Bank Employees News: Indian Army

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Wednesday, 9 November 2016

MOU on Defence Salary Package Signed between Indian Army and Corporation Bank

MOU on Defence Salary Package Signed between Indian Army and Corporation Bank

Memorandum of Understanding (MoU) was signed between the Indian Army and Corporation Bank on the Defence Salary Package today. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma, and was attended by top officials of Corporation Bank headed by Mr Gopal Murli Bhagat, Executive Director.

The MoU is tailor made to suit the requirements of serving soldiers, pensioners and families and includes free / concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards, Unlimited transactions on all ATMs including that of other Banks. Some important features of the MoU include Personal Accident Insurance Cover of Rs 5 & 10 lacs, Air Insurance Cover of Rs 5 to 50 lacs and Term Life Insurance Cover of Rs 5 & 10 lacs. All the facilities are also extended to the pensioners except Term Life Insurance Cover.

Source:PIBNEWS

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Tuesday, 11 October 2016

Indian Army 08:00

Syndicate Bank staff ‘thrilled’ to operate battle casualties fund

Syndicate Bank staff ‘thrilled’ to operate battle casualties fund

Honoured to be chosen to manage an account designed for such a noble purpose, says bank official

THIRUVANANTHAPURAM, OCTOBER 3:

The staff at Syndicate Bank are ‘thrilled’ that their bank has been chosen to maintain and operate an account named ‘Army Welfare Fund Battle Casualties’.

Donations received in the fund will be utilised to provide financial assistance/grant to widows, next of kin or dependants of Army personnel who have lost their lives in battle.

Special relevance

This ‘fits well’ with the current security environment but sits lightly on contributors since they are expected to spare no more than ₹1 per day, amounting to ₹365 per year, sources said.

KS Bhat, All-India Vice-President, Syndicate Bank Staff Association, said that the staff are proud that they get to manage the account designed for such a noble purpose.

“Syndicate Bank is also the right choice since it has been a pioneer of a thrift deposit scheme called Pigmy Deposit introduced 80 years ago to inculcate the habit of savings among the public.”

The bank used to send its agents to the doorsteps of depositors to collect four annas (25 paise), Bhat said.

It had become so popular that many banks would later mimic it under different appellations.

Account details

“In a way, Syndicate Bank deserves the honour of receiving donations under the new Army welfare scheme,” he added, and requested the bank’s management to popularise it.

If 100 crore of the country’s population were to contribute to the fund, it could mop up ₹100 crore per day, ₹3,000 crore per month and ₹36,000 crore per year.

The Army Welfare Fund Battle Casualties account has been opened at Syndicate Bank’s Defence Headquarters Branch, South Block, New Delhi.

The IFSC Code is SYNB0009055 and the account number 90552010165915.

A statement of the Adjutant General’s Branch, Army Welfare Fund Battle Casualties, dated June 23, 2016, explained the specific circumstances leading to the setting up of the account.

It said that ‘post the Siachen tragedy in which 10 Army men lost their lives due to an avalanche, there has been a groundswell of sentiments across the nation towards the contribution of the Army.’

There was also perceived desire of spirited citizens wanting to contribute financially for the welfare of the next of kin of battle casualties.

The issue was debated upon in consultation with the Ministry of Defence, leading to opening of the account ‘to provide financial assistance to next of kin/widows/dependants of battle casualties.’

Source:The Hindu Business Line

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Monday, 3 October 2016

Narendra Modi 16:27

Bank Account for Army Welfare

Bank Account for Army Welfare

Doubts cleared, welfare scheme draws funds

Despite initial tepid response, the flow of funds to the Centre’s Army Welfare Fund Battle Casualties (AWFBC) scheme has picked up with over Rs.2 crore in the account.

The poor response to the scheme, launched on August 2, was blamed on the doubts over the genuineness of a WhatsApp message about the AWFBC. Many took the message as spam and ignored it. “The Modi government has started a new scheme exclusively for the Army battle casualties and weapon purchase. The government has opened a bank account where people can donate funds directly to the Army Welfare Account. People had suggested to the government to open a bank account to collect funds exclusively for battle casualties and purchasing weapons for the Army. The Modi government has accepted the suggestion and opened an account in Syndicate Bank, New Delhi, for the same. The most attractive feature of this scheme is that people can donate the smallest amount of one rupee. Our country’s population is 130 crore, even if 100 crore people (70 per cent) deposit one rupee each, the Ministry will get Rs.100 crore a day, Rs.3,000 crore a month, and Rs.36,000 crore a year,” the message reads.

Syndicate Bank Staff Association national vice-president K.S. Bhatt saidthe message was genuine and the bank had started receiving contributions from August 2. Replying to a question by Kirit Somaiya, MP, officer on special duty to the Minister of Defence, Upendra Joshi clarified the welfare fund account was genuine. “Army Welfare Fund Battle Casualties, Account No. 90552010165915, Bank & branch: Syndicate Bank, South Block, New Delhi-11, IFSC Code: SYNB0009055,” Mr. Joshi’s letter stated the account details.“The donations received to the fund will be utilised to pay financial assistance to widows of our battle casualties.”

Mr. Bhatt said the funds in the account crossed Rs. 2.5 crore on Wednesday.

Source:The Hindu

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Friday, 4 March 2016

Indusindbank 07:57

MoU Between Indian Army and Indusind Bank

MoU Between Indian Army and Indusind Bank

An MoU was signed between the Indian Army and IndusInd Bank on the Defence Salary Package today. The signing ceremony was chaired by Lt Gen Rakesh Sharma, Adjutant General and was attended by top dignitaries of IndusInd Bank headed by Shri Anil M Rao, Head-General Banking Operations, IndusInd Bank.

The first MoU between IndusInd Bank and the Indian Army was signed in 2011 and was valid for a period of three years. The revised MoU is tailor made to suit the requirements of serving soldiers. Number of additional facilities have been incorporated in the revised MoU after concerted efforts. Army is hoping that this MoU will benefit a large number of serving soldiers who are having their accounts with IndusInd Bank and also provide them an opportunity to access modern banking facilities.

The basic features of the MoU includes free / concessional services including free drafts, free cheques books, free funds transfers to any bank in India through RTGS / NEFT and free ATM cards.

Some features which have been improved from the previous MoU are that the PAI cover has been freshly included this year for an amount of Rs 2 lacs (for JCO/OR) to Rs 5 lacs (for Offrs) respectively and time period for issue of NOC has now been stipulated as 72 hrs (3 days) from the date of application.

Col Rohan Anand, SM

PRO (Army)

Source:PIBNEWS

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