The donation will go towards the immense effort already underway in India and provide funding for more beds, oxygen machines and hospital medical supplies in some of the worst hit districts.
Just yesterday, India recorded 379,257 new infections and suffered 3,645 new deaths – the highest number of fatalities in a single day since the start of the pandemic.
In addition to its donation, ANZ will match customer and employee donations to the India COVID-19 Appeal on a dollar-for-dollar basis for up to a further $1 million.
ANZ Group Executive Talent and Culture, Kathryn van der Merwe said: “Right now we are seeing tragic circumstances in India where COVID-19 is spreading at a frightening rate and ruining far too many lives.
“As a company with employees in India as well as customers and connections to the community, we are particularly shaken by what is unfolding there during this health crisis.
“We hope our donation and the efforts of our generous employees and customers can help in some way as that community strives to overcome this significant threat to their way of life.”
World Vision Australia CEO Daniel Wordsworth said ANZ's donation was an overwhelming gesture of kindness that was testimony to both the generosity of Australians and the close ties between the two nations.
“India and its people hold a special place in the hearts of Australians, and ANZ's incredible gesture has confirmed that," Mr Wordsworth said.
"I am appealing to the rest of corporate Australia to show similar solidarity, and to the generosity of Australians to show their support in what has become a grave humanitarian crisis."
ANZ employees or customers wishing to donate to the fund can find more information here. Note: Donations made outside of Australia may incur International or foreign exchange fees.