Army inks pacts with 11 banks to provide banking facilities to Agniveers

The Indian Army has said it has signed agreements with 11 banks to provide banking facilities to Agniveers after their enrolment, the defence ministry said on Saturday.

In June, the government announced the 'Agnipath' scheme for the three services to recruit youths between the age bracket of 17-and-half years and 21 for only four years with a provision to retain 25 per cent of them for 15 more years.

For 2022, the upper age limit has been extended to 23 years. The three services are currently undertaking the recruitment process under the new scheme.

The first batch of Agniveers will be joining Army training Centres by January next year.

"The Indian Army has signed 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 defence ministry said.

The Memorandums of Understanding (MoUs) were signed on Friday.

"The features and benefits offered under Agniveer salary package are similar to the defence salary package," it said in a statement.