Army signs MoU with BoB for customized banking services

at 2:35 pm
Army signs MoU with BoB for customized banking services
Lt Gen Ravin Khosla and BoB Executive Vikramaditya Singh signed MoU in the presence of Lt Gen Harsha Gupta

New Delhi (NVI): The Indian Army has signed a Memorandum of Understanding (MoU) with Bank of Baroda (BoB) for customised banking services to Army personnel’s through “Baroda Military Salary Package”.

The MoU was signed by Lt Gen Ravin Khosla, DG (MP&PS) and BoB Executive Vikramaditya Singh Khichi, in a meeting chaired by Lt Gen Harsha Gupta, Adjutant General Indian Army, said the Ministry of Defence in a statement

According to the statement, the MoU lays down the basis on which banking services would be provided by Bank of Baroda to serving and retired personnel of Indian Army.

Under the ‘Baroda Military Salary Package’, services will be offered Army personnel through the bank’s network of over 8,200 domestic branches and around 20,000 business correspondent touchpoints, it added.

The package also offers very attractive benefits including free personal accidental insurance cover, permanent total disability cover, partial disability cover and air accident insurance cover of sizeable amounts.

Also, higher education cover and girl child marriage cover on death in case of serving personnel.

Other offerings under the package include unlimited free ATM transactions at all bank ATMs, waivers or concessions on various service charges in retail loans, free remittance facility through RTGS/NEFT, free Demand Draft/Banker’s Cheque, substantial discount in locker rentals, and various additional benefits in usage of cards, the statement added.