Railway employees associated with the cooperative bank have received a major benefit.
Around 44,000 railway workers who are members of the bank will now be able to get loans of up to Rs 20 lakh.
This announcement was made by Rajesh Kumar Singh, Chairman of NE & EC Railway Employees Multi State Primary Cooperative Bank, during a press conference in Gorakhpur on Wednesday.
Loan Limit Increased for Railway Employees
The bank management has increased the loan facility to provide better financial support to railway employees and their families.
According to the chairman, the bank has also reduced the mandatory share contribution amount from 10% to 5%.
Along with this, all application forms are now being provided free of cost to members.
These changes are expected to make banking services more affordable and accessible for shareholders.
Big Relief for Families in Case of Accidental Death
The bank has also created a Customer Relief Fund to help families during emergencies.
If a shareholder dies in an accident and their account is not classified as NPA, the family can get immediate financial assistance from the bank.
In another important benefit, if a shareholder with a zero-balance savings account passes away, the nominee can receive Rs 1 lakh from the Nominee Customer Relief Fund.
Better Interest Rates Than Other Banks
At present, nearly 44,000 shareholders are taking advantage of different schemes offered by the bank.
The bank is also running around 18,000 deposit accounts and claims to offer nearly 1% higher interest rates compared to many other banks.
Officials said the bank remains committed to providing better services and financial security to its customers and shareholders.
Insurance Cover and Student Training Facility
The bank also provides insurance coverage of Rs 10 lakh for employees and their children.
Established in 1921 for the welfare of railway employees, the cooperative bank has grown into a financially strong institution over the years.
Apart from banking services, the institution is also helping students with professional training.
Currently, more than 40 MBA students from DDU University are receiving training through the bank.
