The Business Bytes
Bhubaneswar, September 5, 2024 (TBB Bureau): In a significant move to bolster the financial security of its employees, East Coast Railway (ECoR) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI). This partnership aims to provide a range of exclusive financial benefits and services tailored specifically for ECoR’s extensive workforce.
The MoU covers ECoR’s 59,762 serving employees across its three divisions: Khurda Road, Waltair, Sambalpur, and the Mancheswar workshop. Of these, approximately 76 percent — or 45,419 employees — who already have their salary accounts with SBI will directly benefit from this agreement.
The initiative particularly focuses on enhancing financial security for the 37,500 employees engaged in field-level safety, maintenance, and operational roles. This includes a diverse group comprising trackmen, signal maintainers, technicians, RPF staff, loco pilots, guards, and others. The MoU offers comprehensive personal accident insurance with coverage up to Rs 1 crore for accidental deaths and Rs 1.6 crore for air accidents, along with substantial disability coverage. Employees will also enjoy preferential interest rates on loans, making financial solutions more accessible and affordable. Additionally, advanced digital banking solutions will be introduced to enhance convenience and security.
The signing ceremony was attended by senior officials from both ECoR and SBI. ECoR General Manager Parmeshwar Funkwal and SBI Bhubaneswar Circle Chief General Manager Dinesh Pruthi led the proceedings, emphasizing their shared commitment to employee welfare.
“Partnering with SBI enables us to provide comprehensive financial security that offers peace of mind and effective financial management for our workforce,” said Parmeshwar Funkwal.
Beyond these financial benefits, the MoU introduces personalized banking services, streamlined loan processing, and dedicated customer support for ECoR employees, ensuring a holistic approach to financial management.
