With the inking of an Memorandum of Understanding (MoU) between the Madhya Pradesh Police and the Bank of India, police personnel will now be able to avail of various benefits for themselves and their families. The agreement between the state police and the nationalised bank will require all current and newly employed police personnel to open salary accounts under the Police Salary Package (PSP) scheme SB161 of the Bank of India. Account holders under the scheme will be provided free of charge benefits which are aimed at improving the social and economic security for them and their families. The scheme offers accident death insurance coverage ranging from Rs 50 lakh to Rs. 1.5 crores, and educational assistance of up to Rs. 10 lakh for the dependent children of employees, apart from a Rs. 10 lakh support package for the family in the event of the demise of the account holder. Account holders will also be able to avail all regular banking facilities like free cheque books, ATM cards, DD/PO/RTGS/NEFT services, and avail of discounts on retail loans, The MoU was signed in the presence of officials from both the state police and the bank. The police officials included Anil Kumar (ADG-Welfare) and Anshuman Agarwal (AIG-Welfare) while the Bank of India was represented by General Manager Pramod Kumar Dwivedi (FGMO Bhopal), Regional Manager Guru Prasad Gond.

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