Meghalaya signs revised MoU with SBI to benefit 43,000 govt employees, officials

State Bank of India (SBI), introducing enhanced salary banking benefits, higher insurance coverage and improved loan facilities for over 43,000 state government employees.

Chief Minister Conrad K Sangma attended the signing ceremony of the revised agreement under the State Government Salary Package (SGSP), which replaces the earlier MoU signed in 2012 and offers a comprehensive suite of upgraded banking and financial services for government employees.

“The revised package includes enhanced insurance coverage, concessional loan facilities, improved digital banking services, family banking benefits and a range of value-added financial products,” according to the statement issued here.

The benefits will be available to both existing SGSP account holders and newly recruited government employees, it said.

Speaking on the occasion, Sangma said the government remains committed to the welfare of its employees by ensuring they have access to better financial products and modern banking solutions.

“This revised partnership reflects our continued commitment to improving the quality of services available to government employees while promoting financial inclusion and digital banking across the state,” the chief minister said.

According to official figures, as of June 30, 2026, more than 43,000 state government employees maintain their salary accounts with SBI under the SGSP, accounting for nearly 71 per cent of the state’s government workforce.

Of these, over 33,000 employees have availed themselves of various loan facilities offered by the bank.

The revised SGSP introduces several new features, including a salary package, personal accident insurance of up to Rs 1 crore, air accident insurance of up to Rs 1.60 crore, group term life insurance, and concessions on processing fees for personal, home, education and vehicle loans.

The CM also lauded SBI’s contribution to financial inclusion in Meghalaya through its network of branches, ATMs and Customer Service Points, as well as its role in implementing various government-sponsored schemes across the state.

He said the revised MoU further strengthens the long-standing partnership between the Government of Meghalaya and SBI while reaffirming their shared commitment to improving employee welfare through accessible, secure and technology-driven banking services. PTI