Indian Army signs agreement with 11 banks for 'Agniveer salary package'

Tags: Economy/Finance Defence

The Union Ministry of Defence in a statement released on 15 October 2022 has said that the Indian Army has signed an agreement with 11 scheduled commercial banks for providing banking facilities to Agniveers.

These  Banks are ;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. These banks will open the salary account of the newly recruited Agniveers of the Indian Army.

Agnipath Scheme 

In a major reform in the defence sector human resource policy the government of India introduced “Agnipath scheme’ for Army, Air Force and Navy. 

Under the scheme the government will recruit personnel below officer rank in the three services called Agniveers for a period of 4 years.

The Agniveers will form a distinct rank in the three services, and will also wear a distinct insignia as part of their uniform.

The banks will offer soft loans to existing Agniveers to promote and enhance their entrepreneurial skills.

The first batch of Agniveers under “Agnipath Scheme” will be joining Training Centres by January 2023,

Union Minister for Defence: Rajnath Singh