Ranchi, April 18: The Jharkhand government on Thursday signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to provide enhanced insurance benefits to state government employees holding salary accounts with the bank.
The agreement, signed between the state’s Finance Department and SBI at the secretariat in the presence of Chief Minister Hemant Soren, promises accidental insurance coverage of up to ₹1 crore, as well as health and life insurance, at no additional cost to employees.
“The government is committed to the security and welfare of all its employees. Today marks the beginning of a new chapter in providing financial security to them,” Soren said during the signing ceremony.
The initiative will cover around 1.05 lakh state employees who were previously not included under these benefits. Approximately 70,000 employees—primarily police personnel—already enjoy similar coverage, bringing the total number of beneficiaries to 1.75 lakh.
SBI’s Chief General Manager for the Bihar Circle, KV Bangarraju, confirmed the expansion of the scheme to the remaining workforce. “Now, the remaining 1.05 lakh employees will be getting the enhanced benefits,” he said.
Highlighting the role of public servants in state development, Soren praised government employees for their contribution to policy formulation and execution.
SBI currently operates 580 branches, 1,260 ATMs, and nearly 2,600 Customer Service Points across Jharkhand, ensuring accessibility for employees across the state.
