Indian Army and Bank of Baroda, the 2nd largest Public Sector bank, have entered in a Memorandum of Understanding (MoU). This MoU lays down the basis on which banking services would be provided by Bank of Baroda to serving and retired personnel of the Indian Army. The ceremony was chaired by Lieutenant General Ashwani Kumar, Adjutant General. The MoU was signed by Lt Gen Harsha Gupta, Director General (Manpower and Personnel Services) and Shri VS Khichi, Executive Director, Bank of Baroda in presence of Shri PS Jayakumar, Managing Director, Bank of Baroda.
Some salient features of this MoU include Free Personal Accident Insurance (Death & Permanent Total Disability) cover of Rs 30 lakhs, Free Air Accident Insurance (AAI) cover of Rs 15 lakhs to Rs 50 lakhs and overdraft facility upto three times of monthly net salary. The features are also applicable for pensioners of Indian army upto the age of 70 yrs.
Bank of Baroda has extensive national and international presence having 9500+ domestic branches and presence in 24 countries. Through this MoU, bank has assured a new and customized banking experience for serving and retired personnel of Indian Army.