PNB Partners with ITBP to Provide Exclusive Banking Benefits
Punjab National Bank (PNB) has signed a Memorandum of Understanding (MoU) with the Indo-Tibetan Border Police (ITBP) to provide specialized banking services and exclusive financial benefits to ITBP personnel, pensioners, and their families. The agreement, formalized on February 11, 2025, aims to enhance financial security for ITBP members by offering high insurance coverage and better banking services.
The MoU was signed at the ITBP Headquarters in New Delhi by PNB’s General Manager, S.P. Singh, and ITBP’s Inspector General (Administration), S.C. Mamgain. Several senior officials were present at the event, including PNB’s Chief General Manager, Binay Kumar Gupta, and ITBP’s Deputy Inspector General (Administration), Vikash Burman.
Under this collaboration, PNB has introduced a wide range of insurance benefits tailored specifically for ITBP personnel, ensuring financial protection in case of accidents or unforeseen incidents. These include:
These provisions ensure that ITBP personnel and their families receive extensive financial assistance in case of emergencies.
Apart from benefits for serving personnel, PNB extends its financial security measures to ITBP pensioners as well. The scheme provides:
Additionally, dependents and families of Rakshak account holders are eligible for financial support under the scheme, ensuring comprehensive security for those who have served in the force.
This partnership falls under PNB’s larger initiative, the “PNB Rakshak Plus Scheme”, which is designed to provide zero-balance salary and pension accounts for defense and paramilitary personnel. This scheme includes:
In June 2024, PNB increased the Air Accidental Insurance coverage for Indian Army personnel to ₹1.5 crore, a move that aligns with its continued efforts to enhance financial services for defense forces.
By signing this MoU with ITBP, PNB continues to demonstrate its long-term commitment to the financial security and well-being of India’s security forces. This initiative strengthens PNB’s role in offering exclusive banking benefits to those who serve the nation, ensuring better financial support, insurance coverage, and banking facilities for ITBP personnel and their families.
| Key Aspect | Details |
|---|---|
| Why in News? | PNB signed an MoU with ITBP on February 11, 2025, to provide exclusive banking benefits and insurance coverage to ITBP personnel, pensioners, and their families. |
| Signatories | S.P. Singh, General Manager, PNB & S.C. Mamgain, IG (Administration), ITBP. |
| Insurance Benefits | – Personal Accidental Insurance: ₹1 crore – Air Accidental Insurance: ₹1.5 crore – Permanent/Partial Disability Coverage: ₹1 crore – Death During Operations: ₹10 lakh – Imported Medicines Coverage: ₹10 lakh – Air Ambulance Costs: ₹10 lakh |
| Pensioner Benefits | – Lifetime Personal Accidental Insurance: ₹50 lakh – Air Accidental Insurance: ₹1 crore |
| Other Features | Part of PNB Rakshak Plus Scheme, offering zero-balance accounts, concessional loans, overdraft facilities, and more for defense and paramilitary forces. |
| Past Initiatives | In June 2024, PNB increased Air Accidental Insurance for Indian Army personnel to ₹1.5 crore under the Rakshak scheme. |
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