The Indian Army has signed agreements with 11 banks, including private sector banks like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank, to provide banking facilities to Agniveers on enrolment, the Ministry of Defence said on Saturday.
The memoranda of understanding (MoUs) were signed by Lt Gen V Sreehari, DG (MP & PS) and senior officials of banks in a ceremony presided over by Lt Gen C Bansi Ponappa, the Adjutant General of the Indian Army on 14 October 2022, the ministry said.
Eleven banks with which the Indian Army has signed the agreement include 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 features and benefits offered under the Agniveer salary package are similar to the Defence Salary Package. In addition, the banks have offered soft loans to exiting Agniveers to promote and enhance their entrepreneurial skills. The first batch of Agniveers under the Agnipath Scheme will be joining training centres by January 2023, the Ministry of Defence said in a statement.
This is a major defence policy reform introduced by the government to usher in a new era in the human resource policy of the Army, Air Force, and Navy..