IDBI Bank and Bajaj Allianz General Insurance Company (BAGIC) have entered into a Memorandum of Understanding (MoU) to implement the Pradhan Mantri Suraksha Bima Yojana (PMSBY) for savings bank account holders of the bank.

Pradhan Mantri Suraksha Bima Yojana announced by the hon'ble Prime Minister aims at addressing a critical issue of our society through social security system. PMSBY, an accident insurance scheme, is one of the three schemes announced by the hon'ble Finance Minister in the Union Budget for the year 2015-16. The scheme offers accident insurance cover of Rs 2 lakh to the bank account holders in the age group of 18-70 years at an annual premium of Rs 12 plus service tax.

Shares of the bank declined Rs 2, or 2.48%, to settle at Rs 78.50. The total volume of shares traded was 1,165,373 at the BSE (Thursday).