Vijayawada: APSRTC inks pact with SBI for staff salary accounts

Vijayawada: Vice-chairman and managing director of Andhra Pradesh State Road Transport Corporation (APSRTC) Ch Dwaraka Tirumala Rao and the State Bank of India DGM Rangarajan signed a memorandum of understanding to provide corporate salary package to the staff of the RTC.

There has been salary package agreement with the SBI for the last three years between the RTC and the bank. After the last agreement was lapsed on July 11, after a series of negotiations, the SBI offered a new package to the RTC staff.

Rangarajan said that the salary accounts of the Railways, BSNL and APSRTC are with the SBI and he is happy to provide the service to the staff. He also said that all the accounts of the RTC are with the SBI which makes it possible to run the organisation easily.

SBI AGM Satya Swarupini said that a booklet and pamphlets would be given to the RTC staff to make them know the services the bank is offering.

Dwaraka Tirumala Rao said that the SBI is providing insurance coverage of Rs 5 lakh at a very low premium. He thanked the SBI officials for implementing the package with effect from July 12.

RTC executive directors A Koteswara Rao, KS Brahmananda Reddy, Krishna Mohan, NV Raghava Reddy, Swarupananda Reddy, Sudhakar Rao, Sobha Manjari and others were present.