Agniveer Scheme : Indian Army inks historic agreement with 11 banks for Agniveer Salary Package

Indian Army has signed a historic MoU with 11 banks for Agniveer Salary Package. The 11 banks with which this agreement has been signed 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 provide banking services to the Agniveers. The MoU was signed between Lt Gen V Srihari, DG (AP&PS) and senior officers of the banks. A ceremony for this work was held on 14 October 2022 under the chairmanship of Lt Gen C Bansi Ponnappa, Adjutant General of the Indian Army.

The facilities and benefits offered under Agniveer Salary Package are similar to Defense Salary Package. In addition, banks offer soft loans to promote and enhance the entrepreneurial skills of exiting Agniveers. Let us inform that under the Agneepath scheme, the first batch of Agneepath will join the training centers by January 2023.

Significantly, on June 14, the central government had announced the 'Agneepath' scheme. Under the scheme, youth in the age group of 17 and a half years to 21 years will be inducted into the armed forces for a tenure of four years. Of these, 25 per cent will be inducted into regular service later. The government later increased the maximum age limit for recruitment under this scheme from 21 years to 23 years for the year 2022.