Defense inks MoU with 11 banks to offer financial services to Agniveers

Indian Army

The Indian Army has inked a Memorandum of Understanding (MoU) with eleven banks to provide Agniveers with financial services when they don the uniform.

The MoUs were signed on Friday by Lt Gen V Sreehari, DG (MP & PS), and top bank officials in a ceremony presided over by Lt Gen C Bansi Ponappa, the Adjutant General of the Indian Army.

The first group of Agniveers, recruited via the “Agnipath Scheme,” will report to training centers in January next year to begin their journey in uniform.

State Bank of India, Punjab National Bank, Bank of Baroda, IDBI Bank, ICICI Bank, HDFC Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank, IDFC First Bank, and Bandhan Bank are among the banks involved.

According to the ministry, the features and advantages of the Agniveer Salary Package are comparable to those of the Defence Salary Package.

Furthermore, banks have provided soft loans to existing Agniveers in order to encourage and strengthen their entrepreneurial talents. The Agniveers will have a four-year contract, and a portion of them will be incorporated into the forces, while the remainder will be given departure possibilities since the government has set quotas for them in the central armed police forces. For the constabulary, the new human resource strategy applies to the Army, Air Force, and Navy.

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.