In January 2025, which two banks signed a Memorandum of Understanding (MoU) with the Government of Assam to provide zero-premium insurance coverage to employees?

The correct answer is Indian Bank and Central Bank of India . Key Points Indian Bank and Central Bank of India signed a Memorandum of Understanding (MoU) with the Government of Assam in January 2025 to provide zero-premium insurance coverage to employees. The agreement aims to ensure financial security and social welfare for government employees by offering insurance benefits without any premium costs borne by the employees. This initiative is a part of Assam's efforts to enhance the welfare of its workforce by collaborating with banking institutions to provide comprehensive insurance schemes . The insurance coverage includes life insurance and health insurance , ensuring protection against unforeseen circumstances for employees and their families. The partnership highlights the role of public sector banks in supporting state government initiatives and promoting employee welfare through innovative financial solutions . Additional Information Indian Bank: Indian Bank is one of the leading public sector banks in India, headquartered in Chennai, Tamil Nadu . It provides a wide range of financial services, including retail banking, corporate banking, and insurance services. Indian Bank has been actively involved in various state and central government initiatives for financial inclusion and welfare. Central Bank of India: Founded in 1911 , Central Bank of India is one of India's oldest and largest public sector banks, headquartered in Mumbai, Maharashtra . The bank offers various financial products, including savings accounts, loans, and insurance services, catering to diverse customer needs. It has been a key partner in implementing government schemes such as Pradhan Mantri Jan Dhan Yojana and Atal Pension Yojana. Zero-Premium Insurance: Zero-premium insurance is a scheme where the insured individual does not pay any premium, as the cost is borne by the employer or the government. This type of insurance is often used to provide financial protection to employees without burdening them with additional costs. It typically includes benefits such as life insurance, health coverage, and accidental insurance. Government of Assam: The Assam government has been proactive in launching welfare schemes for its citizens and employees, focusing on education, health, and financial security. Collaborating with public sector banks is a strategic move to ensure wider reach and effective implementation of such schemes. Recent initiatives include health insurance schemes for the underprivileged and financial literacy programs in rural areas.