JP Morgan allocates $3.8 million for India COVID Recovery, additional $10 million sanctioned in phases

JP Morgan Chase has increased its COVID-19 support for over 35,000 employees in India


According to reports, Filippo Gori, the chief executive of JP Morgan Asia Pacific, said the bank has set aside USD 3.8 million for the care of its over 35,000 Indian employees. An additional USD 10 million is being earmarked in phases, to support the needy in their pandemic recovery phase.

In a formal mail to the employees, Gori said, 

"We’ve committed an additional USD 3.8 million to support our colleagues in India in their fight against the virus in 2021. This money will be used for medical insurance, 24x7 ambulance service, partnerships with our clinical service providers and hospitals for hotel and in-home quarantine, doctor-on-call service and vaccination reimbursement support. The bank is also working towards increasing access to vaccines, subject to availability and government regulations."

"This community support and outreach will include support to microbusinesses, particularly those owned by women; helping youth pursue promising careers and help support inclusive fintech solutions for the post-crisis environment ensuring access to financial tools that will help them weather any future crisis," Gori said.

JP Morgan is also a member of the global task force on the pandemic response, a public-private partnership providing 1,000 ventilators and a further 25,000 oxygen concentrators to India.

The total aid, including medical supplies and medical equipment, from the US, is reportedly nearing USD 500 million.

Inputs from PTI

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