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Federal Bank Launches Various Covid-19 Relief Activities

Posted On: 2020-04-08 16:48:09


In an effort to support people affected by the nationwide lockdown imposed in the wake of the Corona outbreak, Federal Bank has started a drive for pooling donations from its employees and customers. The Bank has set up a portal for collection of donations on the Bank's website. Every contribution received will be topped up with an amount matching the remittance by Federal Bank Hormis Memorial Foundation, CSR arm of the Bank. The funds so pooled will be used for supporting community kitchen initiatives and providing Covid-19 testing kits in different parts of the country.

Under this project, The CSR Foundation of the Bank is funding for 21 community kitchens in Kerala. Entire purchases for all the community kitchens in the constituencies of Aluva, Angamaly and Perumbavoor during the declared lockdown period will be met by the Foundation. Inauguration of the project was done jointly by Mr Roji M John MLA, Mr Anwar Sadath MLA, Mr V P Sajeendran MLA, Mr Eldhose Kunnappilly MLA and Mr Joy Thomas, Deputy Vice President and Federal Bank Aluva Regional Head on 4th April 2020.

The Foundation has partnered with HelpAge India for providing 5000 food packets to migrant workers and slum dwellers in five locations of Delhi NCR on all days of the lockdown. Inauguration of the initiative was done in Delhi by Mr Nandakumar V, Senior Vice President and Network 2 Head of Federal Bank on Saturday.

The Foundation will also make available 1000 Covid-19 testing kits each in Kerala and Pune. 50% of the amount donated on the portal will be eligible for deduction under Section 80G of Income tax Act. For more details and to make donations, visit www.federalbank.co.in/covid-19-donation.

Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.40.9 as compared to the previous close of Rs. 42.75. The total number of shares traded during the day was 2163009 in over 5287 trades.

The stock hit an intraday high of Rs. 45.3 and intraday low of 40.55. The net turnover during the day was Rs. 92477887.


Source: Equity Bulls

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