1 week ago
PNB, Oriental Insurance Sign MoU for Employee Salary Benefits
Punjab National Bank and Oriental Insurance Company Limited have made a new agreement.
The agreement gives Oriental Insurance employees special banking and insurance benefits.
Their families can also receive some of these benefits.
The package includes insurance protection and special coverage for children’s education and marriage.
Employees may get cheaper locker rentals and loans for homes, education and vehicles.
They can also use salary-linked overdrafts and zero-balance family accounts.
Some basic banking services and credit cards will be provided at no cost.
The leaders of both organizations said the partnership is meant to offer greater convenience, security and value.
Punjab National Bank signed a Memorandum of Understanding with Oriental Insurance Company Limited for salary package benefits.
The package offers enhanced insurance coverage, banking privileges, concessional retail loans and other benefits to serving Oriental Insurance employees.
Employees and their families can receive education and marriage-related covers for children, Hospicash benefits and family banking privileges.
Other benefits include preferential locker rent, salary-linked overdrafts, zero-balance family accounts, complimentary banking services and credit cards.
The agreement was signed by Chhotu Ram of Oriental Insurance and Sudhir Dalal of Punjab National Bank.
- Who
- Punjab National Bank and Oriental Insurance Company Limited, along with their employees and families.
- What
- They signed an MoU providing salary package benefits and customized banking and insurance services to Oriental Insurance employees.
- Where
- The location of the signing is not specified in the article.
- When
- The articles do not specify when the MoU was signed.
- Why
- The partnership aims to provide employees and their families with enhanced insurance protection, banking privileges and financial benefits.
Key facts
- Organizations
- Punjab National Bank and Oriental Insurance Company Limited
- Agreement
- Memorandum of Understanding for Salary Package Benefits
- Eligible recipients
- Serving employees of Oriental Insurance Company Limited and their families
- Insurance benefits
- Enhanced insurance coverage, including education and marriage-related covers for children
- Banking benefits
- Preferential locker rent, salary-linked overdrafts, zero-balance family accounts and complimentary essential banking services
- Loan benefits
- Concessions on processing and documentation charges for home, education and vehicle loans
- Additional benefits
- Hospicash benefits, family banking privileges and complimentary credit cards
Quotes
Ashok Chandra
Managing Director and Chief Executive Officer of Punjab National Bank
“The signing of this MoU marks an important milestone in strengthening the relationship between two leading Public Sector organizations in the financial sector. This partnership reflects our shared commitment towards providing enhanced value and a comprehensive bouquet of banking services to the employees of OICL. The MoU will pave the way for a broader banking association that goes beyond conventional salary account relationships and will facilitate access to a range of customized financial  ”
freepressjournal.in
“It is a coming together of two trusted public institutions united by a shared commitment to serving people with greater convenience, security and value. Both Punjab National Bank and Oriental Insurance have a rich legacy and have played an important role in supporting India’s economic and social development. I wish this partnership between PNB and Oriental Insurance a long, successful and value creating journey.”
freepressjournal.in
Sources
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