An MoU was signed between the Indian Army and HDFC Bank on the Defence Salary Package. The first MoU between HDFC Bank and the Indian Army was signed in 2011 and was renewed in Mar 2015. The current MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families.
Under the current MoU apart from other benefits the Army personnel will get free personal accident death cover and free permanent disability cover of Rs 30 lakhs, free educational cover of upto Rs 1 Lakh per year for four years for education of dependent child in case of accidental death of defence personnel and 100% processing fees waived for Car Loans and Personal Loans.
Source- Press Information Bureau (PIB)
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
- HDFC Bank– India’s largest private bank by market capitalization
- HDFC Bank Chairman– Aditya Puri.
- Reserve Bank of India labelled HDFC Bank as ‘domestic systematically important bank’ – in other words, ‘too big to fail’.
- General Bipin Rawat is the present Chief of Indian Army.