Bhubaneswar : In a landmark initiative aimed at improving 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 agreement introduces a range of exclusive financial benefits and services tailored to the needs of ECoR’s vast workforce. The MoU covers ECoR’s 59,762 serving employees across its three divisions: Khurda Road, Waltair, Sambalpur, and the Mancheswar workshop. Approximately 76% of the workforce, translating to 45,419 employees who have their salary accounts in SBI will benefit from this agreement.
Key highlights of the MoU include:
• Targeted to benefit the workforce of about 37500 nos. engaged in field level safety, maintenance and operations, including trackmen, signal maintainers, technicians, RPF staff, loco pilots, guards, and other employees.
• Comprehensive personal accident insurance covering up to ₹1 crore for accidental deaths, ₹1.6 crore for air accidents, and substantial coverage for disabilities.
• Preferential interest rates on loans providing more affordable financial solutions.
• Advanced digital banking solutions enhancing financial security and convenience through modern banking technologies.
The event was attended by senior officials from both ECoR and SBI. ECoR General Manager Shri Parmeshwar Funkwal and SBI Bhubaneswar Circle Chief General Manager led the proceedings. Both heads emphasized the significance of this collaboration, underscoring their shared commitment to employee welfare.
“This MoU is not merely an agreement; it is a testament to our dedication to enhancing the overall well-being of our employees. Partnering with SBI enables us to provide comprehensive financial security that offer peace of mind and effective financial management for our workforce,” stated Shri Parmeshwar Funkwal.
In addition to these benefits, the MoU introduces personalized banking services, streamlined loan processing, and dedicated customer support for ECoR employees. This reflects a holistic approach to financial security, ensuring that employees can manage their finances with ease and confidence.
Through this agreement, East Coast Railway continues to lead the way in employee welfare, setting new standards for innovation and care for its extended railway family. The partnership with SBI is expected to pave the way for future initiatives that will further enhance the quality of life for ECoR’s employees.
