UCO Bank has taken various initiatives to supplement the Government’s effort to combat the second wave of Covid-19. These initiatives include restructuring of Stressed Accounts, launch of new products, human resource initiatives and CSR initiatives.
According to the bank, borrowers are being contacted to ascertain the impact of the second wave of Covid-19 for providing the relief in terms of RBI guidelines. Resolution Framework 2.0 is also available for individual and small businesses. The bank has already extended relief under Resolution Framework 2.0 to 2314 accounts amounting Rs 127.00 crore. Also, eligible borrowers can apply Guaranteed Emergency Credit Line 3.0 till 30th September, 2021 with additional 10%.
To resolve the urgent fund requirement of the healthcare sector, the bank has come up with three new credit schemes: UCO Sanjeevani, UCO Aarogyam and UCO Kavach. A Deposit Product UCOVAXI-999 has also been launched.
In addition to this, the Bank along with its corporate channel partners is offering Corona Kavach & Corona Rakshak, Group Care 360, Star Group Health Insurance (Gold), UCO Health Suraksha and Group Credit Life Insurance Policies.
Under HR Initiatives the Bank also announced a compensation of Rs.20.00 lakhs as a financial assistance to family members of staff for unfortunate death due to Covid-19. Bank has provided a term loan facility for purchasing oxygen concentrators and interest free salary advance to all employees. It is also reimbursing cost of Covid test of its employees and prioritising vaccination of all employees and their family members in consultation with Govt authorities. Wherever required, Work from Home facility is provided to physically handicapped and pregnant lady employees during pandemic.
Under CSR Activities the Bank distributed food grains among poor and needy people affected by lockdown in the vicinity of our Head Office premises. Distributed staple food items Slum dwellers, pavement dwellers residing in Jatindra Mohan Avenue, Halshibagan, Dalimtala etc. with the help of Burtolla Police Station (Kolkata Police).
The Bank also stood beside the people of Mansadwip, South 24 Pgs., affected by cyclone Yaas and provided financial help to
Ramakrishna Mission Sevashram, Mansadwip who are providing cooked food to those people.