MoU Signed Between Indian Army and PNB

Sarkaritel
By Sarkaritel June 13, 2015 10:06

MoU Signed Between Indian Army and PNB


A Memorandum of Understanding (MoU) was signed between Indian Army and Punjab National Bank (PNB)  on Defence Salary Package.  The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma, UYSM, AVSM, VSM and was attended by N K Arora, General Manager and Subodh Kaushik, General Manager of Punjab National Bank from the bank side.

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The first MoU between PNB and the Indian Army was signed in 2011 and was valid for a period of three years.  The MoU is tailor made to suit the requirements of serving soldiers, pensioners and families. Number of additional facilities have been incorporated in the revised MoU after due consultation between Bank & Army authorities.  Speaking on the occasion Lt.Gen. Sharma said he hoped that this MoU will benefit a large number of serving and retired Army personnel who are having their accounts with PNB; and also provide them an opportunity to access modern banking facilities.

The basic features of the earlier MoU have been retained which  includes the standard bundle of free / concessional services incl free drafts, free cheques books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards etc.

Some features which have been improved from the previous MoU are that the Personal Accidental Insurance (PAI) cover has been extended Rs 2 lacs and Rs 5 lacs respectively from Rs 50,000/- and Rs 2 lacs.  Two major additions are the applicability of PAI and overdraft facility to pensioners and PAI cover for deaths occurring in the course of any active Army Operations also. The MoU also has a provision for yearly review of specific features and requests.

Speaking on the occasion Shri Arora, GM, Punjab National Bank informed that these services would be available through more than 6500 branches across the country. The Bank has established good number branches in cantonment areas, to serve the Defence Personnel at their door steps. Shri Kaushik, GM, PNB HO Govt.Business Division, further informed that Bank is at an advanced stage in setting up of CPPC at CDA (P) Allahabad and pension processing cell at Navy & Air Force pension offices in Mumbai & New Delhi.

Bank expects Defence Personnel to take full advantage of these facilities.

Sarkaritel
By Sarkaritel June 13, 2015 10:06