Photo Courtesy: India Today Group
Shillong: The Meghalaya government and the State Bank of India signed a revised Memorandum of Understanding on July 23. This deal updates the previous 2012 agreement. It covers salary banking services for the state workforce. Chief Minister Conrad K. Sangma witnessed the signing ceremony in Shillong.
The package impacts more than 43,000 employees. These workers make up 71 per cent of the state staff. Over 33,000 of them already use bank loan facilities. The new terms apply to existing account holders and all new hires. "The revised partnership reflects our commitment to improving employee welfare through better financial services while promoting financial inclusion and digital banking across the state," the Chief Minister said.
New perks include the Rhodium salary package and zero-balance accounts. Insurance coverage now hits Rs. 1 crore for personal accidents. Air accident coverage reaches Rs. 1.60 crore. Staff gain group term life insurance and family benefits under SBI Rishtey. The bank also cut processing fees for home, education, vehicle, and personal loans.
Digital upgrades feature new RuPay, Visa, and Mastercard debit cards. Workers get free online fund transfers and access to YONO SBI. The state relies on the bank's network of branches, ATMs, and Customer Service Points to deliver these services. Both parties claim the deal will secure long-term, technology-driven banking for government personnel.
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