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New Salary Account Package for Central Govt Staff Launches Wednesday

The Department of Financial Services, along with Public Sector Banks, will launch a Composite Salary Account Package for Central Government employees on January 14. The package offers a unified account combining banking and insurance benefits for all employee groups. This announcement followed a review meeting chaired by DFS Secretary M. Nagaraju on the performance of Public Sector Insurance Companies. The Secretary emphasized digitalization, innovative products for youth, and improving profitability and outreach for these insurers.

Key Points: Central Govt Composite Salary Account Package Unveiled

  • Unified account for banking & insurance
  • For all Central Govt employee cadres
  • Aimed at broad coverage & convenience
  • Part of push for digitalisation
  • PSICs reviewed for performance
2 min read

Composite salary account package for Central govt employees to be unveiled on Wed

Central govt employees get new unified salary account with banking & insurance benefits. DFS and PSBs to launch package for all cadres.

"The Department of Financial Services with Public Sector Banks will unveil the Composite Salary Account Package for Central Govt employees tomorrow - DFS"

New Delhi, Jan 13

The Centre said on Tuesday that the Department of Financial Services with Public Sector Banks will unveil the Composite Salary Account Package for Central government employees on January 14.

The initiative offers Central Government employees a unified account combining banking and insurance benefits, designed with banks to ensure broad coverage, consistency, and convenience for all cadres (Groups A, B, and C).

"The Department of Financial Services with Public Sector Banks will unveil the Composite Salary Account Package for Central Govt employees tomorrow on 14th Jan 2026," the DFS X handle said in a post.

Earlier in the day, a meeting chaired by the DFS Secretary M. Nagaraju was held to review the financial and business performance of Public Sector Insurance Companies (PSICs) for FY 2024-25 and the first half of FY 2025-26.

The Secretary emphasised that PSICs should focus on increasing profitable business and devise strategies to reduce loss ratios, while maintaining market share and consistently strengthening their retail portfolios.

He underscored the need for developing new and innovative customised products to meet the requirements of the younger generation and to provide coverage for emerging risks. Emphasis was also laid on adopting technology and moving towards full digitalisation, with the objective of achieving 100 per cent onboarding of retail products through digital channels.

The PSICs reviewed included the Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), New India Assurance Co. Ltd (NIACL)., National Insurance Co. Ltd. (NICL), United India Insurance Co. Ltd. (UIICL), Oriental Insurance Co. Ltd. (OICL) and Agriculture Insurance Company of India Ltd. (AICIL).

The Secretary stressed the importance of enhancing communication, publicity and outreach to improve brand visibility through various platforms, including social media.

Appreciating the efforts of the LIC, the Secretary noted its progress in its journey towards profitability and its success in expanding the Bima Sakhi initiative across the country, particularly in rural and semi-urban areas.

He also appreciated AICIL for crossing Rs 10,000 crore premium milestone this year.

- IANS

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Reader Comments

S
Shreya B
Good initiative on paper. But will it be the same for all cadres? Often, Group A officers get premium features while others get a basic version. The 'consistency for all cadres' promise needs to be delivered in reality, not just in press releases.
A
Aman W
Finally moving towards digital! The focus on tech for the younger generation employees is needed. But please ensure the apps and portals work properly. We've all faced issues with government websites crashing on the first day of a new scheme.
P
Priyanka N
Appreciate the push for LIC's Bima Sakhi and reaching rural areas. Financial inclusion is key. If this composite account can simplify insurance for government staff in smaller towns, it will be a big achievement. More power to such schemes!
M
Michael C
Interesting to see this consolidation. In the US, similar bundled benefits are common in corporate jobs. The challenge will be execution across so many different PSU banks and insurance companies. Hope the integration is seamless for the employees.
K
Karthik V
The emphasis on reducing loss ratios for insurance companies is crucial. As a taxpayer, I want these PSUs to be profitable, not a burden. Hope this package is designed well enough to be a win-win for both employees and the companies' financial health.

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