A novel microbial consortium was investigated for promoting paddy growth in fields on saline soil without chemical fertilizers. Four popular rice varieties Sarjoo-52; NDR-359; Indrasan and Sambha Mahsuri (BPT 5204) studied for two consecutive years. Rice varieties were given novel fungal (T2) and bacterial (T3) consortium treatments. An un-inoculated treatment was also taken as control (T1). Changes in soil physico-chemical, biological properties and plant growth promotion were studied. Statistical analysis performed to assess significant differences in effects under different treatments. Sarjoo-52 and Indrasan rice varieties showed significantly higher growth and yield under the microbial treatments in two consecutive years. Statistical analysis showed significant (p<0.05) differences in various soil properties under different treatments, in different rice varieties, and their interactions. PCA analysis of the experimental results indicated that the total variance observed was 77%, 76%, 74%, 69% and 58% in the case of soil physical, chemical, enzymes, colony-forming unit (CFU) and plant growth promotion parameters, respectively. The T2 treatment was found more effective than the T3 treatment compared with the uninoculated control (T1). The study concluded that the novel fungal consortium has the potential to be applied as a biofertilizer in saline fields for improving paddy cultivation without chemical fertilizers.