NLC India Limited Partners with Leading Banks to Extend Corporate Salary Package Accounts to Contract Workmen
Chennai, March 3, 2026: NLC India Limited (NLCIL), a Navratna Central Public Sector Enterprise under the Ministry of Coal, has taken a significant step toward strengthening the welfare of contract workmen engaged through its contractors by entering into separate Memoranda of Understanding (MoUs) with leading public sector and cooperative banks.
The MoUs were signed with State Bank of India, Indian Bank, Indian Overseas Bank, and TAICO Bank on March 3, 2026, at NLCIL’s Regional Office in Chennai.
The signing ceremony was held in the presence of Shri Prasanna Kumar Motupalli, Chairman and Managing Director, NLCIL; Dr. Suresh Chandra Suman, Director (Mines); Shri Samir Swarup, Director (Human Resources); Shri M. Venkatachalam, Director (Power); Dr. Prasanna Kumar Acharya, Director (Finance); Shri Rajesh Pratap Singh Sisodia, Director (Planning & Projects); and other senior officials of NLCIL.
On behalf of NLCIL, Shri Dhanapal D., CGM (Finance), signed the MoUs. On behalf of banks, the MoUs were signed by Smt. Smitha S. Nair, DGM, LHO Chennai, representing State Bank of India, in the presence of Shri Srinivasa Rao, General Manager, SBI CAG, Chennai; Smt. Padmavathy Srikanth, Field General Manager, representing Indian Bank; and Shri Ravishankar Sahoo, CRM, Puducherry, representing Indian Overseas Bank, in the presence of Shri Dhanraj T., Executive Director, IOB. Shri R. Ravichandran, Chief Executive Officer, received the consent letter on behalf of TAICO Bank.
Speaking on the occasion, Shri Prasanna Kumar Motupalli, CMD, NLCIL, appreciated the partnering banks for extending Corporate Salary Package (CSP) accounts to contract workmen. He noted that the initiative will strengthen financial inclusion and provide enhanced social security coverage. He also emphasized the need for effective implementation of the MoUs through focused awareness initiatives among workmen.
The collaboration aims to provide a comprehensive suite of financial, insurance, and lifestyle benefits, thereby enhancing the overall well-being and financial security of contract workmen engaged by NLCIL’s contractors.
Under the Corporate Salary Package arrangement, eligible workmen will be entitled to a range of benefits such as Group Term Insurance, Personal Accident Insurance, Air Accident Insurance, coverage for Permanent Total and Permanent Partial Disability, Children’s Education Assistance, and Girl Child Marriage Assistance in the event of unforeseen contingencies, along with other value-added banking services.