On Friday, state-owned Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with the Indian Army to supply Agniveers with specially designed products under the bank’s exclusive programme ‘PNB AGNI RAKSHAK’.

In a statement, the bank said the plan includes personal accident insurance, aviation accident insurance covering all Agniveers and a zero-balance payroll account with scanning facilities, online banking and alerts, among others.

The bank signed an agreement with the Indian Army in this regard. Agnipath scheme was announced on June 14, stipulating that young people between the ages of 17½ and 21 will be recruited for four years, with 25% remaining for another 15 years. Later, the government extended the upper age limit to 23 for recruitment in 2022. Those recruited under the new scheme will be called “Agniveers”.