Largest-ever Salary Account Package for SCCL Employees: Punjab National Bank CEO & MD Ashok Chandra
Accidental Insurance Scheme to be Effective from Today
HYDERABAD, JUNE 11, 2025: In a significant development as part of labour welfare initiatives inspired by the guidance of Chief Minister of Telangana A. Revanth Reddy and Deputy Chief Minister Bhatti Vikramarka Mallu, the Singareni Collieries Company Limited (SCCL), which has already been implementing a ₹1 crore accidental insurance scheme.
In a major move to further enhance this welfare benefit, SCCL on Wednesday entered into a ₹1.25 crore accidental insurance agreement with Punjab National Bank (PNB), which SCCL Chairman & Managing Director N. Balram described as a historic milestone.
Speaking at a meeting held in Hyderabad on Wednesday to mark the signing of the MoU with Punjab National Bank, Mr Balram said that while the company currently provides some assistance to families of workers who lose their lives in accidents, the intention behind this insurance scheme is to provide greater financial security to such families. He stated that existing schemes have already helped provide strong financial support to many bereaved families.
He expressed happiness that Punjab National Bank has come forward to implement this ₹1.25 crore insurance scheme, the highest among all banks. In addition, the bank will also provide a ₹10 lakh term insurance for employees who die of natural causes, which he termed as commendable. He also recalled that SCCL has already implemented a ₹40 lakh accidental insurance scheme for contract workers through PNB.
Mr Balaram further stated that SCCL is aggressively expanding its business operations and is entering into new sectors such as solar power, green hydrogen, and green electricity. In this context, maintaining strong relationships with banks is vital for the company’s progress, he added.
Punjab National Bank CEO and MD Ashok Chandra said the agreement signed with SCCL would serve as a model for others. He announced that the scheme would be effective for SCCL employees starting today and that such agreements would soon be extended to other sectors as well. He expressed his happiness over partnering with SCCL and assured full support to SCCL’s business expansion projects.
The event was also attended by SCCL Director (Operations) L.V. Suryanarayana, Executive Director (Coal Movement) S.D.M. Subhani, General Manager (Marketing) N.V. Rajashekar Rao, and Punjab National Bank’s Regional Chief General Manager (Hyderabad) Sunil Kumar Chugh, along with other officials.
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