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YES Bank enables reward points redemption to refill oxygen cylinders for COVID-19 patients

All the donations, either through reward points or using a debit or credit card, will be eligible for a 50 percent tax exemption under 80G.

May 12, 2021 / 02:44 PM IST
[Image: REUTERS/Adnan Abidi]

[Image: REUTERS/Adnan Abidi]

In a bid to extend help in fighting the shortage of oxygen, YES Bank has enabled its customers to use their banking and credit card reward points to contribute towards medical oxygen for COVID-19 patients, in partnership with GiveIndia.

"Customers can now redeem their existing reward points to refill oxygen cylinders of 1,500 litres and 6,000 litres, respectively through and (for Credit card customers)," it said in a statement.

"The reward points redeemed towards oxygen refill will be channelled through GiveIndia and used to replenish medical oxygen at charitable hospitals in Mumbai, Bengaluru and Delhi."

All the donations, either through reward points or using a debit or credit card, will be eligible for a 50 percent tax exemption under 80G.

In 2020, the bank had committed Rs 10 crore to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) to help combat COVID-19 and support relief efforts.


COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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"The Bank acknowledges and salutes the spirit of our fellow citizens and communities, in coming together to combat the COVID-19 situation," the statement added.
Moneycontrol News
first published: May 12, 2021 02:40 pm

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