₹25 lakh (before June 30, 2021)," V Vaidyanathan, Managing Director, and CEO, IDFC FIRST Bank said.Suppose, if an employee had taken a ₹30 lakh loan, IDFC FIRST will waive ₹25 lakh and the residual loan will become 5 lakh, Vaidyanathan explained."The family can pay the reduced EMI from the salary credits we will make to them for 2 years.
We are asking employees to insure their loans going forward (after June)," he said.According to the IDFC First CEO, around 20 employees of the bank have lost their lives to Covid.Further, the bank has also made provision of scholarship of ₹10,000 monthly to two children up to graduation, funeral expenses up to ₹30,000, relocation assistance of ₹50,000, as well as pro-rata bonus payout for the period, served.