Bank of India Inks MoU To Provide Salary Account For Maharatna Company Coal India Employees

By developing a relationship that goes beyond banking, one of the top public sector banks, Bank of India, signs a Memorandum of Understanding (MOU) with Maharatna company Coal India Limited to offer salary account facilities to Coal India Limited and its subsidiaries' employees. Through this unique BOI Salary Package, Bank of India would provide a host of perks to the employees of Coal India Limited and its subsidiaries. Air Accident Insurance Coverage, Permanent/Partial Disability Coverage, and Group Personal Accidental Insurance Coverage will be provided including the benefits for child education, concessions in ROI and processing fees for retail loans, locker rentals, etc.

The BOI Mobile Omni Neo app and BOI Digital Initiative will also make it easier for Coal India employees who work in remote locations to keep in touch and have simple access to a variety of financial solutions on the go.

Bank of India said the MOU is a reflection of the bank's constant endeavour to serve the Coal India Employees and help them to meet their financial requirements seamlessly.
On October 4, 2024, the signing ceremony took place at the CIL Headquarters, located at Coal Bhawan, Action Area-1, Kolkata.

Coal India, a state-run mine, said on Tuesday that its September production of 50.9 million tonnes (mt) dropped by a negligible 1% YoY. The firm suffered a 1.4 per cent year-on-year (y-o-y) reduction in coal offtake to 54.4 mt in the last month, according to a stock market filing. With a growth of 2.5% year over year, Coal India's output in the first half of the current financial year was 341.3 mt. During this time, the amount of coal offtake grew by 1.7% year over year to 366.6 mt. Interestingly, Coal India has set a production target of 838 mt for FY25. Following Coal India's production declaration of 51mt for September, leading brokerage firm Emkay Global Financial Services Limited placed a BUY rating on the stock with an unchanged target price of Rs600/share.

Meanwhile, Bank of India issued and allotted Basel III Compliant Tier II Bonds amounting to Rs.2,500 Crore on a private placement basis comprising a base issue size of Rs. 1,000 crores plus green-shoe option of Rs.1,500 crores. Bank of India, is giving its customers a festive season gift this year: a special 400-day retail term deposit of under Rs. 3.00 Crs. This offer comes with an extremely competitive interest rate of 8.10% p.a. for super senior citizens, 7.95% for senior citizens, and 7.45% for other customers under Non-callable FD for deposits above Rs. 1.00 Crs effective 1st October.