Chennai: In a major step towards boosting employee welfare, the Tamil Nadu (TN) government (govt) has signed Memoranda of Understanding (MoUs) with seven public sector banks to offer free insurance and financial benefits to state government employees.
The MoUs were formalised at the State Secretariat in Chennai in the presence of Chief Minister M K Stalin. The partnering banks include State Bank of India, Indian Overseas Bank, Indian Bank, Canara Bank, Axis Bank, Bank of Baroda, and Union Bank of India. These banks currently manage salary accounts for thousands of state government employees.
Fulfilling Budget Promises
The initiative fulfils an announcement made during the recent State Budget by Finance Minister Thangam Thennarasu. He had assured that employees maintaining salary accounts in these banks would soon receive additional benefits free of cost.
Free Insurance and Loan Benefits
Under the new agreement, eligible employees will receive life and accident insurance coverage, concessional loan interest rates, waiver of loan processing fees, and other exclusive banking benefits. Notably, these perks will be extended without any additional charges to the employees.
Enhancing Financial Security
The initiative is expected to significantly enhance financial security and well-being for thousands of government employees and their families. It also highlights the government’s continued efforts to foster institutional partnerships for employee welfare.
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