Mumbai Police to deposit salaries of its personnel in HDFC bank

The Maharashtra government issued a circular in this regard. The police personnel will get insurance cover up to ₹1 crore among other facilities from the HDFC Bank.

Mumbai Police to deposit salaries of its personnel in HDFC bank
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The Mumbai Police will deposit the salaries of police personnel in HDFC Bank instead of Axis Bank. Nearly two lakh salary accounts of police personnel worth ₹11,000 crores have been transferred to HDFC Bank. 

The Maharashtra government issued a circular in this regard. The police personnel will get insurance cover up to ₹1 crore among other facilities from the HDFC Bank.

A memorandum of understanding (MoU) between Mumbai Police and Axis Bank was signed in 2015 during the tenure of Devendra Fadnavis-led Bharatiya Janata Party (BJP) government. The agreement expired on July 31, 2020, after which HDFC bank was selected for disputing the salaries of police personnel.

The administration invited proposals from several banks which would provide more benefits to the police personnel and selected the proposal made by the HDFC bank while singing the MoU on Wednesday. 

HDFC bank will provide life insurance cover worth ₹10 lakh to Mumbai Police personnel in case of natural death or death due to COVID-19. ₹90 lakh insurance cover will be provided in case of accidental death and ₹50 lakh cover will be provided for permanent half disability. 

As per the circular issued by the state government, HDFC Bank will provide ₹1 lakh per day for two children for their education in case of accidental death and ₹1000 per day for 30 days in case of hospitalisation.

On May 11, 2017, the BJP-led government in Maharashtra issued a circular which allowed the transfer of salary accounts of police personnel as well as beneficiaries of the Sanjay Gandhi Niradhar Yojana to Axis Bank.

The opposition raised objection to the move saying that this has been done because Amruta Fadnavis - wife of ex- CM Devendra Fadnavis - was on the senior position at Axis Bank.  

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