INDIAN ARMY SIGNS PACT WITH BANKS TO PROVIDE SALARIES TO AGNI VEERS

According to a release from the Ministry of Defence, the Indian Army has inked an MoU with 11 banks to provide financial services to Agniveers upon enrolment.

“The Indian Army has signed a historic MoU with 11 Banks viz 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 for providing banking facilities to Agniveers on enrolment," the ministry said in a release.

According to the statement, Agni veer’s wage package offers identical characteristics and perks to the defence salary package. To encourage and improve the business abilities to depart Agniveers, the banks have also extended lenient loans to them.

By January 2023, the first group of Agniveers under the "Agnipath Scheme" will begin attending training facilities.

The bank stated in a statement that this programme comprises personal accidental insurance, air accidental insurance that covers all Agniveers, zero balance payroll accounts with sweep capabilities, internet banking and notifications, etc.

The Indian Army and the bank inked an agreement to this effect. The Agnipath programme, which was unveiled on June 14, calls for the recruitment of young people between the ages of 17 and a half and 21 for only four years, with the option of keeping 25% of them for an additional 15 years. Later, the government raised the maximum age to 23 for hiring in 2022.