La Défense signs a memorandum of understanding with 11 banks to offer financial services to Agniveers

The Indian Army has signed a Memorandum of Understanding (MoU) with eleven banks to provide Agniveers with financial services while donning the uniform.

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

The first batch of Agniveers, recruited through 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 benefits of the Agniveer salary package are comparable to those of the Defense salary package.

In addition, banks have provided soft loans to existing Agniveers to encourage and strengthen their entrepreneurial skills. The Agniveers will have a four-year contract, and part of them will be incorporated into the forces, while the rest will have exit options as the government has set quotas for them in the central armed police forces. For the gendarmerie, the new human resources strategy applies to the army, the air force and the navy.

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Stephen V. Lee