HDFC Group Commits Rs 150 Million To Covid's Struggle

MUMBAI: The group pledged Rs 150 crore on Thursday to support the government in measures to deal with the COVID-19 crisis.

The HDFC group in addition to the parent mortgage company includes HDFC Bank and other subsidiaries. Key subsidiaries include the life and non-life arm of HDFC, an asset management company. The HDFC Group's support for the PM CARES Fund is to commend the exemplary efforts of the central and state governments, the military and paramilitary forces, the local police, health professionals and sanitation workers across the country, who work tirelessly day day to fight the pandemic, said Deepak Parekh, president of HDFC.

In the financial sector, the group had announced a contribution of Rs 21 crore to the PM Fund. Among public sector entities, Life Insurance Corporation donated Rs 105 crore to the fund. The General Insurance Corporation also set aside Rs. Rs 22.69 million from its social responsibility budget for the PM Fund. The smaller entities also made their contributions. The distressed assets company ARCIL contributed Rs 1.5 million while the UA Small Finance Bank said it was distributing Rs millions for the fight against Covid-19. Among foreign lenders, Standard Chartered Bank said it is contributing Rs 5 crore to the ration, meals and essentials for those affected by the crisis.