Bank of Baroda (BoB), a leading public sector bank in India, has taken a significant step in enhancing its service offerings to state service personnel by signing a Memorandum of Understanding (MOU) with the Telangana State Disaster Response and Fire Services Department. This agreement aims to extend the benefits of the Baroda Police Salary Package to both serving personnel and pensioners of the department, thereby providing them with a suite of specialized financial benefits and services.Bank of Baroda and Telangana State Disaster Response Sign MOU for Police Salary Package
Bank of Baroda and Telangana State Disaster Response MOU
The MOU, signed between Shri Y Nagi Reddy IPS, Director General of Telangana State Disaster Response and Fire Services Department, and Shri Ritesh Kumar, General Manager and Zonal Head of Hyderabad Zone, Bank of Baroda, outlines several key benefits.
These benefits are designed to cater specifically to the needs of the department’s personnel, recognizing the critical role they play in disaster response and public safety.
The Baroda Police Salary Package includes an enhanced Personal Accident Insurance Cover (PAI), which provides financial security in case of unfortunate incidents.
The package offers a substantial Personal Accident Insurance Death Cover up to Rs.1.30 crore for accidental death on duty and up to Rs.1.26 crore off duty.
Furthermore, it includes a Permanent Total Disability cover of up to Rs.80 lakh. In addition to these, all serving personnel are entitled to an extra Rs.5 lakh Personal Life Insurance, ensuring comprehensive coverage for various eventualities.
Additional Benefits
Apart from insurance, the package includes several other financial products and services aimed at meeting the diverse needs of the department’s personnel.
These include special offers on Yoddha Retail Loans, as well as attractive benefits on Debit and Credit Cards.
The comprehensive nature of these offerings ensures that the personnel can manage their finances efficiently while availing substantial savings and benefits.
Significance of the Partnership
Shri Ritesh Kumar, General Manager and Zonal Head – Hyderabad Zone, Bank of Baroda, expressed gratitude towards the Telangana State Disaster Response and Fire Services Department for this partnership.
He emphasized that the MOU provides Bank of Baroda with a valuable opportunity to serve the brave individuals who dedicate their lives to the safety and well-being of the state’s citizens.
The bank aims to meet their banking needs with a full range of products and services tailored to their specific requirements.
Presence at the Signing Ceremony
The signing ceremony was attended by several dignitaries, underscoring the importance of this collaboration.
Notable attendees included Shri Laxmi Prasad, Director of Telangana State Fire Services and Civil Defence Training Institute;
Shri G Venkata Narayana Rao, Additional Director of Fire Services;
Shri Sudhakar Rao, Deputy Director of Telangana State Disaster Response and Fire Services Department; andShri Harinatha Reddy, Regional Fire Officer. Representing Bank of Baroda were Shri MVS Sudhakar, DGM, Business Development, Hyderabad Zone;
Shri Abhishek Bharti, AGM – Government Business, Hyderabad Zone; and Brigadier S K Prasad (Retd), Defence Banking Advisor, Hyderabad Zone, among others.
Bank Of Baroda Previous Collaborations
This MOU is part of a broader initiative by Bank of Baroda to strengthen its relationship with state service departments.
Previously, the bank had signed similar agreements with the Telangana State Police Department and the Telangana Special Protection Force.
These collaborations reflect the bank’s commitment to providing tailored financial solutions to those who serve in demanding and critical roles.
The MOU between Bank of Baroda and the Telangana State Disaster Response and Fire Services Department marks a significant milestone in extending financial security and services to the department’s personnel.
By offering a comprehensive package that includes substantial insurance cover and attractive financial products, Bank of Baroda continues to demonstrate its dedication to serving the needs of those who protect and serve the public.
This partnership not only enhances the financial well-being of the personnel but also reinforces the bank’s role as a supportive and reliable financial institution for state service departments.
