T.N. inks pacts with seven banks for welfare of government employees
The Hindu
T.N. inks pacts with seven banks for welfare of government employees
The Tamil Nadu government on Monday (May 19, 2025) signed memoranda of understanding (MoU) with seven banks that have agreed to provide various insurance covers and concessions free of cost to State government employees, provided they maintained salary accounts with these banks.
The MoUs with State Bank of India, Indian Overseas Bank, Indian Bank, Canara Bank, Axis Bank, Bank of Baroda, and Union Bank of India were signed in the presence of Chief Minister M.K. Stalin at the Secretariat in Chennai.
The signing of the pacts was in line with the recent Budget speech made by the Finance Minister in the Assembly. He had said the banks where government employees maintained their salary accounts had come forward to provide various concessions free of cost to the employees as well as their families.
A personal accident insurance cover of ₹1 crore, in case of accidental death or permanent disability, and an assistance of ₹5 lakh for marriage expenses of daughters of a government employee deceased in an accident, were among the provisions of the memoranda.
A higher education assistance of up to ₹10 lakh would be provided by banks to up to two daughters of a government employee deceased in an accident, as well as a term life insurance cover of ₹10 lakh in the event of natural death during service.
Interest concessions by banks to government employees while availing personal loan, housing loan, and education loan were also included in the MoU.
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