The Meghalaya government has signed a revised Memorandum of Understanding (MoU) with the State Bank of India (SBI), introducing enhanced banking, insurance and loan benefits for more than 43,000 state government employees.
The revised agreement replaces an earlier arrangement signed in 2012 and extends the upgraded benefits to both existing and newly recruited employees.
Under the new package, employees will receive access to SBI’s ‘Rhodium’ salary account, personal accident insurance of up to Rs 1 crore and air accident insurance of up to Rs 1.6 crore. The package also includes group term life insurance, concessional processing fees on personal, home, education and vehicle loans, and upgraded debit cards.
Employees will also benefit from free online fund transfers, access to YONO SBI’s digital banking services and family banking facilities through the SBI Rishtey programme.
Speaking at the signing ceremony, chief minister Conrad K. Sangma said the partnership reflects the government’s commitment to improving employee welfare by providing better financial products while encouraging greater adoption of digital banking services.
As of June 30, 2026, over 43,000 state government employees—around 71 per cent of the workforce—held salary accounts with SBI. More than 33,000 of them have also availed themselves of various loan facilities offered by the bank.
The renewed partnership aims to strengthen the financial wellbeing of government employees while expanding access to modern banking services across the state.
