NAFCUB Urges Urban Co-op Banks To Donate To PM CARES
Money & Banking
The National Federation of Urban Co-operative Banks and Credit Societies Ltd (NAFCUB) has appealed to all urban co-operative banks (UCBs) to donate to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) fund.
UCBs can give donations up to 2 per cent of their previous year’s net profit as donation to PM CARES on or before March 31, it said. This is 1 per cent in addition to the regular limit of 1 per cent permissible.
As of March 2019, there were 1,544 UCBs which, per RBI data, collectively posted a net profit of ₹4,009 crore in FY19.
At the rate of 2 per cent of previous year’s net profit, the UCBs can collectively contribute about ₹80 crore to PM CARES. Donations to the fund are eligible for deduction under Sec80(G) of the Income Tax Act, 1961.
“We also understand that a large number of bank staff members are eager to donate a minimum of one day’s salary towards the PM CARES Fund,” said Jyotindra Mehta, President, NAFCUB. He requested the banks to collect the voluntary contributions and remit them to the PM CARES account.
Mehta said the resources at the disposal of the government are inadequate to meet the medical and economic challenges that lie ahead due to the pandemic. Hence, it becomes the prime responsibility of every citizen and every organisation to share the burden.
Published on
March 30, 2020
The National Federation of Urban Co-operative Banks and Credit Societies Ltd (NAFCUB) has appealed to all urban co-operative banks (UCBs) to donate to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) fund.
UCBs can give donations up to 2 per cent of their previous year’s net profit as donation to PM CARES on or before March 31, it said. This is 1 per cent in addition to the regular limit of 1 per cent permissible.
As of March 2019, there were 1,544 UCBs which, per RBI data, collectively posted a net profit of ₹4,009 crore in FY19.
At the rate of 2 per cent of previous year’s net profit, the UCBs can collectively contribute about ₹80 crore to PM CARES. Donations to the fund are eligible for deduction under Sec80(G) of the Income Tax Act, 1961.
“We also understand that a large number of bank staff members are eager to donate a minimum of one day’s salary towards the PM CARES Fund,” said Jyotindra Mehta, President, NAFCUB. He requested the banks to collect the voluntary contributions and remit them to the PM CARES account.
Mehta said the resources at the disposal of the government are inadequate to meet the medical and economic challenges that lie ahead due to the pandemic. Hence, it becomes the prime responsibility of every citizen and every organisation to share the burden.
Published on
USAA Selects Chris Curtin As Chief Marketing Officer To Advance Value-Driven Brand Leadership
Feb 27 2026 SAN ANTONIO — February 27, 2026 — USAA today announced that Chris Curtin... Read more
USAA Puts Money Back In Members Pockets With Ways To Save, Strengthen Budgets
Association is Reducing Auto Premiums, Offering No-Interest Government Shutdown Loans, and Returning a Historic $3.8 Bil... Read more
USAA And UTSA Athletics Announce Inaugural Military City Collegiate
Golf tournament taking place at TPC San Antonio Read more
USAA Names Dan Griffiths Chief Information Officer To Drive Secure, Simplified Digital Member Experiences
Feb 03 2026 SAN ANTONIO — February 3, 2026 — USAA today announced the appointment of D... Read more
USAA Named One Of Fortune Worlds Most Admired Companies™ For 10th Consecutive Year
Association recognized by wider business community in annual All-Star list of Top 50 companies Read more
USAA Appoints Retired Army General Bryan P. Fenton, Former Commander Of U.S. Special Operations Command, To Board Of Directors
Jan 28 2026 SAN ANTONIO – Jan. 27, 2026 – USAA today announced that retired Army Gener... Read more