HDFC Bank to handle salary accounts of Mumbai cops
The Mumbai Police will deposit salaries of their personnel in HDFC Bank, a leading private bank, from this month, replacing Axis Bank which handled their accounts so far, an official said on Thursday.
A government circular in this regard has been issued, the official said.
The existing memorandum of understanding (MoU) between the Mumbai Police and Axis Bank, another private bank, ended on July 31, 2020, after which they were in search for a bank which will offer more benefits to their personnel than the present lender, he said.
Among the proposals submitted by various banks, the Mumbai Police found the proposal of HDFC bank most beneficial, the circular said.
Accordingly, a new MoU was signed with HDFC bank on Wednesday, it said.
According to the circular, Mumbai Police personnel will get Rs 10 lakh life insurance cover in case of natural death or death due to COVID-19.
They will get Rs 90 lakh cover in case of accidental death and Rs 50 lakh cover for permanent half disability, the circular said.
The Mumbai Police is one of the largest police forces in the country with around 50,000 personnel.(PTI)