retail customers, the Bank has reduced its Baroda Repo Linked Lending Rate (BRLLR) by 75 basis points with effect from March 28, 2020. The BRLLR linked to RBI Repo Rate is revised downwards in line with the reduction on Reserve Bank of India Repo Rate from 5.15% to 4.40% after the central bank slashed it by 75 basis points. The move was aimed encouraging customers to avail the credit lines that have been opened and assure that the Bank is available at all times to meet all the credit requirements most conveniently. The BRLLR for all new floating rate loans for all personal loans and retail loans of all asset classes and floating rate loans to Micro, Small and Medium Enterprises, is now 7.25%. For existing loans, the interest rate under the external benchmark shall be reset at monthly intervals linked to BRLLR. However, there has been no change in the mark-up /base spread or strategic premium.

In pursuance to the Reserve Bank of India’s (RBI) COVID 19 regulatory package announcement, the Bank has provided a moratorium of three months on payment of all instalments falling due between March 01, 2020 to May 31, 2020 for all term loans including corporate, Micro, Small and Medium Enterprises (MSME), Agriculture, Retail such as Housing, Auto, Education and Personal. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period. These measures are to help mitigate debt servicing on account of disruption brought about by COVID 19 and ensure continuity of business. For all the customers whose Standing Instructions for deduction of monthly instalments have been implemented, the Bank has texted the customers in case they want a refund of the instalments of March and April as well as deferment for the instalment till up to May.

Further, the Bank launched the “Baroda Personal Loan COVID 19” for its existing Retail Loan customers (Home Loan, Auto Loan & Loan against property). The objective was to tide over the liquidity mismatch to existing customers. The customer could approach their existing branches to avail this personal loan up to a maximum limit INR 5 lakhs in a hassle-free manner. This being a special personal loan, the Bank has kept a much lower interest rate linked to the Baroda Repo Linked Lending Rate (BRLLR) than its regular personal loan schemes and the customers may avail the benefits under the scheme till 30th September 2020.

Bank of Baroda announced zero charges on digital transactions for retail customers for three months to ensure the safety of its customers and to provide enhanced and uninterrupted banking experience. The ‘Stay Safe. Bank Safe’ along with the ‘Khushiyon Ka Remote Control’ initiative aimed at encouraging customers to bank digitally and equipping them to avail the Bank’s services from a remote location, without visiting the branch.

For MSME and corporate borrowers, the banking giant has rolled out the ‘Baroda COVID Emergency Credit Line (BCECL)’ to provide Emergency Credit Line like Short- Term Loan/Demand Loans. This means that the Bank has decided to make a maximum of 10% of the existing Fund Based Working Capital Limits (FBWC) subject to a maximum of INR 200 crore. This is in addition to existing Adhoc/excess/SLC/Gold Card Limit. The interest rate for corporate borrowers would be one-year MCLR of 8.00% without the standard premium and for MSMEs, the rate of interest would be at BRLLR of 7.25%.

For the agriculture segment, Bank of Baroda floated various schemes to ensure immediate financial assistance to Women Self Help Groups (SHG), to meet their domestic and agriculture needs and an Emergency Credit Line for Farmer Producer Organization (FPO/ FPC) to meet the temporary liquidity mismatch of FPO / FPCs arising out of COVID-19. Under the Additional Assurance to SHGs-COVID19 scheme, the Bank will provide support to existing SHG facilities in the form of Cash Credit/Overdraft/Term Loan/Demand Loan. The minimum loan amount is INR 30000 per SHG and maximum loan amount granted under the scheme is INR 1 lakh per SHG, repayable in 24 months. The repayment for this scheme would be on a monthly / quarterly basis and the moratorium will be for a period six months from the date of disbursement.

Bank of Baroda has also cut deposit interest rates, on Domestic Term Deposits including NRO, NRE & Non-Callable deposits of below INR 2.00 Crore w.e.f. 9" April 2020. A sum of INR 20 crore has been handed to the government on behalf of the Bank’s employees for the PM-CARES Fund for the fight against coronavirus.

Together, we shall overcome

As the world comes together in its battle against a situation unheard, unseen before, banks are required to take on the responsibility of easing the financial ecosystem and enabling credit assistance to those who need it. As the whole finance sector gears up for the ‘New Normal’, Bank of Baroda is committed to providing comprehensive financial aid through various efforts and initiatives to continue in contributing to the Indian economy.

GRB Dairy Foods Contributes Rs 25 Lakh Towards CM Relief Fund COVID-19

GRB Dairy Foods Pvt. Ltd, a well-known FMCG company, has come forward to support the fight against coronavirus by contributing Rs 25 lakh for Karnataka state government’s CM Relief Fund COVID-19. The company which has presence across India and overseas markets, plans to further contribute to the people of Karnataka in many other possible ways.

Food kits with essential groceries worth Rs. 20 lakh is also being distributed in Karnataka by GRB Dairy Foods Pvt. Ltd. The contents of food kits consist of essential items that include – rice, dal, sugar, salt, chilli powder, turmeric powder and sambar powder.

Speaking on this humanitarian initiative, Mr. G.R. Balasubramaniam, Founder and Chairman, GRB Dairy Foods Pvt. Ltd said, “Presently, we are facing a major health crisis, where the nation is fighting against the deadly coronavirus pandemic and this is our sincere effort in helping overcome the same. As a responsible and committed corporate citizen, we are concerned about the health and wellbeing of the society and the nation that we live in, and we are hopeful that this initiative of ours will aid the government in relief work and the food kits will help the needy people.”

In the wake of coronavirus outbreak, the central and state governments of India have appealed to the people to donate money for providing better healthcare and advanced medical support system to prevent the spread of COVID-19 and assist those who need help.

About GRB Dairy Foods Pvt. Ltd

GRB Dairy Foods Pvt. Ltd was started in the year 1984 by Mr. G.R. Balasubramaniam, a person with exceptional product knowledge and business acumen. It has now evolved from a ghee manufacturing entity to a multi-product, multi-brand company. GRB Dairy Foods Pvt. Ltd has become synonymous with ‘Purity’ in the Indian market and over the years it has built a reputation and legacy for authentic traditional taste.

GRB Dairy Foods Pvt. Ltd’s commitment to excellence and its vision of providing best quality products is unwavering. The company takes pride in its three decades old conviction to provide Purity, Taste & Quality.

TVS Motor in Bengaluru Offers Free Services of Two-Wheelers to Police Personnel

TVS Motor Company, as a responsible corporate citizen, is committed to stand united with the Government in their sustained efforts to overcome the COVID-19 pandemic across the country.

In line with this philosophy of ensuring the health and prosperity of the local communities, TVS Motor Company dealerships are undertaking several active measures to contain the spread of Covid-19 within their vicinity.

TVS Motor Company’s main dealer Solar TVS, Bangalore offering free service of two-wheelers to police personnel to ensure they can fulfill their duties seamlessly. Saravana Enterprises, Kolar distributed food grains to Private Garage Mechanics in Devanahalli area.

Rooted in our 100-year legacy of Trust, Value, Passion for Customers and Exactness, we take pride in making internationally aspirational products of the highest quality through innovative and sustainable processes.  We endeavor to deliver the most superior customer experience at all our touch points across 60 countries.  We are the only two-wheeler company to have received the prestigious Deming Prize. Our products lead in their respective categories in the J.D. Power IQS and APEAL surveys for the past five years.  We have been ranked No. 1 Company in the J.D. Power Customer Service Satisfaction Survey for consecutive three years.

Top 5 Indian Companies Revisiting Employee-Wellness Strategies Amid Covid-19 Outbreak

Amidst the global pandemic, most companies have been adapting to a lockdown hit India by finding all workable solutions to ensure most of their workforce remains active. This stands true especially for the corporate and IT industry which does not necessitate field work and connectivity becomes the lifeline for such organizations. However, in a space-crunch affected Indian homes and residential spaces, not every employee has the luxury to have a room or home office along with the associated challenges of working when the whole family is together.  In line with the current situation Indian companies are rethinking their employee-wellness strategies and customising programs to accommodate the tectonic change in people’s habits after a prolonged phase of working from home due to the Covid-19 lockdown and are conducting various activities for the employees to adopt simple health measures during this prolonged shutdown to be physically and mentally upbeat.

Here is the list of five top Indian companies revisiting the wellness strategies in the times of coronavirus:

1) The auto major Mahindra has launched a series of activities for the wellbeing of our employees which involves interactive sessions with nutritionists as well as an exercise regime. They are also running a webinar on emotional hygiene as employees work from home. Mahindra is also tying up with external agencies for tips on indoor exercises as they feel despite it being just a few days into the lockdown, it can start taking a toll on employees, sooner than later.

2) Brookfield Properties has launched Positive Pulse, A Wellness Initiative to promote employee health and safety while they work from home during the
lockdown. Under this month-long campaign, Brookfield Properties will be hosting a series of engagement activities, across its Commercial Real Estate portfolios, CandorTechSpace in Gurgaon, Noida and Kolkata; as well as for Powai Business District and Equinox Business Park in Mumbai.  It will be hosting two special webinars - one on Health and another on financial health along with cooking sessions. As well as a virtual skill-based CSR volunteering and rap/jingle contest, thus giving them a reason to stay healthy and entertained, and adding value and balance to the work-life of professionals even when they are away from their workplace. 

3) Johnson & Johnson has rolled out a 'telemedicine program' globally to help the employees and their families with questions about their physical and mental health. They are also encouraged to seek confidential support from counsellors via phone using the J&J employee assistance program (EAP). Maintaining focus on their physical wellbeing is also important and Johnson & Johnson has digital mindfulness tools, virtual fitness sessions, home workout apps, access to health experts and regular knowledge-sharing to ensure their workforce stay motivated, healthy and mindful.

4) Flipkart is encouraging employees across the organization to take a ‘Digital Chai Break’ and guiding them in scheduling their work day. It is also encouraging parents with older children to get them involved in scheduling their priorities for the day and keep them engaged in this regard and believe that this approach will help them balance priorities while working from home.During video meetings, they also encourage the working parents to bring their young kids to greet colleagues, who are more than happy to see them. This is building a strong sense of togetherness.

5) Vedanta is putting employee well-being ahead of productivity issues and offers psychological counselling helplines to people facing anxiety and stress-related problems along with online meditation and fitness sessions to a series of engagement activities  during work for home to keep their employees motivated and engaged.

Acer Extends Warranty of All Products for a Period of 60 Days Amidst Lockdown

Acer India, the global PC brand today has announced extension of standard warranty for entire range of its products by 60 days from the date of suspension of the lockdown. This is going to be applicable for products whose warranty have been expired in this lockdown period.

So, customers can avail this warranty in case an issue arises with their products. Acer has also come up with ‘Book Now and Pay Later’ option for it’s consumers to line-up their desired products so that it will be instantly delivered to them as soon as the lockdown releases. This includes features like GST ready e-invoices, multiple payment options for ease-in process and transaction.

Commenting on the announcement, Chandrahas Panigrahi, CMO and Consumer Business Head,  Acer India said, “In order to reassure that our customer is at peace during lockdown period, we have decided to provide 60 days extended warranty on all our products whose warranty is expiring during this lockdown phase.”

The Covid-19 pandemic has indeed put the world on hold. Like many other countries, India has been on lockdown since 23rd March. Amongst various other constraints that it brings, the lockdown has also created an issue for electronic users who are looking to get their devices repaired. It's exceptionally difficult for people whose devices are reaching the end of the warranty period. Through this initiative, Acer also wishes to strengthen its connection with its buyers and build greater affinity to the brand by encouraging customers to stay calm and safe during ongoing pandemic.

LEAD School Offers Home Learning to Over 13,800 Students in Karnataka

With the nationwide lockdown extended till May 3, 2020, and schools remaining shut across the country, LEAD School is aiding over 13,800 students in Karnataka and 2.5 lakh school students to continue their learning online and ensuring there is no disruption in their academic year. The move comes amid the coronavirus outbreak and the 15th April directive from the Government of India asking educational institutions to maintain academic schedules through online learning platforms.

Currently, over 13,800 students have benefitted through this program across 38 schools in Karnataka alone.

Even before the government imposed the 21-day national lockdown, LEAD School — one of the fastest-growing technology-enabled academic systems in India — launched its unique School@Home programme on 16th March itself when only a few state governments had started announcing lockdowns. Bringing the school right into living rooms, LEAD School then started the new academic year on 2nd April and, till date, online classes under the programme have generated approximately 30 lakh video views. The initiative has made remote or distance learning accessible to students in over 600 English-medium schools, leading to a paradigm shift in India's school education system.

In a first-of-its-kind initiative, the LEAD School@Home programme is based entirely on the core syllabus conceived by central and state education boards, and taught in schools. The students will study the regular curriculum as they would in schools, and not supplementary courses that other education platforms are offering.

There are 250 million students that go to schools in India, and many of them yet do not have access to online school. LEAD School@Home is now open to any child across India. Parents can register their child using https://leadschool.in/lead-school-at-home.html.

LEAD School is a technology-first, multi-modal learning platform which has been continuously innovating. And because of its technology-enabled new ways of learning; today the partner schools, parents as well as students have reaped its benefits as it is a lot easier for them to adapt to this new normal of learning.

LEAD School is collaborating with school owners, administrators and teachers to offer the many benefits under School@Home, which, apart from starting the academic year on time, also includes live online classes from Day 1 and digital content and workbooks for students. Students do not require any extra device to start learning. LEAD School is also helping its partner-schools adopt the right technology to improve their processes, make education more student-centric, empower teachers, and ensure quality performance among both students and teachers.

LEAD School Co-founder and CEO Sumeet Mehta said, “The disruption of education in pre-schools and K-12 schools due to the pandemic and the lockdown has created uncertainty in the minds of school owners, teachers, students and parents. There is apprehension among students that they may lose a year if schools do not reopen on time. To assuage their concerns, we lost no time in making the LEAD School@Home programme accessible to all English-medium schools across the country. This is in keeping with our mission to impart education in both good and bad times, and our firm belief that learning is a continuous and a lifelong process. School@Home has been designed in a way that students in both ‘urban India’ and ‘rural Bharat’ find easy to comprehend and learn in the comfort of their homes. I am confident that this integrated learning system will benefit all stakeholders — and none more than the students who need it right now."

Till date, LEAD School has catered to over 3 lakh students in 800+ affordable private schools across cities and Tier 2, 3 and 4 towns. The LEAD School@Home programme is already available to students affiliated to all CBSE and State boards in the country. The LEAD School Parent App provides students with homework and assessments, while keeping parents informed of their children's academic progress.

Takeda India Stands United for Hemophilia on World Hemophilia Day

Key Points

• Approximately 21,000 hemophilic patients registered in India
• With the ongoing government support, standards of care have improved in the country

On World Hemophilia Day, Takeda India, part of Takeda Pharmaceutical Company Limited, a global biopharmaceutical company, pledges to stand united to support patients for a better life and brighter future. Takeda is committed to driving awareness and conversations around Hemophilia to ensure an increased number of diagnoses and, thus, timely treatment with quality replacement therapy. 

Koki Sato, General Manager, Takeda India, commented, "As a company, we are committed to serving patients suffering from Hemophilia and support them in their journey to ensure an improved quality of life. Together with the hematology community, we are raising expectations for the future, including earlier diagnosis, earlier and full protection against bleeds, and more personalized patient care. With our innovative therapies, awareness drives, and initiatives, we aim to contribute towards building a bleed free India by 2030."

Through Access to Medicine (AtM) strategy, Takeda aims to address the broader structural barriers that prevent patients in underserved communities from receiving the care and treatment they deserve. In addition to AtM, Takeda India in 2017, launched Purna Samparq, a patient support program to address the critical unmet needs of Hemophilic patients by offering them Counselling, Diagnostic, Physiotherapy, Nursing and Education Support under the guidance of the Consulting Physician to improve the quality of life.

Gopal Agrawal, Head Market Access, Patient Advocacy, and Patient Services, Takeda India, said “We are committed to addressing the unmet needs of patients wherever they may be, andsustainably strengthening local health systems at every stage of the patient journey. We complement this approach with a commitment towards developing an end-to-end access approach to make our highly-innovative medicines available as soon as practically possible”.

Hemophilia is an inherited single gene disorder that is usually inherited, and about one in every 5,000 males is born with the disorder[2]. As per a reputed patient body in the country, there are approximately 21,000 registered hemophilia patients in India (footnote source). This rare disease mostly impacts pediatric males. While most of the patients opt for on-demand treatment when an episode of bleed occurs, there is prophylaxis treatment that can reduce the annual bleed rate, therefore leading to a reduced lifetime risk of future bleeds and helping the patients to live a better-quality life.