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Monday, February 26, 2024

Army signs MoUs with 11 banks for salary


The Indian Army has signed MoUs with 11 banks for providing banking facilities to Agniveers on enrolment.

The MoUs have been signed with 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.

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

The features and benefits offered under Agniveer Salary Package are similar to the Defence Salary Package, the Army said.

In addition, the banks have offered soft loans to exiting Agniveers to promote and enhance their entrepreneurial skills.

The first batch of Agniveers under ‘Agnipath Scheme’ will be joining Training Centres by January 2023.

The Union cabinet on June 14 approved the new recruitment scheme for Indian youth in the armed forces. The Agnipath scheme entails recruitment for individuals below the rank of commissioned officer for a period of four years with the stated aim of recruiting fitter and younger troops on the front lines.

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