FinMin officials, banks, FIs contribute Rs 430 Cr to PM-CARES Fund

Officials of finance ministry, banks, and other public sector financial entities under the administrative control of the ministry have contributed Rs 430.63 crore towards PM CARES Fund for providing assistance to those impacted by COVID-19 pandemic.

The Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund was created on March 28, following the COVID-19 pandemic.

The dedicated national fund has been set up with the primary objective of dealing with any kind of emergency or distress situation posed by the COVID-19 pandemic, and to provide relief to affected people, the finance ministry said in a statement.

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The country's largest insurer, LIC, was the highest contributor to the fund with a contribution of Rs 105 crore, followed by the country's largest lender State Bank of India with Rs 100 crore, and India Infrastructure Finance Company Limited (IIFCL) with Rs 25 crore, it said.

General Insurance Corporation was at fourth position with a contribution of Rs 22.81 crore. The administrative department of banks and financial institutions have collected Rs 7 lakh.

Besides, officials of Central Board of Direct Taxes and Central Board of Indirect Taxes have garnered Rs 23 crore for the fund, while Revenue Department officials have pooled in Rs 2 crore.

Similarly, the Department of Economic Affairs (DEA) has collected Rs 15 lakh, while Security Printing & Minting Corporation of India Ltd (SPMCIL), under the department, has contributed Rs 5.19 crore.

Public sector financial institutions have pledged both employees' contribution as well as corporate social responsibility (CSR) funds and others.

Out of the Rs 430 crore, nearly half of it -- Rs 228.84 crore -- is estimated salary contribution to the fund.

Earlier last week, the Finance Ministry has released Rs 17,287 crore to states to enhance their financial resources during the COVID-19 crisis.

Of this amount, Rs 11,092 crore is towards State Disaster Response Mitigation Fund (SDRMF) to all states.

An amount of Rs 6,195 crore has been released as 'Post Devolution Revenue Deficit Grant' to 14 states namely Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.

(Disclaimer: Additional background information has been added to this PTI copy for context)

(Edited by Teja Lele Desai)