TCS announced Rs 1,100 crore as interest free loans to flood-hit employees in Chennai

The largest IT firm of India has decided to contribute to help the flood-struck victims in Chennai.

According to IB Times, recently, Chennai suffered through a flood which has been marked as the worst disaster struck since several decades. In order to assist and support its employees living in the city, Tata Consultancy Services (TCS) has decided to provide them with interest free funds of Rs 1,100 crore.

The IT Company will provide the employees with the promised assistance via loans and grants. TCS is not the first company to think of helping the victims.

Chief Executive Officer and Managing Director of TCS, N Chandrasekaran said in a letter to the company's employees, "Following the devastating flooding in Chennai, many of the employees have suffered significant losses,"

Under the Rs 1,100 crore relief fund, the Mumbai-based IT major will provide employee advances "in the range of Rs 1 lakh and up to a maximum of equivalent to three months Gross Salary." The company also created a "special Chennai page" and revealed the date of disbursing advances, which is 14 December. In Chennai, approximately 13 centers have been accommodated with 60,000 people employed by TCS.

Other than that, the employees who have been victimized by flood- related home damage will additionally be provided with Rs 50 crore by TCS, as reported by NDTV Profit.

"Ex-gratia of one month's salary up to a maximum of Rs 15,000 for TCS support and service staff who have been impacted," the communication said.

The great flood struck Chennai earlier this month which caused the companies located to close down. However, multiple IT companies along with TCS commented that work on critical projects and 24x7 operations support was not interrupted by the disaster.

Approximately 3 million strong IT professionals live in India. And among them 15% are accommodated in Chennai, as mentioned by the Economic Times. TCS has also announced to provide other facilities for the victims, like free medical camps and continuation of free bus transportation.

"To decide on a course of action for the medium term, TCS is conducting a survey of dwellings in hamlets in and around Chennai for damage assessment. Development of a plan of action for rehabilitation and rebuilding of the surveyed areas is currently underway," it said.

Besides that, TCS will create a course of action for the medium term and will assist the victims by distributing school and medical kits. TCS is not the only one offering aid package as previously, US listed rival Cognizant has promised more than $40 million to carry out relief and rehabilitation in Chennai.