Army signs MoU with 11 banks to provide banking facilities to Agniveers


The Army has signed a Memorandum of Understanding (MoU) with eleven banks to provide banking facilities to Agniveers after donning the uniform. The MoUs were signed on Friday by Lt. Gen. V Sreehari, DG (MP&PS) and senior banking officials in a ceremony presided over by Lt. Gen. C Bansi Ponappa, Adjutant General of the Indian Army, announced the Ministry of Defense.

From January next year, the first batch of Agniveers, recruited through the “Agnipath Scheme”, will join the training centers to begin their journey in uniform.

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The IAF said Agniveers are liable to be assigned any task in the interest of the organization at the discretion of the force.

The banks are National Bank of India, National Bank of Punjab, Bank of Baroda, IDBI Bank, ICICI BankHDFC Bank, Axis BankYes Bank, Kotak Mahindra Bank, First IDFC Bankand Bandhan Bank. The features and benefits offered under the Agniveer salary package are similar to those of the Defense salary package, the ministry said.

In addition, banks have offered loans on favorable terms to outgoing Agniveers to promote and improve their entrepreneurial skills. The Agniveers will have four-year contract employment, and a certain percentage of them will be absorbed into the forces while the rest will have exit opportunities as the government has set quotas for them in the central armed police forces. The new human resources policy applies to the army, the air force and the navy for the gendarmerie.


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