In a first-of-its-kind initiative, Kalyana Karnataka Road Transport Corporation (KKRTC) has signed a Memorandum of Understanding (MoU) with Union Bank of India (UBI) for offering insurance worth ₹1.20 crore, without premium, to its employees.
Managing Director of KKRTC M. Rachappa and Karnataka Zonal Head of UBI Navneet Kumar signed and exchanged the MoU in the presence of Transport Minister Ramalinga Reddy in Bengaluru on Thursday.
“When employees of the transport corporation are killed or critically injured in road accidents, their families suffer a lot. Their financial condition gets worse. Keeping these factors in mind, we have introduced this insurance scheme so that the families of the KKRTC employees can get insurance amount in their critical times,” Mr. Reddy said, after the agreement was signed. He thanked UBI for showing interest in the initiative.
