Policy balance
The recent appointment of Sanjay Malhotra as Governor of the Reserve Bank of India (RBI), replacing Shaktikanta Das, signals a pivotal shift in India’s monetary policy dynamics.
Swiss brokerage firm Credit Suisse has extended Rs 7.5 crore (USD 1 million) to two non-profits to procure emergency drugs and other medical equipment in major cities to support India’s fight against COVID-19 that has killed nearly 2.75 lakh people and infected about 2.5 crore so far.
Last year, Credit Suisse had given Rs 4.5 crore (USD 6,00,000) grant to Concern India Foundation and United Way Mumbai to procure essential equipment at seven hospitals in Mumbai and Pune.
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The funds will be utilised to procure critical medical supplies, oxygen concentrators, and ICU equipment in Mumbai, Pune, New Delhi and Bengaluru, the company said in a note on Monday.
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The bank has also raised an additional Rs 2.8 crore through internal staff fundraising for GiveIndia’s COVID response fund.
The fresh funding will be extended to the Concern India Foundation and GiveIndia Foundation to procure critical medical supplies, as well as oxygen and ICU equipment for the COVID hospitals in Mumbai, Pune, Delhi, and Bengaluru.
Credit Suisse has also launched a fundraising appeal among its staff to raise money for GiveIndia’s COVID response fund, which will then be matched by the bank through a separate donation. The campaign has already raised over Rs 2.8 crore (USD 3,70,000) so far.
We are deeply concerned and anguished by the impact of the second wave of the pandemic in India. We stand in solidarity with everyone in the country during these extremely difficult times. This support is our small effort, alongside the notable endeavours of the rest of India Inc, Mickey Doshi, Credit Suisse India chief executive said.
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