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Indian Army signs MoUs with 11 banks for Agniveer salary package

Written by  Shgun S -- October 16th 2022 03:28 PM
Indian Army signs MoUs with 11 banks for Agniveer salary package

Indian Army signs MoUs with 11 banks for Agniveer salary package

New Delhi, October 16: The Indian Army has signed agreements with 11 banks, including the private sector banks like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank, for providing banking facilities to Agniveers on enrolment, the Ministry of Defence informed on Saturday. The MoUs were signed on 14 October 2022 by Lt Gen V Sreehari, DG (MP & PS), and top bank officials at a ceremony presided over by Lt Gen C Bansi Ponappa, the Adjutant General of the Indian Army, according to the government. The Indian Army has signed agreements with eleven banks, including 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. Agniveer wage package features and benefits are similar to the Defence Salary Package. Furthermore, banks have given soft loans to exiting Agniveers in order to promote and enhance their entrepreneurial talents. The first cohort of Agniveers under the "Agnipath Scheme" will begin training in January 2023, according to a statement from the Ministry of Defence. This is a key defence policy reform presented by the government to herald in a new era in the Army, Air Force, and Navy's human resources policies. According to the Ministry of Defence, the policy, which takes effect immediately, will control the recruitment of personnel below officer rank (PBOR) in the three services in the future. Also Read | AAP minister Baljit Kaur's convoy rams speeding car into scooty, two seriously injured The Agniveers will form a distinct rank in the three services, and will also wear a distinct insignia as part of their uniform. AGNIPATH scheme allows patriotic and motivated youth to serve in the Armed Forces for a period of four years. Soldiers who are recruited under this scheme will be known as Agniveers. The AGNIPATH Scheme has been designed to enable a youthful profile of the Armed Forces and provide a fresh lease of 'Josh' and 'Jazba' whilst at the same time bringing about a transformational shift towards a more tech-savvy Armed Forces - which is indeed the need of the hour, the defence ministry highlighted. It is envisaged that the average age profile of the Indian Armed forces would come down by about 4-5 years with the implementation of this scheme. Agniveers will receive Rs 33,000 in the second year, Rs 36,500 in the third year and Rs 40,000 in the fourth year. They will get Rs 11.71 lakh as Seva Nidhi Package after four years. The 'Seva Nidhi' will be exempt from Income Tax. There shall be no entitlement to gratuity and pensionary benefits. Agniveers will be provided non-contributory Life Insurance Cover of Rs 48 lakh for the duration of their engagement period in the Indian Armed Forces. During this period of service to the nation, the Agniveers will be imparted with various military skills and experience, discipline, physical fitness, leadership qualities, courage and patriotism. The skills gained by each Agniveer will be recognised in a certificate to form part of his unique resume. Also Read | Punjab VB arrests ex-minister Sunder Sham Arora for bribing official -PTC News


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