Shillong, July 23: More than 43,000 Meghalaya government employees are set to receive enhanced banking and financial benefits after the state government on Thursday signed a revised State Government Salary Package agreement with the State Bank of India (SBI).
The new Memorandum of Understanding, signed in the presence of Chief Minister Conrad K. Sangma on Thursday, replaces the previous agreement signed in 2012 and introduces a significantly upgraded salary banking package with higher insurance cover, concessional loans and expanded digital banking services.
Calling the revised pact a step towards strengthening employee welfare, Sangma said the government was committed to ensuring that its employees have access to modern banking solutions and better financial products.
As part of the revised package, employees will receive personal accident insurance of up to ₹1 crore, air accident insurance of up to ₹1.6 crore, group term life insurance, concessional processing charges on personal, home, education and vehicle loans, upgraded debit cards, and access to enhanced digital banking services through YONO SBI. Family members will also benefit through SBI’s Rishtey programme.
The benefits will be extended to both existing salary account holders and newly recruited government employees.
Official figures show that over 43,000 state government employees maintain their salary accounts with SBI, accounting for nearly 71 per cent of Meghalaya’s government workforce.
More than 33,000 employees have also availed various loan facilities from the bank.
The Chief Minister also acknowledged SBI’s role in expanding financial inclusion in Meghalaya through its network of branches, ATMs and customer service centres, as well as its support in implementing government welfare schemes.
The revised agreement is expected to deepen the long-standing partnership between the Meghalaya government and SBI while providing employees with improved financial security and access to technology-driven banking services.
