Agniveer Salary: Indian Army inks MoU with eleven banks

Indian Army inks MoU with eleven banks for Agniveers' salary package (Photo: ADGPI)
Indian Army inks MoU with eleven banks for Agniveers' salary package (Photo: ADGPI)

New Delhi: The Indian Army has signed a historic MoU with 11 Banks viz 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 for providing banking facilities to Agniveers on enrollment.

The 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 features and benefits offered under 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.

Agniveers under Agnipath scheme

The Agniveers hired under the 'Agnipath' scheme will be given a one-time lump sum of a little more than Rs 11 lakh when they end their four-year tenure. However, they do not receive any pension benefits. For most, seeking a second job is essential to support themselves and their families. The government has announced several measures to support the 'Agniveers' after their four-year service in the armed forces under the Agnipath scheme.

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