PNB signs MoU with Oriental Insurance for salary package benefits
New Delhi, Aug 25 (TNT): Punjab National Bank (PNB) has signed a Memorandum of Understanding (MoU) with Oriental Insurance Company Limited (OICL) to provide enhanced salary package benefits and banking services to serving employees of the insurance company.
Under the agreement, PNB will offer OICL employees a range of banking and insurance-related benefits, including enhanced insurance coverage, preferential retail loan offerings and other value-added services.
The MoU was signed by Chhotu Ram, General Manager (HR & Estate), OICL, and Sudhir Dalal, Chief General Manager (BA&RM), PNB, the bank said in a release on Tuesday.
PNB MD and CEO Ashok Chandra said the agreement would strengthen the relationship between the two public sector financial institutions and provide OICL employees and their families access to customised financial solutions and value-added banking services.
The benefits include dedicated education and marriage-related insurance covers for children, preferential locker rent, salary-linked overdraft facilities, zero-balance family accounts and complimentary essential banking services.
Employees will also be eligible for concessions on processing and documentation charges for home, education and vehicle loans, besides Hospicash benefits, family banking facilities and complimentary credit cards.
OICL CMD Sanjay Joshi said the partnership brought together two public institutions with a shared commitment to providing greater convenience, security and value to their customers and employees.
The agreement is expected to facilitate a broader banking association between PNB and OICL beyond conventional salary account services.
TNT KS
