|V Vaidyanathan, MD & CEO, IDFC First Bank|
IDFC First Bank, which prides itself on its ‘Customer First’ strategies, has broken new ground in this regard by launching a unique food kit program for 50,000 low income customers who have been badly hit by Covid’s second wave.
One highlight of the Ghar-Ghar Ration program is that it is funded by this new generation bank’s employees. They are donating salaries ranging from 1 day to 1 month to fund a ‘Customer Covid Care Fund’ for this ambitious program to support its most vulnerable customers during this make-or-break time for them.
The food kit has been thoughtfully designed with the following items - 10 kg rice / flour, 2 kg dal / lentils, 1 kg sugar and salt, 1 kg cooking oil, 5 packets of assorted spices, tea and biscuits and other staples needed to support a small family for about a month.
IDFC First Bank employees are not only funding this program but doing the actual work of procuring these food kits and distributing it to customer’s door steps with a personal touch, especially in rural areas. In locations where physical delivery is now difficult, like some urban locations, IDFC First employees will be giving prepaid cards worth Rs. 1800 which will be enough to buy the kit’s items.
To ensure that the food kits or prepaid cards reach the most needy customers, the bank has announced that all impacted customers can contact their nearby IDFC First Bank branch to avail of this food assistance. In a true display of magnanimity, the bank has also made it clear that even overdue customers can avail this facility.
While the bank’s employees are taking care of their customers this way, IDFC First Bank is ensuring that its employees are also being taken care in the most befitting way. It has created the ‘Employee Covid Care Scheme 2021’, to assist the families of employees who either lost their lives due to the pandemic or have been seriously affected.
The scheme is noted for its comprehensiveness with almost all needs taken care of including employment to spouse, generous group term life insurance, continued 2-year salary credit for nominee, waiver of employee loans, home loan waiver, extension of family medical insurance, financial assistance for relocation, pro rata bonus for this year’s service, salary advance at 0% interest and personalized financial advisory service to affected families.
IDFC First Bank employees are also undoubtedly inspired by the personal philanthropy of their boss, MD & CEO V Vaidyanathan, whose tales of gratitude and generosity are unsurpassed. Close on heels of gifting a former teacher who helped him while he was young, with 1 lakh shares of IDFC First Bank, Vaidyanathan gifted three individuals with a total of 4.5 lakh shares which was worth Rs. 2.43 crore, for the purpose of buying houses.
Such generosity is nothing new to him either as three years earlier, when he was Chairman of Capital First, Vaidyanathan had gifted 4.3 lakh shares worth Rs. 20 crore to his two drivers, three maids, some colleagues and family members.
Speaking about the current Ghar Ghar Ration program, Vaidyanathan said, “While we cannot solve all problems considering the magnitude of the crisis, we want to support our customers to the extent we can, and hence our “Ghar Ghar Ration” program. We have been driving the philosophy of “Customer First” at our Bank and we felt that there is no better way to instill this philosophy in our employees than by employees directly contributing for the welfare of our affected customers.”