The MoU was signed by Shri T.N. Suresh, General Manager & Zonal Head – Chennai Zone, Bank of Baroda, and Smt. T. Charusree, IAS, Commissioner of Treasury & Accounts, Government of Tamil Nadu, in the presence of Hon’ble Chief Minister of Tamil Nadu, Shri M. K. Stalin. On the occasion, Shri Thangam Thennarasu, Finance Minister; Shri N Muruganandam, IAS, Chief Secretary; Shri T Udhayachandran, Principal Secretary to Government, Finance Department, and Shri Sreenivas Ravipati, Deputy General Manager – Chennai Zone, Bank of Baroda, were also present.

Speaking on the occasion, Shri T. N. Suresh, General Manager & Zonal Head – Chennai Zone, Bank of Baroda said, “We are pleased to have signed an MoU with the Government of Tamil Nadu. This collaboration will extend financial and insurance benefits to the employees of the State government, thereby supporting their financial aspirations and well-being. This package has been thoughtfully designed to provide extensive insurance cover to employees along with various other benefits like concessional interest rates with waiver in processing charges on Retail loans.”

Bank of Baroda’s customized Salary Account for Tamil Nadu State Government employees comes with complimentary insurance benefits like Personal Accident Insurance with maximum coverage of ₹1.55 crore, Term Life Insurance coverage of ₹15 lakh, Permanent Total Disability Cover of up to ₹1 crore & Hospicash Facility of Rs 2000 per day for daily hospitalization.

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An investor may maintain accounts with different brokers, resulting in multiple client codes. Maharashtra has the highest number of investor accounts, at 3.8 crore, followed by Uttar Pradesh (2.4 crore), Gujarat (1.9 crore), and Rajasthan and West Bengal, at approximately 1.3 crore each. Together, these states account for nearly 49% of total accounts, while the top ten states contribute roughly three-fourths of the overall count.

The benchmark Nifty 50 Index has delivered a strong 22% annualized return over the past five years while the Nifty 500 Index has delivered a 25% annualized return, demonstrating significant wealth creation for investors during this period. NSE’s Investor Protection Fund (IPF), increased by over 23% year-on-year to Rs 2,459 crore as of March 31, 2025.

Shri Sriram Krishnan, Chief Business Development Officer, NSE said, “India’s investor base continues to expand rapidly, with over 2 crore new accounts added in just six months—a clear reflection of strong investor confidence in India’s growth trajectory despite global economic headwinds. This surge has been driven by accelerated digital transformation and the increasing adoption of mobile trading, which have made capital markets more accessible to investors across tier 2, 3, and 4 cities. The growth also highlights the success of focused initiatives to deepen retail participation, including widespread financial literacy programs and streamlined KYC processes. As participation broadens across a range of instruments— Equities, ETFs, REITs, InvITs, and Bonds—this milestone signals a maturing financial ecosystem where technology is playing a pivotal role in democratizing investment opportunities.”

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