The Ministry of Defence on Saturday said that the Indian Army has inked agreements with 11 banks, including private sector banks like HDFC, ICICI, Axis, and Kotak Mahindra Banks to provide banking services to Agniveers upon recruitment. According to the ministry, the MoUs were signed on October 14, 2022, by Lt Gen V Sreehari, DG (MP & PS), and leading bank officials during a ceremony officiated by Lt Gen C Bansi Ponappa, Adjutant General of the Indian Army, ANI reported.
The banks which have signed the agreement with the Indian Army 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.
The Agniveer Salary Package's features and perks are similar to those of the Defense Salary Package. In order to encourage and improve the soft skills of departing Agniveers, the banks have also extended lenient loans to them. According to a statement from the Ministry of Defence, the first group of Agniveers under the "Agnipath Scheme" will be joining their training facilities in January 2023.
The Government has made significant changes to the Army, Air Force, and Navy's human resource policies including this key defence policy reform. According to the Ministry of Defence, the policy, which will come into effect right away will henceforth govern how personnel below officer rank (PBOR) are recruited by the three services.
The Agniveers will have their own rank in each of the three military and will have a unique uniform insignia.
The AGNIPATH scheme enables motivated and patriotic youth to serve in the military for four years. Soldiers recruited by this plan will be referred to as Agniveers.
According to the defence ministry, the AGNIPATH Scheme was created to enable a youthful profile of the armed forces, give them a new lease on "Josh" and "Jazba," and bring about a revolutionary change toward a more tech-savvy armed forces, which is in fact the need of the hour.
With the implementation of this scheme, it is anticipated that the average age profile of the Indian Armed forces will decrease by around 4-5 years. Agniveers will be paid Rs 33,000 the second year, Rs 36,500 the third year, and Rs 40,000 the fourth. After four years, they will receive Rs. 11,71,00 as part of the Seva Nidhi Package.
Taxes on the "Seva Nidhi" will not apply. Benefits like pensions and gratuities are not admissible. For the term of their employment in the Indian Armed Forces, Agniveers would receive non-contributory life insurance coverage of Rs 48 lakh. The Agniveers will get training in a variety of military skills and experience, physical fitness, leadership qualities, bravery and patriotism, during their time serving the country.
(With ANI Inputs)