Government of India designates Indian Overseas Bank for Collection of PM CARES FUND
~Contribution to be assigned to ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM Cares) Fund’
Indian Overseas Bank (IOB), one of the leading public sector banks in India has been nominated by the Government of India for collection of funds which will be used to support the community during the Corona virus outbreak. The funds will be assigned to “Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM Cares) Fund.”
The contributions can be made by RTGS, NEFT, IMPS, Cheques and Demand Drafts drawn in favour of “PM CARES FUND”. One can also remit contributions directly by Electronic Clearing System (ECS) to the designated Savings Bank Account of Indian Overseas Bank. All such contributions will be entitled to 100% Income Tax exemption under Section 80G of the Income Tax Act and formal contribution receipt can be downloaded by the donors from the “PM CARES” Portal after 15 to 20 days of the donation.
Along with the guidance of Government of India, Indian Overseas Bank has also announced the launch of the emergency lines of credit facilities and 3 months’ moratorium period for its borrowers. The bank has been actively taking measures to support the community by all means in this pandemic situation.