East Coast Railway Signs Landmark MoU with SBI to Enhance Financial Security for Employees

Bhubaneswar: In a significant move to bolster the financial security and well-being of its workforce, the East Coast Railway (ECoR) has entered into a Memorandum of Understanding (MoU) with the State Bank of India (SBI). This partnership brings a host of exclusive financial benefits and services tailored specifically to the needs of ECoR’s 59,762 employees, spread across its Khurda Road, Waltair, Sambalpur divisions, and the Mancheswar workshop.

The agreement primarily targets the 45,419 employees who already have their salary accounts with SBI, making up approximately 76% of the workforce. Among them, around 37,500 field-level workers engaged in safety, maintenance, and operations—including trackmen, signal maintainers, technicians, Railway Protection Force (RPF) staff, loco pilots, and guards—stand to benefit from the initiative.

Key Highlights of the MoU:

  • Comprehensive Personal Accident Insurance: Coverage includes up to ₹1 crore for accidental deaths, ₹1.6 crore for air accidents, and significant benefits for disabilities, providing employees with enhanced financial protection in case of unforeseen events.
  • Preferential Loan Interest Rates: ECoR employees will gain access to loans at preferential rates, making financial solutions more affordable and accessible.
  • Advanced Digital Banking Solutions: The collaboration introduces state-of-the-art digital banking services that enhance convenience and financial security, ensuring employees can manage their accounts and transactions seamlessly.

The MoU signing event was attended by senior officials from both organizations, including ECoR General Manager Shri Parmeshwar Funkwal and SBI Bhubaneswar Circle Chief General Manager. Both leaders stressed the importance of this partnership and its potential to improve the quality of life for ECoR’s employees.

“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 offers peace of mind and effective financial management for our workforce,” said Shri Parmeshwar Funkwal during the event.

Beyond financial benefits, the MoU includes personalized banking services, faster loan processing, and dedicated customer support for ECoR employees. These services aim to simplify financial management and offer employees greater control over their financial future.

A Step Forward in Employee Welfare

With this MoU, ECoR continues to set new standards in employee welfare by offering innovative solutions that enhance financial security. The partnership with SBI marks a significant milestone, reflecting a holistic approach to employee care that goes beyond standard benefits.

This collaboration is expected to pave the way for future initiatives aimed at further improving the lives of ECoR’s employees, reinforcing the organization’s commitment to its workforce and its role as a leader in employee-centric innovation.

East Coast Railway