Vijayawada: Bank of Baroda, one of India’s leading public sector banks, announced the signing of a Memorandum of Understanding (MoU) with South Central Railway, for a salary package for over 85,000 employees. The benefits of the MoU will pass on to six states covered under SCR Telangana, Andhra Pradesh, Maharashtra, Karnataka, MP and Tamil Nadu.
The MoU covers special benefits including enhanced free comprehensive personal accident insurance cover, free Hospicash facility, special offers on retail loans, debit and credit cards and a host of other benefits. The package also provides add on cover with personal accident insurance like reimbursement of girl child marriage (18-25), higher education cover, transportation of imported medicine etc.,
MoU was signed in the presence of senior officials of the SC Railway and Bank of Baroda. Under the package, a number of benefits were offered to the employees of South Central Railway. Most significant amongst them is personal accident Insurance up to Rs 1.25 crore in case of accidental death on duty and up to Rs 100 lakh off duty and group term life insurance facility of Rs 10.00 lakh.
The package will also be extended to retired employees up to 70 years of age subject to routing of pension through Baroda Government employee salary account and the facility will be extended as per bank’s guidelines. Bank of Baroda was founded in 1908 by Maharaja Sayajirao Gaekwad III and now it is one of the leading commercial banks in India. At 63.97 percent stake, it is majorly owned by the Government of India.
