Chennai, Sept. 1 -- A landmark Memorandum of Understanding (MoU) was signed today between two of India's leading institutions - Indian Railways (IR), one the largest rail networks in the world, and the State Bank of India (SBI), the country's largest public sector bank, for providing enhanced insurance coverage to its staff.
Under this MoU, insurance coverage for Railway employees maintaining salary accounts with SBI has been significantly enhanced.
In case of accidental death, the insurance benefit has been increased to Rs one crore, compared to the current coverage of Rs1.20 lakh, Rs 60,000 and Rs 30,000 for Group A, B, and C employees respectively covered under CGEGIS.
The MoU was signed in New Delhi in the presence of the Minister fo...