Kotak Gets Government Approval to Accept Donations for the PM CARES Fund
Kotak Mahindra Bank (Kotak) today announced that the Government of India approved the bank to accept donations for the ‘Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund). The PM Cares Fund has been exclusively set up to accept donations towards conducting rescue and relief operations against the COVID-19 pandemic.
Individuals and organisations can conveniently contribute online, from anywhere anytime, to the PM CARES Fund also at https://www.kotak.com/en/covid-19/pm-cares.html through a range of payment options including debit card, credit card, UPI and net banking.
Kotak Mahindra Group and its employees stand committed to support the government’s stellar efforts to contain and give relief to Indians from the pandemic COVID 2019. On 30th March, 2020, Kotak Mahindra Bank and Uday Kotak in his personal capacity donated Rs 50 crore (Rs 25 crore each) to the PM CARES Fund, and Kotak Mahindra Bank donated Rs 10 crore to Maharashtra Chief Minister’s Relief Fund – COVID-19.
PM CARES FUND has been included under section 80G (2)(iiia) of the Income Tax Act, 1961 and therefore, all contributions made to the said Fund are eligible for 100% deduction.