CISF partners with SBI under CAPSP for improved financial security

The Central Industrial Security Force (CISF) has taken a significant step towards bolstering the welfare and financial security of its members by signing a Memorandum of Understanding (MoU) with the State Bank of India (SBI).

This agreement, part of the Central Armed Police Salary Package (CAPSP), was formalised at a function held in Delhi. The MoU is tailored to manage the salary accounts of both serving and retired CISF personnel, offering a range of enhanced financial benefits.

Rekha Nambiar, Deputy Inspector General/Administration of CISF, and Ranjana Sinha, General Manager (NRI & SP) of SBI Corporate Centre, Mumbai, signed the agreement, which will last for three years. This collaboration is seen as a major milestone in the CISF's ongoing efforts to ensure the welfare of its members, providing a structured financial framework that supports both current and retired personnel.

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Through this agreement, approximately 1.9 lakh CISF employees nationwide, including 273 stationed at the Digboi Refinery in Assam's Tinsukia District, will benefit. The initiative underscores CISF’s commitment to improving the financial security of its workforce by collaborating with leading institutions like SBI.

Significant enhancements under this MoU include an increase in Personal Accident Insurance (PAI) for serving personnel from Rs 1 lakh to Rs 1 crore. For pensioners, the PAI has been raised from Rs 30 lakh to Rs 50 lakh, marking a substantial improvement in the insurance cover provided to retired personnel.

Additionally, air accident insurance coverage has been elevated from Rs 1 crore to Rs 1.5 crore, subject to specific conditions. This increase reflects a thoughtful approach to risk management for personnel who may face hazardous situations in the course of their duties.

Further bolstering the financial safety net, the cover for permanent total and partial disability for serving personnel has been enhanced from Rs 50 lakh to Rs 1 crore. These modifications aim to provide comprehensive financial support, reflecting CISF's dedication to the wellbeing of its members across all stages of their careers.