India Inc makes relief its business

QUAKE AFTERMATH

Corporate India is doing more than its bit in the relief efforts in the tsunami-ravaged areas. Not just in donations, but also in kind.

While several companies and banks are donating cash, airlines are operating special flights to evacuate people and transport relief material. The Life Insurance Corporation is making insurance claims a simpler process.

The National Bank for Agriculture and Rural Development (Nabard) today announced a financial package to refinance loans made by banks for relief work. HUDCO has floated a special loan scheme for reconstruction of property at a discounted rate of 6.5 per cent as against the normal rate of 7.5 per cent.

Among banks, the State Bank of India has donated Rs 10 crore, followed by the Bank of Baroda Rs 5 crore, Punjab National Bank Rs 5 crore and Bank of India Rs 2 crore, Union Bank of India Rs 2 crore. Deutsche Bank has taken the lead among the foreign banks by donating Rs 25 lakh.

The Madhya Pradesh government has sanctioned Rs 2 crore and ITC Rs 3 crore, Infosys Rs 5 crore. SCI has announced a donation of Rs 5 crore, while Bajaj Auto has given Rs 2 crore and LG Electronics Rs 35 lakh. Grand Hyatt has decided to donate a part of room rentals.

The Tata group is sending relief teams from the Tata relief committee to the tsunami-affected areas to assess the damage and roll out relief measures.

Individual employees are pitching in as well. The employees of Life Insurance Corporation, Air India, Punjab National Bank, Nabard, Bank of Baroda and BPL Mobile among others are donating one-day's salary to the victims of natural calamity.

Insurance giant, LIC will waive all investigations into death claims arising in the tsunami-stricken areas. It has also waived interest payment on delayed payment of premium for the next three months and will reduce the delayed interest payment for the following three months by 50 per cent.

The corporation today issued a circular to all its offices stating that proof of death could be any certificate issued by a government official, and has also empowered some agents to issue death certificates. LIC has also waived the need for any legal title in the event that a nomination has not been made.

The apex banking association, the Indian Banks' Association has asked all banks to accept donations from members of the public, institutions, trusts, corporates, etc. to the Prime Minister's Relief Fund.

The branches of banks will remit the proceeds to the fund free of charge. Contributions will be acknowledged by the receiving banks pending issue of formal receipts by the Prime Minister's office.

Airlines like Air-India, Indian Airlines, Jet Airways and the national carrier of UAE, Etihad Airways are offering to carry relief material to the affected people. They are also lining up to operate special flights to evacuate people from the Andaman & Nicobar Islands.