Updated By: LatestGKGS Desk
Indian Army signed MoU with SBI on Defence Salary Package: Details, Aim, Purpose
Indian Army signed MoU with SBI on Defence Salary Package: Details, Aim, Purpose, Features
Indian Army has signed a Memorandum of Understanding (MoU) with State bank of India (SBI) on Defence Salary Package.
The MoU is a revised version of first MoU between SBI and Indian Army signed in 2011 and was renewed again in February 2015 to add suited requirements of serving soldiers, pensioners and families.
The MoU was signed by Lt Gen Ashwani Kumar and was attended by top officials of SBI headed by Shri PK Gupta, Managing Director (Retail and Development Banking), SBI.
A number of additional facilities have been incorporated in revised MoU which includes free personal accident death cover, free permanent total disability cover and other accidental benefits to the deceased soldier and family.
The revised MoU is believed to benefit a large number of serving and retired Army personnel who have their accounts with the SBI
At present, Indian Army has MoUs on Defence Salary Package with 11 public and private sector banks. These MoUs are considered for inception and renewal with banks on analyzing their utility and suitability to requirements of serving soldiers, pensioners, and families.
State Bank of India (SBI)
• Founded:1 July 1955
• Headquarters: Mumbai
• Chairman: Rajnish Kumar
