Department of Financial Services to launch Composite salary account package for Central govt employees on Jan 14

The Department of Financial Services (DFS), in collaboration with Public Sector Banks (PSBs), will unveil a Composite Salary Account Package for Central Government employees on 14 January 2026. The initiative aims to provide unified banking and insurance benefits across cadres.

New Delhi: The Centre said on Tuesday that the Department of Financial Services (DFS) with Public Sector Banks (PSBs) will unveil the Composite Salary Account Package for Central government employees on January 14.

The initiative offers Central Government employees a unified account combining banking and insurance benefits, designed with banks to ensure broad coverage, consistency, and convenience for all cadres (Groups A, B, and C).

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“The Department of Financial Services with Public Sector Banks will unveil the Composite Salary Account Package for Central Govt employees tomorrow on 14th Jan 2026,” the DFS X handle said in a post.

Earlier in the day, a meeting chaired by the DFS Secretary M. Nagaraju was held to review the financial and business performance of Public Sector Insurance Companies (PSICs) for FY 2024–25 and the first half of FY 2025–26.

The Secretary emphasised that PSICs should focus on increasing profitable business and devise strategies to reduce loss ratios, while maintaining market share and consistently strengthening their retail portfolios.

He underscored the need for developing new and innovative customised products to meet the requirements of the younger generation and to provide coverage for emerging risks. Emphasis was also laid on adopting technology and moving towards full digitalisation, with the objective of achieving 100 per cent onboarding of retail products through digital channels.

The PSICs reviewed included the Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), New India Assurance Co. Ltd (NIACL)., National Insurance Co. Ltd. (NICL), United India Insurance Co. Ltd. (UIICL), Oriental Insurance Co. Ltd. (OICL) and Agriculture Insurance Company of India Ltd. (AICIL).

The Secretary stressed the importance of enhancing communication, publicity and outreach to improve brand visibility through various platforms, including social media.

Appreciating the efforts of the LIC, the Secretary noted its progress in its journey towards profitability and its success in expanding the Bima Sakhi initiative across the country, particularly in rural and semi-urban areas.

He also appreciated AICIL for crossing Rs 10,000 crore premium milestone this year.