Bank of Kathmandu CEO Mr. Shovan Dev Pant announces to contribute his one month salary to fight Corona virus; to provide Rs 5.51 lakh to federal government’s Corona response fund

Fri, Mar 27, 2020 11:17 AM on Corporate, Latest,
Bank of Ka...

Banker Mr.  Shovan Dev Pant, who is the CEO of Bank of Kathmandu, has announced that he would donate his one month’s salary that totals to Rs 5,51,413.94 to the Corona response fund established by the federal government to fight Corona virus infection in the nation.

Issuing the media statement, CEO Mr. Pant has highlighted about the steps that the government, corporate and banking sectors can play to mitigate the spread of Corona thereby addressing the requirements of the hard-hit business, daily wage earners and other vulnerable sectors.

Issuing the media statement,  he states that:-

World Health Organization (WHO) has made official announcement that the current lockdown is not cure of COVID 19 but a lockdown  country needs to prepare much more:

“Asking people to stay at home and shutting down population movement is buying time and reducing the pressure on health systems. But on their own, these measures will not extinguish epidemics. The point of these actions is to enable the more precise and targeted measures that are needed to stop transmission and save lives. We call on all countries who have introduced so called “ lockdown” measures to use this time to attack the virus.”

Financial institutions’ support:

  1. Banks and many other strong corporates hold Corporate Social Responsibility (CSR) funds. This is the time to let these funds be granted to save the country from current pandemic crisis of Covid -19. What better use of CSR than help out in these critical hours of need to strengthen? These funds could be used to strengthen the testing capacity of country for covid virus and other medical and hospital supports. Because enhancing the testing capacity is the first step. Similarly Personal Protection Equipments (PPE) is already a great issue for health service providers. Ventilators will be a challenge.p for hospitals.
  2. During lockdown and after lockdown period, the supply chain continuity of essential items will remain a big threat. It can cause many other social disturbances due to possible disruption of essential items. For those industries which are producing essential items or engaged in supply of essential item and if these units are facing cash flow problem due to current situation, which otherwise were good borrowers of banks, could be considered to provide a emergency additional working capital credit line up to 10% of the normal limit.
  3. Due to depletion on remittance there will be big strain in FX and in the country’s capacity it import as we are import based economy even for many essentials.
  4. Another major issue will be the plight of daily wage earners and unemployed people who have to rely on daily wage which is stopped now. The threat of possible starvation and livelihood, where the corporate sector has to come more liberally and magnanimously to address this social challenge.