India News | Indian Army Signs Agreement with 11 Banks for Agniveer Salary Package


New Delhi [India], October 16 (ANI): The Indian Army has signed agreements with 11 banks, together with the personal sector banks like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank, for offering banking amenities to Agniveers on enrolment, the Ministry of Defence stated on Saturday.

The memoranda of understandings (MoUs) had been signed by Lt Gen V Sreehari, DG (MP & PS) and senior officers 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 stated.

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Eleven banks with which the Indian Army has signed the settlement embrace 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 options and advantages supplied below Agniveer wage bundle are just like the Defence Salary Package. In addition, the banks have supplied gentle loans to exiting Agniveers to advertise and improve their entrepreneurial expertise. The first batch of Agniveers below “Agnipath Scheme” will probably be becoming a member of Training Centres by January 2023, the Ministry of Defence stated in an announcement.This is a serious defence coverage reform launched by the Government to usher in a brand new period within the human useful resource coverage of the Army, Air Force and Navy. The coverage, which comes into rapid impact, will hereafter govern the recruitment of personnel under officer rank (PBOR) within the three providers, in keeping with the Ministry of Defence.

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The Agniveers will kind a definite rank within the three providers, and also will put on a definite insignia as a part of their uniform. AGNIPATH scheme permits patriotic and motivated youth to serve within the Armed Forces for a interval of 4 years. Soldiers who’re recruited below this scheme will probably be referred to as Agniveers.

The AGNIPATH Scheme has been designed to allow a youthful profile of the Armed Forces and supply a contemporary lease of ‘Josh’ and ‘Jazba’ while on the similar time carry a few transformational shift in the direction of a extra tech-savvy Armed Forces – which is certainly the necessity of the hour, the defence ministry highlighted.

It is envisaged that the typical age profile of the Indian Armed forces would come down by about 4-5 years with the implementation of this scheme.

Agniveers will obtain Rs 33,000 within the second yr, Rs 36,500 within the third yr and Rs 40,000 within the fourth yr. They will get Rs 11.71 lakh as Seva Nidhi Package after 4 years.The ‘Seva Nidhi’ will probably be exempt from Income Tax. There shall be no entitlement to gratuity and pensionary advantages. Agniveers will probably be offered non-contributory Life Insurance Cover of Rs 48 lakh for the length of their engagement interval within the Indian Armed Forces. During this era of service to the nation, the Agniveers will probably be imparted with numerous army expertise and expertise, self-discipline, bodily health, management qualities, braveness and patriotism.

The expertise gained by every Agniveer will probably be recognised in a certificates to kind a part of his distinctive resume. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff could not have modified or edited the content material physique)

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